Location, location, location - this phrase is more than just a buzzword in the real estate industry. It’s a mantra, good advice for condo buyers and investors, and an essential part of real estate, except that most people have no idea what it really means.
Condo buyers, investors, and real estate professionals consider location as an important factor when looking at a property. In the housing market, location matters, but have you ever wondered why?
Here are a few reasons why location matters in condominium living and investment:
The lifestyle
Condominiums within the Central Business Districts (CBDs) and university belt are some of the highly sought properties. The location where the condo is situated as well as the lifestyle that goes with it is the location’s first interest - whether it is just literally a few steps away from a street full of restaurants or a view worthy of magazine photos.
As a seller, you can play up the vibe. If someone is looking in your area, they likely know what it is next to. So, if you are decided on selling your condo property, why not put it on display? Highlight the nearby places and the accessibility of your property. Who knows, someone might grab it at the right price you set.
Meanwhile, if you are looking for a property that is closer to your workplace or is within the university belt, check on various property listing sites to compare. You can also ask a realtor to help you with options or negotiate down the price based on your budget and inspection. Indeed, researching is important for you to choose your preferred kind of condo living.
Crime rate
Crimes are not created equal and so sometimes statistics are hard to parse, as is the data about how crime affects property values.
Just because a city has a reputation for certain crimes does not mean the whole place is bad news. But you do not want to risk your safety, aren’t you? So, don’t forget safety.
A neighborhood that has a low crime rate and is an inviting and safe place to be outdoors and commune with neighbors is the type of place where most people live.
As a seller, if you live in an area that has a good neighborhood watch program, tight security, and has very few incidents of crime of any kind, hype this in your listings and promotions.
Buyers on the other hand have to do their research. Determine what’s up and coming and what’s never coming back in the area. Decipher what your city’s crime stats say about the areas you are looking to move to.
Mobility
Condo buyers and investors are willing to pay more for a property located in areas that exemplify new urbanist principles over traditional neighborhood developments. Most people today prefer walkable neighborhoods, higher density, and have a mix of uses as well as easy access to jobs and amenities such as transit.
Check which public transportation is available in the area? A light rail system, a network of buses, commuter vans?
Accessibility
You should also consider getting to and from a property location. Check how far is the closest commercial airport, if there are taxis or ride-share services available, how many minutes will it take you to get to your office.
In terms of accessibility, you should look for a neighborhood that is situated near a city's major transit routes and that has more than one point of entry. Commuting to and from work is a big part of many people's day, so a condo with easy access to roads and public transportation will be more desirable than one that is tucked away and can only be accessed by one route.
Traffic
A high-traffic area might include a development overlooking a freeway, shares a retaining wall with the main street, or is right next to public transportation hubs.
If you want to sell your condo property, this is something you can highlight. Being within walking distance is a beautiful feature to sell. Tell others about the park across the way, the best restaurant in town, and the short distance to essentials.
If you are a buyer, determine the amount of traffic you are willing to sit in, road noise you are willing to put up with and the distance you are willing to go. Think about how you will get to work every day. If you depend on public transportation, make sure to look for a property in proximity to it.
Jobs and Schools
A great neighborhood should include important amenities such as grocery stores, shops, and restaurants. Most people like to frequent places that are convenient. If you have to drive a great distance to get to anything, it's likely to make your property less attractive.
Schools are another important amenity. Even if you don't have kids, if you want to sell your home in the future, many buyers will be on the lookout for good schools. The quality of local schools and the distance from the house are both important factors to consider.
As a seller, if your condo is in the best school district, then say it so. As a buyer, research what is around town before you start looking for a property. You should also consider how far you are willing to commute to work.
“You can change the price of the house. You can change the shape the house is in. But you can’t change the location”.
Many factors go into identifying whether a property location is good or bad. But always keep in mind that when it comes down to it, everything surrounding the home matters but location, location, location, matters most.
If you are planning on investing your money in real estate, you may want to consider investing in a Vista Residences condo for sale property.
Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc., which offers ready for occupancy and pre selling condominium projects in Manila and Quezon City that is strategically located within inner-city areas, close to premium universities and developed business districts.
At Vista Residences, unit owners can take advantage of the property’s centrality. The properties of Vista Residences are strategically located near the country’s premium universities and CBDs, making them an attractive investment for both local and foreign investors.
Vista Residences has ready for occupancy condo projects in Manila such as Vista Taft, Vista Heights, Vista GL Taft, 878 Espana, and Crown Tower University Belt. It also has pre selling projects in the said area which include Vista Recto, Plumeria Heights, Tennyson Heights, Bradbury Heights, Sky Arts Manila, and Kizuna Heights.
Meanwhile, its ready for occupancy condo in Quezon City include Wil Tower, the Symphony Towers, Pine Crest, and Vista 309 Katipunan. It also has pre selling condo projects in the said city such as Hawthorne Heights and Vista Pointe.
Living in Vista Residences enables you to enjoy convenience, where everything is pretty much within walking distance or a few minutes away from the property; comfort because the project features and amenities are designed to deliver comfort at all times, which makes condo living a worthy investment; security that is 24/7 and CCTV monitoring, which makes the residents safe and secure within the property.
In line with Vista Residences’ thrust to offer convenience among its residents, it also features an AllDay Convenience Store and Coffee Project in all its projects.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and Youtube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
