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Property Price Factors

Renting price factors

Q: What are the factors that affect the price of Philippines real estate?

A: There are a number of factors that affect the price of real estate for rent in the Philippines. For starters, the location greatly affects the price. The closer the home is to a business district, the more costly it is. For instance, if your prospected apartment is near Makati CBD (Central Business District), it will definitely be more expensive than those which are a bus ride away from the CBD (Central Business District).

Another factor that affects the price of a real estate is the amenities and the building grade. Building Grade is the classification in which the building belongs to. Class A graded apartment buildings are more expensive than Class B, and C graded buildings. This is because Class A buildings are of the finest quality. It usually has furnishings and has more architectural detailing both inside and out. On the other hand, Class B buildings have similar surfaces as that of a Class A buildings but created out of lower quality materials. It has few architectural detailing as compared to class A buildings. The class made out of lower quality materials and has the least architectural detailing is Class C. Its style is usually simplistic and basic. The amenities of each building types also vary and thus, influences the value of rentable spaces. A building that provides a 24-hour security, a gym, swimming pool, and sauna bath is more expensive that apartment buildings that don't.

Buying price factors

Q: What are the common factors that influence the price of a property?

A: The factors that affect the price of a property for sale are nearly the same as the factors that affect the price of a property for rent. Location, lot or floor size, and the appraised value of the house or condo unit are only a few of these factors. There are other factors as well, such as sales taxes, and potential legal fees.

Thus, when planning to buy a house it is good to note that the price will be dependent on a number of factors so you can have an estimate on how much you might spend for a prospective new house. It must be remembered that a house near commercial areas, bigger, and having numerous amenities are more expensive than those that don't.