Buying a new house is not an easy mission and you will need a lot of research before you decide on the right property. Whether for investment, living, or renting, there are a lot of factors that you need to consider before buying a house, especially since it is something that you will put a lot of money into. Real Estate is a vastly growing market and the demand, accordingly, is increasing exponentially given the fact that this is the best, most secure, and most profitable type of long-term investment. Accordingly, to buy a house whose value keeps on rising, there are some factors that you need to keep in mind.
While the value of a property is estimated based on several aspects collectively, location comes on top of the list. The location of the house you buy plays a vital role in its market value. With a lot of new compounds emerging in different cities, you need to consider the proximity of the house you buy to things and places that make your life easier such as:
- The availability of schools and nurseries in your area
- How close it is to supermarkets, grocers, shopping malls, and other service providers.
- The infrastructure around the house and the ease of accessing different types of transportation for daily commutes.
- The Neighborhood and Community
What’s the point of a big, nice house if the community isn’t pleasant? The neighborhood or community has a great impact on the overall vibe of a property. It is best to look for a house with neighbors of a good residential feel and most importantly an area in line with your requirements. Do your research on whether this area is family-friendly, pet-friendly, private, or other elements as needed. Also, you need to assess the environment around you because it is highly unlikely that you will be able to cope with an environment that is noisy and jammed with traffic and vehicles.
- The Condition of the Property
There are two scenarios, either you are buying in a new compound or a unit in an old property, and in that case, the condition of that property is very important. The reason why new houses are of higher value is that they are newly built, hence, they require less maintenance. Consequently, if you are purchasing an old house, you need to fully inspect its condition and identify if it will need a lot of renovation – which will cost you money – or ongoing maintenance. Also, you need to consider if the area in which you are buying this house is still in demand to make sure that at least it keeps its value and does not decrease.
- The Safety & Security
No one wants to invest in a house in an area that is not safe or with a high theft and crime rate because at the end of the day no one wants to feel unsafe at home. Avoid buying a house in deserted and inhabited areas that have no security.
- Maintenance and Services
One of the top perks of buying a house in a new compound is ridding yourself of the hassle of maintenance. Nowadays, most developers put a lot of focus on post-sales services for the convenience of their residents. This ease of dynamics and knowing that your property will be taken care of and that you will find prompt solutions to any issues that may arise adds more value to the house you are buying.
Another added value to the house you are buying is the facilities. A clubhouse, a gym, swimming pools, parks, and a playing area for kids are all plus points that add to the value of the house. Living in an area or a compound specifically that includes all these facilities will lessen the need to go out of the compound more often to access these facilities.
The value of a house is estimated by its size. While it’s a personal preference whether you want to buy a small or big house, when it comes to resale or rent, bigger houses are usually in higher demand than small houses. A three-bedroom apartment is likely to sell more than a one-bedroom apartment or a studio.
Everyone dreams of waking up to a nice view from the window or balcony of their place. Invest in a house that overlooks a nice view and greenery. The more appealing the surrounding, the higher the desirability of that house.
In conclusion, buying a new house is a big decision, hence, it should be taken based on thorough research and after having studied the market carefully so that you can make the best out of the property as you use it now and in the long run if you decide to sell it. Start this journey now on OLX to find the right apartment or duplex for you.