There are several important factors to consider when choosing a property for purchase. After all, purchasing a property is a big decision, and cannot be taken lightly. In this article, we list out some of the considerations you must weigh before taking the final leap.
- Use of the property: Before deciding on the property itself, first establish the reasons for your purchase. Some points to consider are whether you will be staying it the property yourself, or leasing it out. Perhaps consider how many people will be staying there. Is the place somewhere you would like to settle, or is it a place where you are going to be for the next few years only?
- Type of the property: There are a plethora of options available today: apartments, houses, plots of land, and so on. Which one best suits your needs.
- Surrounding area: Does the area suit your needs? Older people might need easy to access medical facilities. If you are starting a family, or have a young family, are there school facilities within easy distance? Is the neighbourhood safe?
- Credibility and track record of the builder: Luckily for buyers, we live in the information age. There are many ways to perform a due diligence on the builder. A little bit of investment of time and money in the beginning can stave off huge losses later. Some things to look out for: completion times, financial stability, and legal proceedings.
- Quality of construction and amenities available vis-à-vis price: In most places, prices are dictated by the location of the property. However, a high price doesn’t guarantee quality work. Establish the quality of the materials used, and ask for policies for structural repairs and maintenance.
- Completion time: While buying property still under construction, you need to consider whether the estimated completion time tallies with your own timeframe. Generally, projects run past their deadlines, so there should be allowance for delays. Choose a property that suits your particular timeframe carefully.
These are basic considerations when choosing a property. There are others too, depending on various factors such as location and so on. It is best to gather all the information in the beginning, and make an informed choice.