How important is location in real estate? |
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How important is location in real estate?

by Jillian CariolaPublished: November 16, 2013Updated: December 5, 2013

Why should people choose a house depending on its location?

“Location, location, location” is a popular saying in real estate and for good reason: it affects many of your major considerations when choosing a new home.  See how these factors are affected by where a property is built before you choose your next home:

One of the biggest factors that can affect a person’s decision in terms of location is the property’s proximity to the things that matter most to the buyer. For instance, if your job is located in Makati, look for a home within the city so travelling to and from work won’t be a problem. If you have school-age kids, choosing a property close to their present school should also be considered.

You’d think that two identical homes would cost the same, but not if they’re in two extremely different locations. Depending on whether a location is a prime real estate area, one house can cost more than the other. This factor won’t only affect you when you buy a home: if you’re thinking of selling the property after a few years, one of the elements that will determine its future price is the local market’s condition.

No one wants to live in a dangerous community. By finding out about the safety of the neighborhood you’re looking into, you can avoid moving into an area with a high crime rate. Just to be extra cautious, you might also want to think about getting a place located in a gated community.

Family-friendly features
Speaking of families, any parent would like to see their children grow up in a neighborhood where their children can live active lives and learn to socialize with kids their age. Make sure that you go for communities where families with children live, and where there is access to outdoor recreation such as playgrounds and parks.

To avoid compromising your wellbeing, it’s best for you to pick a location with great, eco-friendly features. Check the community’s environment to make sure that you avoid living near factories, high-traffic roads, or polluted bodies of water. Also, find out if the neighborhood implements strict policies regarding waste management and if they participate in or hold activities like community tree-planting or clean-ups.

Cost of living
Whenever you look at a certain area, ask yourself “how much would it cost to live there?” Basic spending like food, gas (if you own a vehicle) are going to be a big part of your monthly budget, so scour the area to have an idea of how much these cost and compare them to prices in other locations.

When you pack up and move, your new home’s location greatly affects your work life, whether you plan on changing careers or building your own company. If you decide to quit your current job and relocate to a different city, would you be able to find a new job close to your new home right away? If you’re planning to launch a business, how easy will it be to register, and how receptive would your target market be?

Cultural diversity
This factor is particularly important to expats who want to take up permanent residence in the country either for career purposes or to settle down. Living successfully in a relatively unfamiliar place relies heavily on how comfortable the surroundings are and how accepting the locals will be of you. Also, living in a community where there are others with a similar background as you might make adjusting to your new life easier.

How else do you think location is an important consideration in real estate?


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