When deciding on where to buy a property, location is the most important thing ever. Location can decide whether the value of the property goes up and appreciation. In addition, it determines whether there will be buyers or tenants look for your property and how much you can make profit from them.
Some locations may seem more affordable than others in the same neighborhood. Thus, you will need to do the research on which/ where properties have better appreciation in near future as well as its potential risks. Today, we will talk about the things that every property buyers should consider.
1. A Property Amenities
Any community, either domestic or business where cannot be isolated when new areas are developed. They will require some things like shopping malls, transportation, entertainment areas, schools, offices, restaurants and etc. The amount of amenities nearby a property will definitely affect the property valuation.
Amenities should be varied, as there can gather all of the people from different backgrounds, ethnicities, ages and even from different country. It can make you easier to rent out your property. In addition, if you are buying a residential property, make sure the property is nearby the learning institutions like Colleges and Universities.
Besides those entertainment amenities, the tenants and buyers also like the property that surrounded by natural environment. For example, high rise with scenic city view, sea view or lake view will definitely appreciate faster than any property near factories.
Typically the buyers don’t worry about basic infrastructure such like electricity and water supply. However, there is one thing that every buyers and tenant will concern about which is the amount of transport. Roads are the main gateway to newly developed sites and it is imperative that buyers consider the amount of roads in and out of an area. If this is inadequate, you may end up with heavily congested traffic which will drop down the property value.
It is also important to concern about how far away the property from the highway, main road, and public transport. The further the property is from these features, the more difficult it will be for the community to be mobile.
Understand what type of people live and work in the zone or nearby the property is crucial to knowing what type of buyers or tenants you should target. Among the aspects that are important to include the income level and education level of other residents. Some communities are more liberal minded while some areas are more traditional, religious beliefs and conservative. So these factors should be determined early on.
Not to forget the buyers and tenants also concern over security problem. It is good to know if an area is prone to crime and how responsible the community is towards this kind of issues. Questions to ask include is there a residents have form an association or committee to protect the place? Do they actively try to solve problems?
As an initial research step, you can go online to find out the latest news about an area. Of course, nothing is more important than visiting the property and inspect for surrounding areas by personal visit.