Friday, February 28, 2020

Property Selection Checklist - What to Look For & Consider

by Editor (editor), , May 23, 2019

Today, we will make a list of the most important considerations to make when attempting to acquire a piece of real-estate.

To buy a house can prove to be one of the most important tasks one can have in their life. It can be an exciting experience filled with uncertainty, doubts and often fear. It is easy to get overwhelmed and give in to emotions, both positive and negative ones. We can fall in love at first sight with a house when looking for a new place to live. This can prove to be a bad idea, both for us, and the rest of our family. Getting a house should primarily be an objective rather than a subjective endeavour. There are plenty of variables one has to take into account and we are not talking about paint. But rather, these variables are bigger, more serious and intricate. Today, we will make a list of the most important considerations to make when attempting to acquire a piece of real-estate.

1. Affordability

It is a reasonable approach to first consider our budget before anything else. It will set the ground rules and eliminate the most incompatible properties right away. So, to start things off, we need to know what our budget is. This information we need to base on our financial strategy, borrowing capacity and available cash. The amount we borrow combined what we internally already have determines what is within our financial reach. This does not mean we should necessarily seek out cheap properties. Rather, quality and value are the two main characteristics we are looking for.

2. Location, surroundings and placement

Location is another vital component we need to take into consideration when choosing a property. Not only is it important in terms of our own enjoyment, but also in terms of selling it down the line. A more favourably positioned property is sure to sell faster and at a better price sometime in the future. Plenty of times will we find ourselves considering a sub-par property just because it is in a good and favourable neighbourhood. That is just how big of a role it plays because it means potential for growth as time progresses. A great location, one that is close to things that people value, will always remain a key asset no matter the real estate market fluctuations. We can always spruce up an unattractive property, but we cannot influence a bad surrounding. And vice versa, a bad surrounding can really negatively affect our property, no matter how nice it is. The property does not merely exist, but it coexists with its surroundings. It is surrounded by trees, other properties, terrain, roads, etc. This affects the favourability of the property in question in both positive and negative ways for us and for a potential future buyer. Take topography as one of the many variables that go into this intricate equation. An ideal house is one at the highest point of the surrounding area. One of the reasons, besides the view, is good drainage. If we compare that to a house that is below grade it means a dry basement and good sewage water flow. When talking about condos, a first-floor unit is always more favourable than the one on the last floor. Waterflow, both in and out of the unit, will be better and the convenience of not waiting for the elevator is not to be underestimated.

3. Professional consulting

Going from one property to another with an estate agent peering through windows is a thing of the past. With the advent of the Internet, there is a plethora of property search websites and professional consulting companies. With the asking prices being so wildly different from each other, it is important to know the difference between what the seller wants and what they could actually get. Sure, there are homes that are sold even before they hit the online world. And that is why especially in big metropolitan areas like Sydney property advisors are a must. There are plenty of under-the-hood aspects that us mortals are not even aware of when it comes to acquiring a property. Ranging from legal to safety concerns, down to professionally vetting the property to actually deliver a comfortable experience that it promises. In order to maximize the value gained from the entire process, we need to be as open towards our estate agent as humanly possible. A good starting point, as we have already stated, is to declare our budget and the type of property we want. The rest will follow naturally. They will do most of the legwork when hunting for a property that meets our criteria in a professional manner.

When we visit a property show, they rely mostly on the emotional aspect of the business. The looks, street appeal, decor, etc. While these are important, they are not prevalent, especially not individually. There are plenty more aspects that can take a lot of time to cover and always vary on a case to case basis. Our needs and possibilities differ greatly. And if our offer ends up not being accepted, there is no reason to be discouraged. There is plenty of fish in the sea, no matter the market fluctuations. No one goes into this endeavour thinking it will be an overnight task. As long as we approach the entire ordeal rationally and in a calculated manner, we will end up with a satisfying conclusion.

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