5 Factors To Consider Before Purchasing A Property
Written by Maureen Eugene
When it comes to buying a property of your own, you need to know that it goes beyond the beautiful photos you see or the enticing words of the real estate agent. There are major factors to consider before making that purchase. These factors would determine if you would get optimum value for your property. Here are 5 of these factors:
1. Information: Ronald Reagan said, “Information is the oxygen of the modern age.” You need to have sufficient information about a property before purchasing it. Where is the property located? How long has the property been in the market? To answer these questions and other pertinent questions, you will need an experienced realtor. Don’t journey through all alone to avoid making a mistake.
2. Budget: As long as you’re ready to buy a home, you must have a budget. How much would it cost you to get the preferred house? What are the costs of maintenance? What taxes and utility bills do you have to pay? What about insurance premiums? You will need an insurance policy against hazards like fire, leaking roofs, thefts, etc.—and this will impact your budget.
3. Location: Where is your desired location? Is it a place you would love to live in? Is it easily accessible to other locations you frequent like your workplace or mall? You can make an ugly house attractive but making a bad location great is almost impossible. So when buying a property, consider the location.
4. Security: Your security is paramount. Don’t get carried away by your love for the property that you fail to carry out security checks. Residing in a crime-filled environment is not worth your investment. You need to ensure that your security is guaranteed and crime rates in the vicinity are minimal.
5. Property age: Every property has its age, and this is an important factor to consider. You can either go for a new house or an old one. Older houses are cheaper than new ones. However, you may need to renovate, and this would add extra cost to your purchase. This is not to say older houses do not have their perks. When it comes to choosing between an older house and a new one, it is often a trade-off between taste and cost.
To learn about investing in real estate, watch out for our Real Estate Course that will launch on 20th February 2021. Watch this space, so you wouldn’t miss it.