Check these before Buying A Property So You Don’t Regret It Later
Jul 17, 2017 Home Trading Steps
Nothing in the world is perfect. It can be said for the property as well. There will always be some or the other things that will be the reason for the property to not being perfect. Most of the time these faults or discrepancies come into notice after the buyer has bought the property. This may lead to regretting the decision of buying it in the first place.
Here’s what you can do to avoid the regret.
1. Keep a check on the neighbourhood:
When you first visited the property, the neighbourhood seemed fine and peaceful. That could have been because people were at work or on holiday. Try to visit the place at different times of day and different days of the week to find out what the neighbourhood is like. This will also let you know about the kind of people that live there and find out how safe it is to live there.
2. Traffic:
If you visited the property on weekend, it won’t give you a fair idea of how good or worse the traffic is. Try to visit the property at peak hours on a working day. It will give you a rough calculation of how much time it will take you to commute to your workplace on most days.
3. Can it be rented:
Suppose you want to convert the property to your holiday home or you want to set it up as a home stay, check with the authorities whether they will allow it for such use. If the authorities won’t allow you for the same after you buy the property, it will backfire badly.
4. Resale value:
Do a proper research on what will be the resale value of the property. You might like the property suiting your needs but it might not be the choice for most buyers. Think carefully about how much money the property can fetch if you decide to sell it off in few years depending upon the status of the market.
5. Cannot make structural or valuable changes to the property:
If you wish to make the property more secure than it already is, after you purchase it, make sure that there is the provision for it. Check the wirings and the condition of tiles before you purchase the property. It is better to check the piping of the property too. If there aren’t enough provisions for you to get them replaced, it might turn out to be a bad decision.
It is better to be safe and make a wiser decision when it comes to buying a property. It is a huge investment and for most of us a one time investment. Better make it wisely.
Here’s what you can do to avoid the regret.
1. Keep a check on the neighbourhood:
When you first visited the property, the neighbourhood seemed fine and peaceful. That could have been because people were at work or on holiday. Try to visit the place at different times of day and different days of the week to find out what the neighbourhood is like. This will also let you know about the kind of people that live there and find out how safe it is to live there.
2. Traffic:
If you visited the property on weekend, it won’t give you a fair idea of how good or worse the traffic is. Try to visit the property at peak hours on a working day. It will give you a rough calculation of how much time it will take you to commute to your workplace on most days.
3. Can it be rented:
Suppose you want to convert the property to your holiday home or you want to set it up as a home stay, check with the authorities whether they will allow it for such use. If the authorities won’t allow you for the same after you buy the property, it will backfire badly.
4. Resale value:
Do a proper research on what will be the resale value of the property. You might like the property suiting your needs but it might not be the choice for most buyers. Think carefully about how much money the property can fetch if you decide to sell it off in few years depending upon the status of the market.
5. Cannot make structural or valuable changes to the property:
If you wish to make the property more secure than it already is, after you purchase it, make sure that there is the provision for it. Check the wirings and the condition of tiles before you purchase the property. It is better to check the piping of the property too. If there aren’t enough provisions for you to get them replaced, it might turn out to be a bad decision.
It is better to be safe and make a wiser decision when it comes to buying a property. It is a huge investment and for most of us a one time investment. Better make it wisely.
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