As thrilling as it’s painted to be, property buying is hardly a game. It’s a calculated art that requires forethought and honed research. To suss out a quality real-estate asset, one must above all, put ego aside, have a price plan and strategy that is based on comparable sales data, but not so rigid that you may risk not buying the property. After all, property is not an exact science and there are many factors that can cause price variability come auction day. and resist speculation. One of my rules is never to speculate when buying property. There is simply no need. There are are plenty of properties that have proven track record, so why take a punt? Whilst proposed future development around your property of interest is exciting, it also brings other risks such as overlooking, over shadowing and increased noise and foot traffic that could be detrimental to a properties value. With that said, it’s wise to buy a property that is scarce or in limited supply as that would drive demand in a positive direction. Art deco, Victorian, Edwardian, californian bungalow styles spring to mind.
When evaluating a property’s worth, I recommend paying attention to the land. As a general rule, keep in mind that land appreciates while improvements (buildings) depreciate over time. What is the gradient, is it rectangular, does the backyard face north? All factors that can influence future property growth.
Another rookie move would be to buy property located alongside main roads. While that may sound like a brilliant move, it likely will result in traffic congestion, impeded access and significant noise disturbance. Instead opt for property that’s within walking distance to train lines, bus routes and the like. Get a deeper look at the five things you should consider before buying property over on Switzer.
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