If you are a first time buyer you have many questions. One of the most common questions is, "what are the three most important things to look for when buying a property?" The most common answer is, "Location, location, and location."
This is because you can change many things about a house but you cannot change the location of the neighborhood it is in. A house that needs to be fixed up will be worth more in a good neighborhood than a beautiful home in a place that people don't want to live. When you are choosing location, here are some important things to think about:
- are good schools easy to get to?
- are there parks or playgrounds nearby?
- can you get to church, the theater, or other places you like to go?
- is it easy to go shopping for food and other needs?
- is public transportation available?
- are hospitals and clinics close enough in an emergency?
- is the infrastructure (roads, utility lines, sidewalks, etc.) well-kept?
- is it in a high-insurance area because of flooding or other reasons?
You might think, "I am buying real estate so I can rent it to someone" but that renter will have some of the same questions. Not everyone cares if there are schools nearby, but everyone needs to be able to buy food. A retired couple may need to be able to visit a doctor regularly and easily. A condo in Metro Manila is more expensive but the commute is shorter to work and play. You could even walk, depending on the location! Paranaque or Quezon City might be less expensive places to buy a home and yet take more money to live in because of transportation costs.
These things can be very individual, so be careful when choosing location. Do you want a condo? Where is the unit in the building? Does it have a view you like? Is it on the level you prefer? Is the building close to the things you need? These things cannot change, so look closely.
For a house, what kind of lot is it built on? Is it on a hill that will be difficult to take care of? Are there trees? What is the shape of the lot, and what kind of traffic is on the road nearby? Again, these things will not change easily, and some will not change at all.
Choosing real estate in the Philippines is an investment that pays back many times. The location of the property you buy will make a difference in how many times your investment multiplies. Look carefully at the costs associated with that location: taxes, utilities, homeowner's associations, and insurance. Your budget needs to be realistic; it is not good to spend all your money on buying a home you cannot afford to maintain or pay taxes on.
Many people will decide what amount of money they can spend then look at the houses or condos that cost the least in the locations they like the most. This way they can be homeowners in the best location for their needs and improve the property as they are able. This will give them a home that increases in value -- a good investment.