7 Important Things to Look For in a Property Before Buying It
By: John Garcia | Date Posted: September 7, 2022
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There is no greater joy than finding your dream home and starting the process of making it your own. However, buying a property is a significant investment, and there are a lot of factors to consider before taking the plunge.
You want to ensure that youâre getting the most bang for your buck and that the property is in good condition and will suit your needs long-term.
This article compiles a list of seven essential things to look for in a property before buying it. By keeping these factors in mind, you can be sure that youâre making a sound investment that youâll be happy with for years to come.
Location
The old real estate adage still holds today that location is everything. When considering a property, consider the surrounding area and whether it meets your needs.
You may want to be in a safe neighborhood with good schools nearby if you have young children. If youâre looking for a property to rent out, youâll want to be in a desirable neighborhood that will attract tenants.
If youâre retired or plan to retire soon, you might need a slower-paced neighborhood close to amenities. Your decision will differ depending on your needs, but the location is always an essential factor to consider. The internet makes it easy to research potential locations before stepping foot in them.
Property Condition
No matter how great a propertyâs location may be, itâs not worth buying if it is in bad shape. When viewing a potential property, please take note of its condition inside and out.
Are there any structural problems? Is the roof in good condition? Are the windows and doors in good working order? These are just some of the questions you should ask yourself when assessing a propertyâs condition.
When looking for a furnished property, be mindful of the condition of the furniture and whether it needs to be replaced. Take time to assess the property and its condition before making an offer. This gives you contentment as a buyer.
Be sure also to note the condition of the propertyâs appliances and systems, such as the plumbing, electrical, and heating. These are expensive to repair or replace, so you need to ensure theyâre in good working order before making an offer on a property.
If the property needs significant repairs, it may not be worth your investment. However, if the property needs a few cosmetic fixes, it could be an excellent opportunity to buy low and sell high.
Size and layout
Living in a too-small or cramped space is not a good feeling, so be sure to take note of the dimensions and outlook of potential properties. How many bedrooms and bathrooms does the property have? Is there enough storage space? Does the layout make sense and flow well?
If youâre looking at properties to rent out, youâll also want to consider the needs of your potential tenants. For example, young families will likely be looking for a property with at least two bedrooms, while students may be content with a smaller studio apartment.
Sometimes, there is no loss for a larger property than you need as you can always use the extra rooms for storage, a home office, or a guest bedroom. However, if youâre looking for a property to downsize to in retirement, make sure it wonât be too big and challenging to take care of.
Price
You need to ensure youâre getting the most bang for your buck and that the price is in line with similar properties in the area. Researching recent sales of similar properties will give you a good idea of what to expect to pay for a property in a particular neighborhood. You can also use online tools to estimate a propertyâs value.
Once youâve researched, youâll know what you can afford to pay for a property. However, itâs important to remember the asking price is not always the same as the selling price. You may be able to negotiate a lower price, especially if the property has been on the market for a while or if any repairs need to be made.
Mortgage availability
If youâre planning on taking out a mortgage to finance your property purchase, itâs essential to check that mortgages are available in the area youâre interested in. Some lenders will only lend money for properties in certain postcode areas. Itâs a good idea to speak to a mortgage broker to find out which lenders will lend to you in the area youâre interested in. Theyâll be able to advise you on the best mortgage products available and help you get the best deal possible.
Do a Home Inspection
Before buying a property, itâs essential to have it inspected by a professional. It will allow you to identify potential problems that could cost you a lot of money. A home inspection will also give you peace of mind knowing that the property is in good condition and wonât need any significant repairs. This can be especially important if youâre buying an older property.
Renovations and Zoning
The current state of a property is not always indicative of its potential. If youâre handy or have some construction experience, you may be able to renovate a property and add value. However, itâs essential to research before buying a fixer-upper, as some properties can be more trouble than theyâre worth.
Be sure to check the zoning of any potential properties as well. Some areas are zoned for residential use only, while others may be zoned for commercial or industrial use. If youâre planning on renovating a property or using it for business purposes, check that the zoning will allow for this. Otherwise, you may not be able to get the permits necessary to do the work you want to do.
There are a lot of things to consider before buying a property. However, if you take the time to research and think about your long-term needs, youâll be sure to find the perfect property.
Generally, the three most important things to look for in a property are price, size, and location. However, there are other factors to consider, such as mortgage availability, home inspections, renovations, and zoning.
Thank you for reading!
