Buying a home is one of the biggest decisions you’ll ever make. So it’s not surprising that once you’ve decided on what to buy, the next question is “Where?”
Most likely, you have a list of criteria for your new dream home: location, price point and number of bedrooms are probably at the top. But there’s another factor that can be just as important — and that’s where to live.
Comparing different homes and choosing one that fits your needs and budget is only part of the journey to owning a home. Another important part of this journey is to research an area before buying a home.
Researching an area before buying a home should be more extensive and widespread than researching individual units. You should learn about a neighbourhood and the overall area.
The right neighborhood can be the difference between settling in happily or wishing you’d made a different choice in real estate. So before you take the plunge, make sure you consider the following points:
Research your suburb and surrounding areas
Before you settle on a home, you should drive around the neighbourhood to get a feel for it.
Walk around the streets to see how far away the facilities are such as transport, schools and commercial complexes. You can also check out the cafes and restaurants nearby along with the local parks. Whether it is easy access to these amenities will help you know if you would really want to live in the neighbourhood. Here are some parameters that you can rate the neighbourhood:
- Hip Score: Stats on how many people are commuters & data from the Census to give you an idea on who your future rental tenants might be.
- Family Score: Stats on local schools, day-care and universities.
- Lifestyle Score: Stats on local cafes, pubs, gyms and pools.
- Community Score: Stats on long-term residents and other community actives in the area.
The more positive things you see, the higher chances are that people in this area care about their community and take pride in living there.
Monsoon plays a significant role in choosing a home in the Philippines as risk of flooding is very real. It may seem trivial if the weather is good now but think ahead for the day with the heaviest rainfall and thunderstorms.
Get insight into flood risks and other weather warnings that are worth monitoring. If possible, check whether or not your neighborhood has been affected by floods. Living in an area that is a regular flood risk can be the difference between living in comfort and living on edge!
Have a chat with your potential neighbours
The right neighborhood can do more than make your life easier. It can make your life more fulfilling and fun, too. Knowing you’re surrounded by people who value the same things as you can have an impact in the quality of your life.
Don’t be afraid to strike up a conversation with your potential neighbours. Having a simple chat with neighbours can give you a good idea of the vibe of the area.
Safety is a top criterion that you should be looking at when buying a new home. If there are high levels of crime in your neighborhood, it could your family at risk, so it’s important for you to know about these risks before making a commitment. Research any potential issues regarding crimes in your desired postcode.
Compare the potential rental income
It’s always worth knowing how much you could rent your property out for in the future, even if you only intend on living there. A high potential rental income is a good indicator of the health of a neighborhood.
The fundamentals for a strong rental market includes low vacancy rates, a stable weekly rental, good rental yields, and a balance of supply and demand.
Ask your real estate agent
When you buy a house, your real estate agent will be the best person to ask what the neighbourhood is like. Realtors keep moving around various neighbourhoods during all times of the day; hence, they have the best understanding of a community. And, there is no better agent out there for you than a SPIRE Group Real Estate agent.
Get a Property Report
A lot of companies offer free property reports that give a breakdown of the suburb and demographics. This kind of insight will tell you a lot about an area as well as the community. SPIRE Group PH can help you with insights that will help you make the most important decision of your life.
Real estate is all about good timing, so the sooner you start looking for homes and neighborhoods, the better. That way you can be confident in your decision to purchase a property based on its location. If nothing else, this article might help you get excited about moving into a new home!