Buying a home for sale in the Philippines, or anywhere else for that matter, is one of the most significant purchases anyone can and will make. So whether you intend to live in your next property purchase for the long term or sell it later on for a profit, it makes absolute sense to want to protect your investment and make sure that its value continues to appreciate.
Granted, real estate is already one of the most reliable assets in terms of growing in value, and experts have observed that home prices in the Philippines have indeed continued to appreciate despite the ongoing Covid-19 pandemic. However, the continued growth of property investments is not guaranteed, and it is best to keep in mind the following factors before and after purchasing your home to best grow its value.
Location, location, location
Saying it three times may make it sound cliche, but the reason it is also a ‘golden rule’ in real estate is that location is indeed one of–if not THE–most important considerations made when buying a home.
You are likely choosing where to live now based on how accessible it is to where you and/or members of your family go to school or work, and key places like hospitals, emergency services, and commercial centers.
Expectedly, this is one of the ways your home’s value will continue to be gauged in the future. The higher the quality of the schools in the community it is in, and the greater availability of employment opportunities in and around its area, and, of course, the closer it is to key commercial and public establishments, the higher it is valued at.
So when buying or investing in property today, it is also important to consider not only what the current features of a property’s location are, but also if there are commercial construction projects and public developments that will also be raising its profile in the future.
Size and space
Of course, size will eventually come into play when gauging any home’s value. While a house with a large lot almost always means it commands a greater price tag, so too can an extensive floor space.
So if you are looking to buy a new house and lot soon but are limited in the amount of land you can purchase because of restrictions in your finances, you can always look to expand your indoor space in the future to help raise your place’s value. This can be by way of expanding the home to include another floor, with another bedroom and maybe a bathroom.
Granted, this will come at some expense, but as it is worthwhile to make needed updates and upgrades to not only live comfortably but also help your home grow as an investment.
Updates and upgrades
Speaking of updates and upgrades, homes that are well-kept do well in retaining their value, but homes that are improved constantly and extensively are the ones that increase in value better and faster. Keep in mind that this is not exclusive to houses and lots that can be expanded with added rooms and floors or by buying an adjacent lot.
For example, a condo may not give you too much room to work with in terms of adding more living space, but changes such as having it freshly painted and upgrading cabinet and cupboard covers with higher-end materials is just as effective in helping its appraisal as it is put up for sale on the market.
Updates and upgrades will also be helpful as your home ages and become far from ‘new’. Often, the newer a home is, the higher is its appraisal value. This is because critical aspects in it like the plumbing and electrical are also new, which all but ensures that they are far from breaking down and being something an owner has to worry about anytime soon,
As your home ages, or if you bought a pre-owned place right from the start, you can look to at least maintain it to the point that it is ‘move-in ready’. Specifically, this is when it has been repaired and renovated and subsequently maintained that there are no lingering problems. Anyone thinking of buying it can move in immediately without spending on any needed home renovation, repairs, or upgrades.
Ready to buy a new home and grow it as an investment? Whether it’s a condo to rent out or a house and lot to renovate into something, the best and latest homes for sale in the Philippines are here for you at Ohmyhome and can be viewed conveniently from almost anywhere via mobile when you download the Ohmyhome app.
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 their choices and find the property that best suits their budgets, home needs, and lifestyle preferences.
The company’s Real Estate Agents help in the shortlisting of options and 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.