Investing in property is often one of the most important (and expensive) purchases many people will make in their lives.
So how do you go about selecting the right property for you?
As a starting point, location is extremely important especially when it comes time to re-sell and future property value.
Ultimately your sale price will be determined by the appeal and overall location of your property; its features, potential and surrounds.
House Vs Apartment? Renovated or Unrenovated?
The type of property you want to live in will be largely driven by your budget, personal circumstances and lifestyle needs/goals like savings, family, work, leisure activities.
Below are some suggested considerations, important to think about when searching for the perfect property to purchase.
- Affordability and your financial situation, do you have a loan approved?
- Does the property and its features suit your intended needs?
- Do you have adequate access to facilities (as required) in the area? eg: transport, shops, schools, health & community services
- Have you weighed up safety and security concerns, including traffic conditions in and around the area?
- Have you taken into account how much property maintenance may be required on an ongoing basis?
- If renovations are needed, do you fully understand the costs involved?
- Are there any existing or future planned major developments in the area – positive or negative?
- Capital growth and return on investment – will you be looking to sell or rent the property out in the near future?