Investment in the property is the dream of every human being. While the current property market is still in favor of buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase
Set out proper parameters before beginning the search for a home is just as essential as ever. Here are five things to consider for smart property buying.
Price
Of course, the market is in favor of the buyer, as there are some excellent properties from which to choose. But that doesn’t mean that sellers will accept offers that fall too much below their asking price. Therefore, buyers need to have established how much they can afford to spend on a home and know how much their financial institution will grant them a property loan. The buyer should determine what kind of property they want to buy, the suburbs they are likely to find, which meets their requirements and budgets.
Location
Location remains paramount to a purchasing decision. Buyers should narrow down a list of areas that they would be interested in purchasing and then thoroughly check out influencing factors like traffic, malls and market distances, the proximity of schools, and other amenities they deem to be essential to have close the deal.
Buying a less fancy home in a good neighborhood that suits a buyer’s needs will be a much better investment than purchasing a mansion in an area that may not meet all the criteria of the buyer.
Accommodation
Before buying your property, buyers should be sure of their housing and requirements. As purchasing a home is a long-term investment and commitment, buyers should try to ensure as far as possible that any potential homes they look at will be able to fit their accommodation requirements for at least five years into the future. The buyers should draw up a list of ‘must-haves’ and ‘negotiables’ when it comes to their accommodation requirements.
Special Features
If you are looking for features in your property like a swimming pool, outdoor garden for kids, the type of flooring or kitchen design, buyers should have a good idea of what features they are looking for in a home and which feature they would like but can live without. Thus buyers can easily pare down a list of potential properties and only physically look at the ones which they think will fit in with their cost of investment.
Cost/Budget
Cost is a very different thing while purchasing a property. Aside from being sure of how much they can afford to spend on a property, buyers need to be sure they can also keep up with the monthly costs of living in. They have to determine their for the uses like water, lights, rates, levies, and home maintenance or improvements are all costs that homeowners need to know about to see if they can work them into the budget before signing an offer to purchase.
