Everyone has different priorities when buying a new property. Some might be concerned about the amount of space they would get with the new property while some people are concerned about the property’s longevity, especially if they will be renting it out and using it as a source of income. Buying a new property is incredibly complicated and can take a lot of time. Due to the resources expended, it is important to ensure that you have your priorities right when buying one. In this article, we will be looking at three things you need to think about when buying a property to ensure you get the best value for your investment.
Location
If you are thinking about buying a rental property, you need to think about its location seriously. Renters want to rent apartments that are close to the road and the amenities they enjoy. For example, many people want to know that the building they are renting is close to schools, recreation centers, gyms and places of worship, and that it can give them access to their friends and family. The property’s location is also a huge determinant of how much rent you can charge. People will often pay more for convenience, especially if that convenience makes a significant difference to their lives.
Ensure It Is Inspected
A lot of investors forget that the property they are about to buy should be inspected and structurally sound before they buy it. These inspections are done to ensure that the structure will not only stand long enough for a buyer to realize a profit out of it, but that it is also safe for its occupants.
There are lots of different inspections a new building can undergo, but it is important to complete structural inspections before you go forward. When you hire a company to do structural inspections, what they’re looking for are structural issues that can cause the building to become unsafe over time. These companies are interested in ensuring the building is well designed and is well built, two things that make it viable for occupation.
Other important inspections include electrical, plumbing, mold and mildew and flood inspections. All these inspections are looking for things that can come back to haunt property owners in the future.
Lot Size and Shape
Many people forget to consider the size and shape of the lot a property sits on once they feel the property would be right for them. This is a huge mistake because the lot’s size and shape will determine what you can do with it as well as future developments.
It is important to talk to your realtor to find out the exact shape and size of the lot. If you are buying a lot that already has a house on it, you might not have much say on how you develop it in the future unless you are willing to expend a lot of financial resources.
This is why you need to ensure there is enough extra lot space around the house so you can include future additions like sheds.
Buying a property can be complicated, but it does not have to be. Once you decide on the type of property you’re buying, working on other details with your realtor becomes easier. Consider the points we have discussed above as a starting point when buying property to avoid problems in the future.
