Part 2:Best Location

Buying Your First Condo Unit

(Part 2 – Best Location)

 

 

 

Location is important

The last question you need to ask yourself is: “Will the location of this condo serve my needs?” Now, your needs is a broad term to and should be subjected to a number of other questions like:

  • Is this condominium project near my place of work?
  • Will the condominium have retail and commercial areas nearby?
  • Do I need to use a car to travel from my condominium or are there public transport services ready to take me to where I would want to go?
  • Is it near a business district, or is this project near low density residential areas?

There are no correct answers to these questions, but generally speaking there are in a sense, better answers. Even if you are planning to make this a primary residence, secondary residence, or even an investment opportunity—asking these questions can get you insight on whether this specific condo is the right one for you.

Being near offices and business districts

Normally, these projects would be more expensive, but in my opinion provide the best options for you as a home and as an investment. This is because these condo projects, like those in Makati or Bonifacio Global City (BGC), provide a more convenient living experience due to the proximity of various commercial areas, so that you can easily restock on groceries, or if you are a single tenant, provide restaurants and other fine dining areas for those meals when you’re not up to cooking and eating at your Philippine condominium.

From an investment perspective, owning a condominium unit near offices means that there is a greater possibility for professionals to rent out your unit. You can also put a premium on the rent you set for your unit given that your unit is located in a prime location.

 

 

 

 

 

Prime Location

Real estate agents and brokers often will tell you, the Philippine real estate investor, that the unit you are about to buy is in a “prime location” . However there are some instances that it isn’t the case.

In real estate parlance, “prime location” means that the development is near the center of a certain district or city. Usually, this means that it is near the heart of business or commerce. Therefore, prime locations usually have higher prices than that of those in non-prime locations.

If you are browsing for projects you will most certainly encounter a project that is supposedly near, but actually a lot farther away from other projects located in certain business districts such as Makati and BGC. My advice: if you want privacy and a quiet neighborhood (much like a suburb except that it’s a condominium development) then maybe that project for you. However, I would advise you to opt for prime locations instead, especially if your goal is investment.

Final notes

There are a lot of choices there for you, and if you do not do your homework, then you might be missing out on the right investment choice for you. Study carefully the area where your preferred project is located.

In the next article, I will talk about amenities as well as commercial strips that are in your condo.

Reference: HubPages.com

 

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