What To Know About A Property Before Purchasing As An Investment

Purchasing a property as your chosen form of investment is one of the most significant decisions that you are ever going to make in your life. As it will cost you a lot of your hard-earned money, you should make sure that you think about every aspect of your purchase very well before you dive into finalizing a sale.

Whatever type of house it is that you are looking for, each has their priorities; however, the checklist of matters that you should know about before buying one remains the same. This article presents you with all you need to know about a property before buying one from realtors, such as Gumtree Real Estate.

1. The location of the property

Yes, of course, you know the specific address of the property that you are looking to buy. However, there’s more to a property’s location than the block it sits on.

Do your thorough research about the history of the location, for example, and the norms in that area. Is it known to be a safe neighborhood? Or is it one that, unfortunately, has so much risk to crimes or thefts? Also, assess the following matters regarding the location:

• If you are single, you might want to live close to where you work, so you can enjoy the convenience of walking or saving on transportation costs

• If you have a family, you might want to consider a location that is close to schools, a supermarket, and a hospital

As a bonus, do your own research as well about the community profile of where the property you are looking to buy is located.

Buying real estate is always one of the great ways to invest in yourself; however, this has to be accompanied as well by a community profile that should match your needs, or what you feel is ideal based on your personal preferences.

2. The size of the lot

Yes, you know the metes and bounds of the house itself. However, sometimes, it may be confusing for you to ascertain the limitations of the size of your lot, especially if you are buying a property in the countryside or any other rural area, where putting a fence around your property isn’t a norm.

It is essential for you to be fully aware of the size of the lot itself, minus the house that is already built so that you have an idea of the remainder of the property that you can work on for other purposes. For example:

• You might want to build stables for farm animals

• You might want to do landscaping projects

• You might want to build a guest house or a garden shed

• You might want to fence the whole property

When you first inspect the property, do remember to ask your realtor about the limits as to where the lot ends.

3. The age of the property

Depending on your budget, and your personal preferences, old homes and newer houses have their own set of advantages and disadvantages.

However, the most critical comparison that you must have in mind is that more modern houses may entail lesser renovations and repair than older homes; yet, older houses may also be made of more durable materials such as pure hardwood.

Do ask your realtor about the age of the property, so that you can make your assessment as to which age level of the house it is that you like the most.

4. The kitchen layout

Out of all the rooms in the house, the most important thing that you should be very careful with in inspecting and studying is your kitchen layout.

Your kitchen has the most foot traffic during the day, and this is also where a lot of wear and tear in your house happens. It can be costly to have your kitchen regularly renovated, so be sure that you are aware of the nitty-gritty details regarding your kitchen’s layout and specifications.

For example:

• Do you live alone where a two-burner gas range and small kitchen without an island is all right?

• Do you live with a big family where a lot of cooking has to be done in the day, and an island is necessary?

5. The taxes and other fees associated with owning and maintaining the house

As a homeowner, your financial responsibility towards the house doesn’t end on the last payment of the purchase price of the home. Depending on the size and location of your property, the fees associated with owning and maintaining the same may also vary. Some can be affordable, while others might be expensive that it doesn’t fit your monthly budget.

Make yourself aware of the following;

• Yearly property tax

• Subdivision, apartment complex or condominium units monthly association dues

• Maintenance of facilities that may be present in the property such as a deck, a swimming pool, a ranch, a garden, an entertainment area, and the like

Conclusion

All these points mentioned above are worth examining, as these are matters that you should never miss out on. You wouldn’t want to make the costly mistake of later on regretting the house that you purchased, only because you closed the sale so haphazardly. Do not rush your decision-making process, and always think hard before you buy.