Property Buying Tips – In real estate, location is everything. This section will help you choose the right location. There are many factors to consider when deciding where to buy property.
If you are buying a property to live in, you need to find out the location of:
- The closest shopping Centre
- Public transport parks and other facilities
- Schools if you have children
If you are looking for an investment property you need to find out
- Recent property growth figures
- The demand for rental properties in that area
- The facilities that will appeal to the rental market
Cost of Buying
Find out the various expenses involved with buying property.
We advise that the following are the main costs involved when you buy property
- Purchase price of the property
- Stamp duty/transfer fees payable to the Government / Development Authority
- Legal costs and searches
Buying as Investment
While the decision to buy a family home is usually very emotive, buying investment property should be based on a logical and calculated process. To minimize the risk of getting stuck with a bad investment, we recommend buyers research the area they intend to buy.
We advise investors to:
1. Check the Local Newspaper
Find properties with similar features and compare their prices. This simple research will be a valuable price.
2. Talk to a Real Estate Agent In the Area
A good agent should be able to provide buyers with an informed opinion on prices and market trends. They should also be aware of the property types that tenants are looking for, and how much particular types of property should return in rent.
3. Contact the Concerning Authority
It is recommended that potential investors contact the concerning development authority which may be a government department like CDA or a private organization, to find out whether any major developments are planned for the area. Your perfect investment may not be so perfect if a freeway overpass is being planned for your backyard.
4. Seek Financial Advice
If you’re a first-time investor, property investment should be considered and managed as part of an investment portfolio. Unless you’re an experienced property investor, independent advice will prove invaluable. Like any other investment, you need to consider:
- How much money you can invest
- What the goal of the investment is
- How long do you want to hold the investment
Another important factor to consider is the property and the market conditions affecting your investment. It must be monitored and re-evaluated on a regular basis.
While there are many avenues of investment, the property is still a stable and financially rewarding investment. The buyer must be aware of what sort of return they can expect from their investment. Purchasing the right property makes it easier to rent out and sell when the need arises.