5 Basic Things to Consider When Buying Property By Elizabeth McLachlan At Isnare.com Ezine Articles

Buying property is probably the most expensive purchase you will ever make. Starting the process is often daunting, but by choosing the right location, size and time as well as ensuring quality and affordability, you will reduce the chances of making costly mistakes. Keep the following in mind when buying a property:

1. Location

The location of a property might possibly be the single most important aspect to consider when purchasing a house. How many times have you heard the saying that buying the right property in the wrong neighbourhood is worst than buying the wrong property in the right neighbourhood? The importance of your choice of location lies in the fact that once you’ve purchase the property, the location is the only factor that you can’t change. It is therefore extremely important to make the right decision.

Among the many things to consider when choosing a location is the access to public transport should you rely on it and the quality and proximity of the schools, medical centres and shopping centres in the area.

Make sure to find out if there are any upcoming developments in the area that might decrease the value of the property. Also, visit the property during the day and night to get different views and find out what the crime levels are. The residents of the neighbourhood can often provide you with the most honest opinion of the area, so make an effort to ask around.

2. Affordability

Experts believe that you should spend no more than 35% of you salary on the monthly down payment on your home loan. Doing this will ensure that you have sufficient funds for other things that might need attention. When looking at a property, also find out what the monthly utility bill comes to and if you can afford that. Remember to always enquire about hidden costs.

3. Size

When considering the size of a property, you have to think long-term. Are you planning on starting or extending the family? Do you have plans to start working from home in the future? The answer to these questions should guide you in choosing the size of the property. Make sure you have permission and space to extend the house should you look into adding room/s.

4. Quality

The best way to measure the quality of a property is to call in an experienced property inspector. Walk through the property together and make a list of everything that needs to be fixed or amended. Also find out what these repairs will cost and add it to the price of the property.

5. Timing of Purchase

Ideally ever homebuyer would want to buy at the low end of a property cycle and sell at the high end. Basically this comes down to periods in the cycle generally referred to as a buyer’s or seller’s market. A buyer’s market is when buyers can cherry pick the best potential investments from the spread and drive really good bargains to boot. A seller market shows a shift in bargaining power toward the seller. There is therefore no doubt as to when you would want to buy, but keep in mind that any long term property investment, if chosen carefully, are bound to show returns.

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