Choosing an ideal location for your condo is crucial in making a successful condo investment. Many factors are needed to consider in owning a condominium unit. Imagine your future home in a prime location where the commercial center is easily accessible, modern amenities are right at your doorstep, and you can save time because shopping malls and other amenities are within walking distance. Imagine living a cosmopolitan lifestyle in key locations around Metro Manila!
Here are ten ways to choose a good location for your condo in the Philippines:
1. Research about Local Real Estate Prices
The first step in choosing the perfect location for condo buyers is to research the local real estate market. Look at trends in the property market, vacancy rates, and rental rates to understand the current and future demand for condos in the area.
Major cities like Taguig City, Quezon City, Pasig City, and Makati City are the locations you need to check out if you’re looking for a condo that will serve not just the looks but also the luxurious lifestyle that is right for your budget.
2. Check the Nearby Amenities
Check for amenities in the neighborhood, such as shopping centers, children’s playgrounds, schools, fitness gyms, hospitals, public transportation, restaurants, and other modern conveniences that you may experience in your condo community. These amenities make the location more attractive to potential renters or buyers.
Look for amenities that make an excellent condo experience, like an accessible basketball court for fitness and recreational activities and swimming pools for relaxation to make your everyday life luxurious and fun.
Parties and celebrations for birthdays, promotions, anniversaries and life milestones should also be considered. A nearby function hall that can give the condo owners a place to celebrate is also a factor in choosing a good location for your condo in the Philippines.
3. Consider the Area’s Crime Rate
Check the crime rate of the area. Low crime rates are an attractive feature to consider when choosing a condo unit. Security features of the condo buildings are crucial to examine, especially since safety is the top priority of every household. Ask for the condominium’s network security features for extra protection. Network Security refers to the ability of a community to limit access to only those who live and work in its facilities. This way, people who come and go can be monitored for safety.
Living in an unsafe area is not desirable for everyone. Having the freedom to walk in the streets and not worrying about your safety is the best thing you can enjoy in the city. Having the peace of mind that you and your family are safe all day and all night is an assurance that you picked the best condo unit in the best cities in Metro Manila.
4. Evaluate the Accessibility of the Location
Consider the accessibility of the location to major roads, highways, and public transportation. An easily accessible location is more desirable for potential owners. Convenience must be a deal breaker for condo hunters. If you’re a person who’s always on the go, the finest condo for you is in Metro Manila. Located in Metro Manila will guarantee accessibility to parks, shopping malls, spas, rooftop sunset bar, children’s playground, and other locations you will need.
Living in Metro Manila will give you the best accessibility to everywhere at any time. Some shops operate 24/7; you can quickly go from place to place without any hassle at any time! Imagine the convenience around your chosen location.
5. Consider the Job Market
Check the job market and employment opportunities in the area. Areas with solid job markets tend to attract more people, which is suitable for your investment.
If you’re considering opening your condo unit for rental, the job market in the area should be checked. Since there will be employment, employees will look for a place to stay. You can offer your condo and get rental income every month.
Business districts in Metro Manila, like Pasay City or Quezon City, are where some multinational corporations and office buildings are located. Business opportunities are high in this area, and especially workforce is usually needed in these huge companies. This area has excellent condominiums like the SMDC Glam Residences, where Triangle Park is also located. Many condo owners turn their units into air bnb for tourists who want to stay in this area.
Opening up your condo space for rental in these locations can make your investment grow and thrive without lifting a finger.
6. Check for Future Development Plans
Look for any future development plans for the area. New developments such as town centers, companies, or infrastructure improvements could increase the value of your investment.
Highly urbanized places such as Bonifacio Global City in Central Manila can offer advanced developments to make your condo living luxurious. It has become a popular destination for local people, foreign investors, and residents and visitors, as one of the country’s fastest-growing central business districts.
Over the past few years, several development plans have been implemented as Bonifacio Global City continues to develop and suit the demands of its people. These plans aim to steer the area’s growth, improve infrastructure and services, and improve the quality of life of people.
Property prices in this area are on the rise due to the development that the location offers. Significant developments in BGC attracted international investment, becoming a home for international businesses.
7. Know the Demographics
Check the demographics of the location. For example, young professionals are more likely to rent or buy condos in areas with vibrant nightlife or entertainment scenes. While choosing a community, it is essential to consider the area’s demographics. The location’s demographics can provide helpful insights into the community’s traits, lifestyle, and needs and help you decide whether the place fits your living.
To assess a location’s demographics, examine the following factors: age, income, lifestyle, and hobbies. By considering these, you can decide the condo location that suits you.
8. Look at the Historical Appreciation of the Area
Look at the historical appreciation of the area. Areas with a high appreciation rate tend to have better investment returns.
The importance that people place on an area’s history, cultural legacy, and architecture is referred to as historical appreciation. Knowing an area’s historical significance can help you identify its overall cultural value and potential for future development, which is an important consideration to consider when choosing a location for your condo property.
9. Research the Maintenance Fees of the Property
Check the maintenance fees for the property. High maintenance fees can affect your profits, so choose a property with reasonable costs.
The maintenance fees associated with the property are a crucial factor to consider. Maintenance fees, commonly known as homeowner association (HOA) or condo fees, are monthly payments made by condo owners to cover the costs of property maintenance and management costs.
By paying the monthly maintenance fees for every condo owner, you can deduct expenses for small and extensive renovations for your place. The HOA fees will cover your home’s outside and inside maintenance.
As a prospective condo owner, you should be aware of the inclusion of the fees as well as the regulations of the homeowners association. Understanding the total costs will help determine whether investing is a good deal for your money.
10. Contact a Real Estate Agent for Prime Location
Consult with a real estate agent who is familiar with the market. A good agent can provide important insights into the best locations for condo investments. As a future condo owner, an agent can help you distinguish an average condo from the best choice of a condo.
Agents can explain the property taxes a condo owner should know because paying your property’s taxes will soon be your responsibility.
Having an agent will make you more comfortable choosing excellent condo locations here in Metro Manila, Philippines.
written by Dessa Clanor