When buying a property, the three most important features of a house are location, location, and location. Location is the one thing that cannot be changed when purchasing a home.
Purchasing a home is not only about fulfilling your lifelong dream of owning one. It is also a significant investment for your future. It is essential that when you are looking for a house to purchase, you should consider a good location and its likelihood for potential growth.
For home buyers, my best piece of advice is to get the best location that you can afford to buy.
Access to schools, hospitals, wet markets, supermarkets and banks
If you have children or are planning to start a family soon, think of the schools in the area. Expect to pay a premium to be near good schools. For the sake of convenience, proximity to medical services, banks and supermarkets is all important.
Peace and order
It may help to check out the crime rates in the area where you’re considering buying a house. It’s also good to inquire about the security arrangements in the condo or subdivision you’re eyeing.
Traffic and public transportation
Metro Manila is notorious for its nightmarish traffic and faulty mass transit system. But for many, enduring that is worth it because the metro is the center of business, education, medical care, and entertainment. Some, though, would rather commute or drive to and from nearby provinces to be away from the lights and noise of the city. Your priorities will come into play here.
Availability of dining, shopping, and entertainment
After a hard day’s work, won’t you enjoy having the opportunity to eat out and stroll in a park or mall? In picking the location of your home, consider what options you’ll have for rest and recreation.
Zoning and building regulations
Research the zoning laws and building regulations in the area to ensure that the property complies and can be used for your intended purpose.
Property Taxes
Check the property taxes associated with the house. A good location often means high property taxes. This is acceptable as long as the local government services (i.e. well maintained streets) and the neighborhood facilities are desirable.
Future Development
Consider the future of the property. Will it be able to meet your needs in the future? Will the area likely appreciate in value? Consider the potential for future development in the area and whether it may impact the property’s value.
Flooding and faultlines
As Filipinos, we’re all intimately familiar with widespread flooding during the rainy months. And because the country is located in the Pacific Ring of Fire, we’re no stranger to frequent earthquakes. When choosing a house to buy, find out whether the area is prone to flooding or landslides or is located close to an active faultline. Also, watch out for active volcanoes.
By considering these factors, you can ensure that you can get the best value for your money. I, as your mortgage broker, am here to help you navigate the process of purchasing your dream home. If you are ready to start looking for one, get in touch with us!
Maria Papa is a senior property and finance expert specialising in home loans, investment loans, and self-employed loans. If you have questions, you can email Maria at mpapa@maverickfinance.com.au.
Disclaimer: Your full financial situation will need to be reviewed prior to acceptance of any offer or product.
