Importance Of Home Renovation In The Philippines

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When looking for a new home or beginning a home renovation it is important to understand the factors that influence the value of the real estate in question. Most people require a homebuyers’ loan or refinance loans in the Philippines to undertake home buying or renewal. For the majority of homebuyers the procurement of a home is an investment, whether it is an investment in keeping a roof over their heads or investing for resale or rental value in the future. There are some important factors to consider when taking out loans to purchase or upgrade a home. All providers of loans in the Philippines, whether they are specialist loan providers or banks, require a guarantee of repayment so when making plans for a home loan it is important to…show more content…
1. Location. Everyone has heard the axiom “location, location, location” and the reason it is such a prevalent cliché is that there is truth behind it. Proximity to employment centres, medical facilities, shops, schools etc. is a determining factor for many families and young couples when buying a home. Buying a home near to all of the local amenities as well as good transport links increases the value of a property. Any plans to demolish schools, reduce transport links or a gradual shift of the local employment centre will negatively affect the property value. 2. Geographical Stability This is a condition specific to areas of geographical or geological instability. Areas that are prone to the effects of natural phenomena, such as flooding, tsunamis, earthquakes or volcanic activity are poor choices for buying property. Not only because of the safety aspect for the family living there but for loan viability and insurance costs. 3. Age &…show more content…
For development purposes, land will be in demand and commend higher value. However, homes in the area may depreciate because the development planned isn’t compatible with a residential area. 6. Legalities; taxes, urban zoning etc. Taxation zoning, government development, and economic stability play a role in the longevity of real estate. Changes to zoning within a town or city can affect the value of a property, making it more, or less, valuable. Increased taxation in the centre of the city will decrease the value of residential property there, it becomes cheaper for residents to live outside the centre and communte. Likewise, rezoning part of an area, previously classed as residential, to industrial development may decrease the value of adjacent residential areas. Conversely, it could also increase property levels by introducing a new employment hub. 7. Surrounding
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