Buying a property is a major investment and quite often will be the single most expensive purchase you will ever make, which means its a decision you don’t want to take likely. Although there’s a lot of profitability to be found from the property market there’s also a lot of risk and buying a property as an investment isn’t one that will always pay off.
So whether you’re getting onto the property ladder to achieve freedom from renting or wish to purchase a property as a future investment here are three things you will want to do.
Research the Property Market
The property market is like any other market and fluctuates with political stability, changes to the economy, the number of people looking to buy a property and the amount of property for sale. The property market can even be influenced locally by smaller factors such as changes to the local area. If you want to make sure you get the best value for money on a property in your area then you will want to spend a little time monitoring the market to see if it is the right time for you to invest. A good place to start is by speaking to your local estate agents and monitoring estate agent windows and for sale signs in your area, but remember that estate agents want to make money and so they could be biased in telling you what they think you want to hear.
Attend Plenty of House Viewings
It won’t take you very long to realise that those fantastic pictures taken by estate agents are usually created with wide-angle lenses and clever editing to make a space look far bigger and brighter than it actually is. Don’t put all of your trust in estate agent pictures and ensure that you visit the house in person to get a real idea of how big it is and the way the rooms feel. If you really can’t make it to a house viewing then pay close attention to the floorplan which can help you better understand the scale of each room and the way in which they lead to one another.
Have Your Prospective Property Surveyed
Your chosen property may seem like a dream but does it have any skeletons in the closet or dirt swept under the rug? To find out its important to get your prospective property thoroughly surveyed. A property survey may seem like a costly investment but it could save you from finding some nasty surprises later down the line. A survey can tell you things such as boundary lines, your access rights and even things such as whether there used to be an old cemetery in your back yard. A survey can also highlight any structural issues and tell you things such as whether your roof may need replacing in the next few years which may give you grounds to knock some additional money off of the asking price to compensate. There are a number of different survey options out there and which you choose will depend on the depth of information you want and the money you’re willing to spend.