Investing in a Condo: Is Location Important?
Yes. Yes it is.
If you’re looking for a condo unit as a home or as an investment, location plays an important role in the home buying process.
For a lot of things, location determines:
- The Rate of Value Appreciation
- Proximity to Nearby Business Establishments
- The Ambience of Community
While value appreciation is determined by the developer, location is also a great factor that can contribute to the property appreciation. For instance, you live in a condo unit at the heart of city. When you’re smack dab in the central business district, rest assured that your condo has a high rate of value appeciation because of the continuous growth of infrastructure and commercial developments.
Accessibility to Essential & Recreational Hubs
Choose a condo building that is a few blocks away from essential establishments such as government offices, business headquarters, hospitals or clinics, educational institutions, and grocery stores. When you’re living near these hubs, you won’t have to worry about being late to appointments and you would have a very efficient grocery run.
Essentials aside, it’s great to be a stone’s throw away from social hubs. You get to be near the hustle and bustle of the city. Where all the entertainment and buzz is, there you’ll find peers and life-long friends.
Sense of Kinship
The location of the condo community primarily determines what kind of neighbors you’re going to be living with. There are certain neighborhoods where all the millennials prefer to live because of its proximity to shopping malls or their work offices. On the other hand, there are certain neighborhoods where it’s mostly families and foreign visitors because it’s near government offices and schools.
Each city has its own personality. You should always keep this mind because if you transition into another city, people there may talk loudly, they may dress to impress, or sometimes they would always make a celebration out of the simplest achievements. These little things make each city or location unique.