“There are three things that matter in property: location, location, location.”
This was the expression coined by late real estate tycoon Harold Samuel back in the 1940s. Since then, it has lived on in popular culture and for good reason: Samuel was right on the money.
The iconic phrase still rings true today. Whether you’re looking for a house and lot for the family or property where you can maximize your investment returns, you want it to be in a location that checks all the boxes.
Of course, there is plenty to think about before you lay down a sizable down payment. First, you should be deliberate and clear with your short- and long-term plans for the property. And before you even ask yourself where, consider these key factors first in your home search.
Know what you want in the community you’re choosing. External social factors are crucial in a location, especially if you want to raise your kids in that environment. Do you value open spaces and parks? Are you looking for a home in a highly urbanized setting? You can either live in the metro’s biggest cities or near close proximity to nature, after all.
Learn as much as you can about the neighborhood and the demographic. Who you live next to can have quite the effect on family life and your overall peace of mind. Pull up crime rates if you have to. Better safe than sorry, right?
Potential Job Opportunities
Before moving anywhere, think about how your career might be affected by the change of scenery. You might want to research potential companies in the area where your skills are best suited or in demand. In some cases, the lack of employment opportunities can be a deal-breaker. It’s important to note that not all areas have the job capacity for the industry you are in. Economic opportunities are never guaranteed.
Schools, Connectivity, and Amenities
Having quality educational institutions is a must for any growing family looking for a new place. Transportation options should be examined, as well. Your commute to and from work or your children’s trips to and from school should be convenient enough.
You should also consider how the location fares in terms of your personal connections. Do you want to live somewhere far from friends and family? Is this non-negotiable? You might end up developing a fear of missing out on important life events! Those game nights, cookouts, and reunions could matter more to you than you realize.
In addition, find out what amenities you prioritize the most. Being near local gyms, malls, clinics, and markets is always a plus. If you can live without them, that’s fine, too. This all depends on your lifestyle and routine.
Real Estate Value
Understanding the real estate market in the location is an obligation to yourself and to the investment you’re making. You should find out the price range for the homes in the area and their resale value. Short-term and long-term price trends, as well as how much and how long properties sell are good indicators of a location’s true value. Is there good potential for renters and buyers? That’s for you to find out, as well.
Property solutions companies like Ohmyhome, for instance, have agents who can help you assess a location’s property value. Relationship Managers are available to properly evaluate your needs and resources.
Cost and Affordability
Above all else, the value of the property should match what you’re paying for it. Keep in mind that you don’t have to necessarily eat into your entire savings account just for the location. Financial security is key, especially in these trying times. Getting a quality house and lot at an affordable price is never a bad thing.
You should also have enough space in your budget for the cost of living. Apart from the housing costs, things like groceries, utilities, transportation expenses, and more should not burn a hole in your pocket if and when you end up living in the area. These might seem like small details but they can end up hurting you in the long run if you’re not careful enough.
Sure, these aren’t the only factors, but these are some of the first questions any home seeker should be able to answer for themselves. Your priorities, whatever they may be, will differ from other buyers, too. But you should at least identify what they are, so you can picture how your potential home figures in your lifestyle and future plans.
Wherever you do end up picking, you should feel confident about your choice. Nobody should just settle on a place just because it seems like a good idea on paper. Hey, it may be a cliché at this point but remember: location is everything.
Are you interested in what Ohmyhome’s sales agents can do for you? Get in touch with an Ohmyhome agent today to start your property journey with a free property consultation. We offer services for buyers and renters, as well as landlords and tenants.
For more information, visit Ohmyhome.com for the best and latest homes for sale in the Philippines. Download the official Ohmyhome app today for the latest property listings and more. The app is available on Google Play and the App Store.
Ohmyhome was launched in the Philippines in September 2020, following the company’s establishment of a tech team in the country in 2017. Ohmyhome was originally founded in 2016, and subsequently rose in Singapore as a leading PropTech solution and licensed real estate agency.
Ohmyhome expanded into the Philippines so that Filipino home seekers can have a real estate partner that they can trust to have their best interests at heart and can be relied upon to provide exceptional services throughout the entire property journey.
Featuring thousands of properties across many of the Philippines’ major real estate brands, Ohmyhome differs from other local platforms by going the extra mile and extensively helping buyers narrow down the choices and find the property that best suits their budgets, home needs, and lifestyle preferences.
The company’s Real Estate Agents not only help in the shortlisting of options but also provide professional services through the entire purchasing process. These include assistance in property inspections, negotiations, the finalization of the Conditions of Sale, deposit collection, the submission of property documents, as well as providing buyers regular updates.
Ohmyhome helps Filipinos find their dream homes, all while making sure each real estate transaction is complete and is an efficient and enjoyable experience.