Buying a property is considered the most significant purchase most people make. However, most of the buyers I meet are what I call “uneducated buyers”. In this article, I am sharing with you a few points to take into consideration when buying a home.
The first consideration is LOCATION. I do not want to seem redundant, but you have heard it before, location, location, location! Start by educating yourself about locations, neighbourhoods, and the unique characteristics of the location of any property you view. Ask about the community, the demographics of the people living there, the culture and the regulations.
The second consideration is how much you will pay and how much the property will sell for when you decide to sell. Savvy buyers understand the value of researching the market and the actual market value of a property. Do not overpay for a property. That’s why I always help my clients negotiate the price based on the real market value. Most successful buyers do not pay the asking price and meet in the middle.
Also, it is essential to think about the situation when you decide to sell the property in the future. Ask yourself, when I am expected to sell? In what phase in life? How my financial situation will look like? All these questions will help you to have a clear picture.
One crucial consideration I love to share with you, the value of the homes around the home you intend to buy. If the house you plan to buy is a great purchase and is typically expected to sell for a decent increase in value, but the houses surrounding it are deteriorating and losing their market value, this will bring the value of your home down.