When it comes to shopping for clothes or doing our weekly grocery, easy would be an understatement. These tasks are part of our regular routines. We know the tricks of the trade, maybe not all but at least most of them. However the scales do not sway the same when it comes to buying a residential property investment. Not only are you dealing with a huge item in the most literal sense but you are also purchasing one with a huge value. It’s safe to say that you want only the best and you’re not leaving any room for mistakes. To help you on that, we’ve come up with the following checklist to help you on your house shopping.
Item # 1: Budget – How much are you willing and are capable of spending?
You need to settle your finances first and put them at the ready. You do not want your dream home compromised just because your funds were not made available on time. Also, be sure to set up your limitations. Create a budget.
Item # 2: Needs – What do you need?
There are various types of residential property investment from single detached homes, townhouses, condominium units, apartments and the list goes on.
Item # 3: Preferences – What would you like it to have?
Bring to mind the features and characteristics that you would want to have in the property. This will make it easier for you to search for it. At the same time, it will help you determine how much financing you’ll need.
Item # 4: Price – How much are they priced?
You need to know the asking price of similar properties in the market. Are they reasonable or are they overpriced? This should also keep you aware of actual market values so you avoid being ripped-off.
Item # 5: Location – Where do you want it to be?
Location is a matter of preference. For majority of the population, they would like a property close to the metro and various business hubs. It’s accessible and near significant establishments like schools, malls, offices, highways, hospitals and the like. There are others who want to invest in something that will serve as a rest house or a home that’s by the countryside to stay away from the hustles and bustles of city living.
Item # 6: Safety – How safe and secure is it?
Only buy a residential property investment if it is situated in a safe place. Crime rates should be checked. You want lives and assets to be secure.
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