So you’re thinking of buying a property. Whether this will be your first home or an investment venture - once you have decided what your objective is, it’s time to find the property just right for it.
Here are some perspectives to keep in mind…
This guideline is extracted from “Buying Property Like A Pro” by Miichael Yeoh
Take a look around and do your research. How is the surrounding area? If a place is in its infancy stage, you may be able to get a better price.
Miichael prefers to buy property in a highly-populated area so that when the time comes to sell, the demand will be higher.
The current and future plans for the infrastructure should be sensible and accessible. You might be surprised how some buildings are poorly designed and you also might be looking for features specific to your needs.
- Business Activities
When buying a property you should also look at what kind of businesses are largely involved in the area. Depending on your unique objective for this purchase, the business industry in the area of the property will be important to know.
- What's the future?
Ask yourself “does this place have the potential for growth?”
- The right price
Make sure to check what the average price is of properties within the area so you know how much to pay and how much you can potentially sell in the future.
- Rate the developer
You pay for what you get and a 5-star developer might have a higher price but their risk factor is lower.
- Check the developer’s background
What is their experience? How many projects have they completed? Will the developer be able to complete the project on time?
- Don’t trust artist impressions
You should not 100% trust the artist impressions of a property. After all, they are only just impressions and you do not want to be disappointed if the reality of what the project looks like differs greatly to the flyers and brochures.
- Be cautious
When a package deal becomes part of your deciding factor for purchasing a property, be wary that sometimes they can be “too good to be true”. Be sure to research properly and stick to more credible sources.
Now that you have these tips you are one step closer to being a pro property buyer. Stay tuned for more articles on buying property with Property Hunter.