Thinking about getting a place to stay in Baguio? It’s definitely a smart choice. Nowadays, with the sheer number of vacationers who come to enjoy the cool climes and the pine trees of Baguio, a home or condominium may be an investment that you should think about sinking a little cash into. So what are some things that you should consider if you’re going to spend money on property in the area? Here’s a brief set of criteria!
1. Think of what use you’re planning for this particular piece of real estate before you commit to a purchase.
True, the first reason why people purchase land anywhere is because they want somewhere to stay. But first: how many other people are you planning to accommodate in the same area as yourself? Is it you plus your family of six? You and your spouse? You and two other friends who want to invest in a property? The number of people who will be staying there will greatly affect other factors such as price, location and the eventual size of the property.
Additionally, think about the frequency of use. If you’re planning to reside there permanently, you will have to make allowances for other external expenses which are different from those who will treat that piece of real estate as, say, a vacation home. That’s also different from those who are planning to treat it as a vacation home and rent it out to vacationers looking to save by staying in the homes of locals.
2. Make allowances for the land area that you will be taking up.
Living space is not something you should be scrimping on! It could be located right smack in the heart of Baguio City, but if it’s somewhere you’re planning to live and the area is too small for the prices at the moment, shop elsewhere. Be prepared to be located a little farther, as the proliferation of bed and breakfasts or hotels for tourists tend to increase the price of real estate—and thus limit the amount of land you can purchase out of your budget. Don’t buy a condominium that’s practically the size of a shoebox, or get a house and lot for sale in Baguio City just so you can say you have one and to enjoy the climate—properties that are too small for those who have families are wasting their money. If on the other hand, you’re planning to rent out your house or condominium as a transient vacation home for backpackers, space may become a factor for the fee you charge—the roomier it is, the more travelers you can accommodate and the higher the fee you can charge.
3. Remember that location is everything.
The prices in any area tend to vary based on their proximity to the city center, so it’s important to look around and tie the previous two criteria to this. Properties which are closer to the center of Baguio’s nightlife, or tourist areas such as Camp John Hay or Session Road, for instance, tend to be more expensive and more commercialized, and will generate a different amount of foot and vehicle traffic. Some people prefer the hustle and bustle of being near the city proper, while others want to be somewhere a little more tucked away to avoid that very noise and movement. If you see a condominium in Baguio City for sale, don’t get excited right away by a rock-bottom price—if you’re going to end up moving out because you don’t like where it’s situated, you’ll have wasted your time and money and may have trouble offloading it to someone else without sustaining a loss. For those who ascribe to such beliefs, get the feng shui of the place checked out as well.
4. Allocate an additional amount for other plans which may be related to your land purchase.
Land comes with other expenses you may have to allot extra money for. Whether it’s house maintenance for the roofing, tiling and gardens, association or homeowner fees, parking lot usage if you’re buying a condominium, or fees for water and laundry services, these little things will definitely eat up a sizeable chunk of your budget, either as regular expenses or as biennial big expenses that will take time before you figure out what you need to do. Factor in real estate and other taxes as well.