Do you plan to buy a property? It is one of the most significant decisions you may have to make. The process of buying property requires research on your part. You must ensure that you get the best value for your money. The right property needs to match your current and future needs. Here are important factors to keep in mind.
1. Location
The location of your property needs to align with your needs. A good location is an asset no matter how much the property market may change. While you can turn a poor piece of property into something attractive, you cannot make a poor location great. When scouting for the right location, pay attention to neighborhoods as well. Some neighborhoods may be more suited for your needs than others. Pay attention to the traditions of the neighborhood, family-friendliness, and general influences. It would be wise to settle for neighborhoods with a residential feel.
2. Create a Checklist
You need a detailed checklist when trying to buy a property. It will help ensure that you aren’t forgetting anything important. Checklists are important even when you have been buying property for a long time. Fortunately, you do not need to sit and think of all the items to put on your checklist. You can find lots of home-buying checklists online. The right one can help you get a highly accurate repair estimate and It can help you find the right neighborhood by ensuring that you have covered all your bases.
3. Green Open Spaces
Before buying property, ensure that you can access a lot of green open spaces. Such spaces are great for evening strolls and relaxation. Everyone loves the chance to see trees and beautiful landscapes while walking around their neighborhood. Open spaces improve the desirability of your property. They increase their resale value. Pick properties with beautiful views and an attractive environment especially if you have kids. The topography is important as well. Properties on high points are better than those on low points. They offer better views and may have better drainage.
4. The One Percent Rule
Use the one percent rule to determine the potential returns of your property. Investors use this rule to determine if an investment is worth making. You can use it before buying an investment property and according to this rule, your investment should bring you at least one percent of its total cost including the buying price and repairs every month. Do not invest in property that doesn’t give you such returns. However, you may need to make exceptions when buying high-value property or property in up-and-coming neighborhoods. Such properties will give you profits in the long-run, but they are unlikely to return one percent of your investment in the first month.
5. Size of the Lot
Many new buyers may not pay attention to the size of their lots. In most neighborhoods, the size of lots is fairly the same. When you start looking at properties to buy, decide whether you want a big or small lot. Lots come in all shapes and styles. Explore the options in the market and determine the most suitable one for your needs. Your preferred option should match your privacy and size needs. Ask about the possibility of building a second lot if you need it.
6. Age of the House
Are you interested in a newly-built house or would you prefer something with an old school vibe? Older houses stand out as they have an appealing character. However, they may not abide by the new building codes. When buying an old house, you need to work with a good realtor. They may help you find one with a vintage appeal without unnecessary repairs.
The age of a house may determine its price. Older houses, for example, are cheaper, but they may require you to spend a lot of money on repairs and renovations. Newer houses may be more expensive, but they do not require repairs or renovations.
Purchasing a property is not as difficult as it may seem. Everyone has different needs and all you need to do is prioritize yours. The buying process is complicated and time-consuming. Having a checklist will make things much easier. It may help you find the best property for your needs with minimal hassle. Consider the location and neighborhood of a property, the size of the lot, the age of the house, and the availability of green spaces. This way, you can be sure that you are buying a high-value property with a good resale value.
