Location, Location, Location.
Feasibility of location is an attribute for a successful residential project development.
There are several influences that affect the choice of the location. In choosing a property, it has to be considerably the most viable by taking into consideration the following factors:
- Obtainability of land ownership
- The availability of the land for a proposed development is an advantage. Common concern of developers is looking for the appropriate land to develop.
- Affordability of land price
- A property that is on land banking, for some time, is a leverage for an owner-developer. Imagine the low acquisition cost, that in a few years down the line, has appreciated its value.
- Proximity to institutions and establishments such as schools, churches, banks and other financial institutions, grocery stores, shopping centers, hospitals, offices, industries and government agencies
- The location of the property that is within a highly urbanized city embraces opportunities springing from various economic activities.
- Accessibility of public transportation and acceptability with traffic conditions
- The property when accessible to public utility vehicles makes it easier for buyers to travel between work places, home, school and other areas within the city. Traffic may not be as smooth all the time but when it has proximity to basic needs and with accessibility and mobility, this will become an appropriate residential development to the target market.
- Availability of utility resources such as water, electricity, communication and Internet
- Basic resources such as water, power, telecommunications and connectivity if readily available in an identified project location makes it an ideal place for a proposed residential development site.
- Suitability to land use and zoning classification
- The project will benefit from a location that is situated in a barangay or city that may have been classified as residential-commercial area by the local government. It is so because it is geared towards development of several catalysts for business activities, housing industries and other economic movements. The vicinity must also be identified as a hub to encourage growth in building residential communities.
- Feasibility with technical factors such as topography, soil and other site conditions
- Series of studies and surveys relating to site conditions of the property is equally important. Topography and geological formation of the entire area are important aspects when evaluating the feasibility of a site for a residential housing project.
- Viability to the wants and needs of the market and the sufficiency of the supply and demand
- The population of in a specific area plays an important role in choosing for a project location. Ideally, a projection showing an increase in population over the next few years must be looked into as this will have a vital role in the viability of developing a residential project. A population growth along with the expanding economic needs and activities would spell an increase in the housing requirement.
- Compatibility with the neighborhood
- Acceptability of the area for the development of residential subdivisions is a major factor as well. If there are developments that are sprouting and intended to help alleviate the pressing need for more shelter, it is likewise necessary to identify as to what type of residential project is likely the pressing need in the vicinity. If there is scarcity of land that basically restricts for vast development, then building a residential condominium may well match the present condition of a given place. However, if land in a said location has not been fully utilized with ample space for further development, then a horizontal project such as a residential housing subdivision may well be acceptable.