Two Important Factors To Consider Before Buying A Property

[Good-Guy]

Investing money in any kind of business would be really tough decision due to various reasons. This is because investment usually involves risk. Even though real estate investment is considered a kind of less risky investment, what many people do not know is that there are still many important factors associated with investing money into real estate business. Investing money into real estate business is much trickier than you can think and this is because of many different reasons.

1) You Must Consider The Location

Location plays one of the biggest role before you buy a property. if you are buying an expensive property at a lonely location, then you are losing money. It is really that simple. This is because purchasing a property where development is under progress is one of the key factors of making a good amount of money in real estate business. I have already discussed this issue in one of my threads before and again I am highlighting this issue.

2) Seek Opinions Of Other People

Seeking opinions of other people is really important. Whenever I used to do a survey of properties that were for sell, I always used to seek advice of many real estate before coming at a conclusion. Seeking advice broadens your perspective about a property. I remember purchasing a flat and I eventually found that there were many people who were selling flats in that building. I later came to realize that the building would get demolished soon. had I not consulted many real estate agents, I would never had known this fact!

 

[Alexandoy]

For me, the location is the most important when buying a property especially if there is a structure with the intention to live there. When we were scouting for a home to buy the first in the list of requirements is the state of condition during the rainy season. If the property is in a low lying area then the flood will be a bother every now and then. We are lucky that the property we bought is safe from flood except during the deluge in 2009 when the entire Metro Manila got flooded.

The next consideration is the environment. Our first target to buy was a house in front of a school. So many have discouraged us because a school has students that would naturally be noisy. Another caveat is the nearby factory where workers are producing noise. There are many items regarding environment that one should determine before buying the property.

 

[Sotherefore]

Sometimes buying a property in location in which there is high chance of development is even more better than buying a land in a developed area because buying a property or Land in a developed location will be much more expensive compared to a location that is trying to be more developed.

Generally when trying to buy a land location is always the most important thing I have to consider and preferably I always like to buy any of my property in the Urban settlement as it is one of the suitable location for people who are interested to do business.

Apart from that another thing I consider is the type of business or what I have to do with Land, preferrably if I need the land for living purposes i may not likely have to build a house in a busy City or location because it might be a source of distraction to me but I rather have to go to a location that is a little bit farther from The noisy and polluted City.

Seeking the opinion of others is absolutely necessary because people who are living close to the property really understand what more about the Lands than you .

 

[Deleted member 13140]

Have you ever heard of the Great depression... most people haven't am sure but the main thing there was. The great depression was in the 1929 to 33 when the market fell, many went full broke, some even committed suicide and all that, my reason for mentioning this is because people go into investing without acquiring financial literacy and most will think this is a simple thing to acquire, am currently reading a book called rich Dad poor dad, I suggest anyone going into investing whether real estate or any other investment should read that book, it'll help you build the foundation you need to succeed.
Investing is difficult especially real estate investment, that's where asset and liabilities come into play, you might buy a property that will never appreciate, I would want to give a tip on knowing which will give the better ROI but I have no idea.

 

[sincerem]

Yes, the two factors you outlined should be taking down into consideration and not just rushing into real estate business. Even if we hire a professional realtor to help us plan our real estate investment for us, like, building of commercial buildings, we shouldn't just meet him or her without having a background knowledge about the kind of building structure we want, the estimate of budget, that's amount of money we may spend to complete the building of the apartments, price of the land which we're going to build on, location of the place etc. All this things matters to the owner of the property before going along hiring anyone to help him or her set up one.

If such person go blindly, it might turn out to be a regretful one, the realtor might charge him or her excessive amount of money simply to set up the building for the house owner, the location might not be secured enough to attract better customers hiring the commercial apartments and paying exactly per our demands. So, when we've spend excessively and see chances of recouping what we spent for elusive in the next 20 - 30 years, it proves futile kind of investment.

 

[eldavis]

The number two fact you made mention of is extremely important, it would be wise you go out on your own and find out form does within the area about not just the landlord or the property but the location in general. There was a time my mom wanted to rent a house, the house looked good and we where willing to pay for it but it was after we made research we found out that the area was extremely bad during raining season and robbers usually disturbs the the place.

 

[btaliat]

You have truly highlighted the main things to take note when we are trying to purchase a landed property. Failure to take those things into cognizance may lead to losing of capital.

There is also need to consider the price to purchase this landed property. The price at which we bought some of these lands most time may determine the profit are likely to make from these lands. It is always advisable to buyat cheaper rate and sell at higher price to ensure much profit.

Apart from this, we also need to check the credibility of the seller. In my country, there is most case of people buying lands many times due to the fact that they bought from a wrong hand. They always buy from wrong source. Some land sellers sell the same land to many customers at the same time.

Then there is need to know what is the purpose of the land. Land is not just bought for the sake of buying it. It may be for agricultural purposes, it may be for lease and even for building of factories. The purpose will let us know the best location where this land can be situated.

 

[Kendy]

As a potential buyer, before purchasing a land, there are some factors which should be put into prior consideration. The location matters a lot because it could either be profitable or become a loss. A location which is characterized with high level of terrorism and insecurity would not be profitable to buy a land. There is no body who would intentionally agree to live in such areas which is prone to attacks no matter how cheap the property could be. Terrorism and insecurity have made many investors loose their properties to vandalisation and incessant attacks. Before purchasing a land or any property, you should be able to ascertain that the location is risk-free. It might not be easy to foresee or foreshadow the future to know if there will be chaos or not, but at the moment, you should not rush into buying any properties in a risk related area no matter the cheap cost.


Secondly, before purchasing a property, the development of the place should be known. Buying lands in interior rural areas should be more profitable for farming or agricultural activities than for residential areas. If lands are being purchased in sub-rural areas, it would be more ascertained that within a short period of time, development would take place.

 

[Rachael]

When I purchase a land, the first factor I normally consider is the topography of the land. The topography of a land matters to me because any land I purchase, I need it for agricultural activities and the topography would determine how profitable the venture would be. The location of the land is also very important because I would not purchase a land which is porous in nature. My aunt made a purchase for a land and after making the necessary findings and authenticating the documents, with a couple of months, a location that had never witnessed insecurity was not coaxed with terrorist, it became their dwelling abode and made everyone flee with immediacy. This means that, no matter how profitable real estate investment could be, even after making the necessary assessment, it still has some risks related. Invariably, the investment diminished instead of appreciating and it was so difficult to find buyers, even as it stands, there is no one willing to purchase it for even half the price it was bought by my Aunt. I consider the rate or level of development that is ongoing or that would surface in the future. There are some locations that might take another decade before it is developed and this will not be profitable if I happen to purchase such property.

 

[Bookwormlux]

I really disagree with your second opinion about people trying to get the view of what some other people think before getting to buy a property . Most of the time, it seems like this is what usually limit people from getting to explore available opportunities simply because you want to know what follow individuals think about an opportunity you want to utilize and get some financial breakthrough for our selves .

The worst thing that can happen to you as an individual who is interested in procuring real estate property is to get to a situation where you are taking advice most especially from people who do not even have any experience when it comes to purchase and usage of real estate properties .

As a matter of fact , there is a need for individuals and business owners to go to a level where by the trust their judgments , their gut feelings and the decision making process . If you find difficult to trust your own judgment and then act accordingly, it'll to be very disastrous because you end up pleasing other people or doing what other people think is necessary and not what you really have in mind to do . This is what we have to look out for always .

 

[Chibson]

Ehen buying a property there are a whole lot of things you must put into consideration to know whether it will be beneficial to you in the nearest future or not.

Many people neglect this kind of decisions whenever they want to buy a property and they end up regretting.

One of the most important things you must put into consideration before buying any property is the location. Location carries a lot of responsibilities to whether what invested on or the property you bought will be beneficial to you in the nearest future or not.

You must make a lot of research and know the kind of people buying similar properties in that particular location. Knowing the people that are buying properties in the location will go a long way in determining whether it will be a successful investment or not.

The location must be near the city because development will probably spread to that particular place in the nearest future.

It is also very important for you to know the reason why the seller of that particular property wants to sell it. Sometimes some people do not ask these kind of questions and they always falling into trouble. I have heard of people who sold properties that are being haunted by ghosts.

 

[Shigobad2020]

When buying a property , you need a lot of things to take into consideration before jumping into buying a property which might cause problem for you or probably get scammed if care is not taking into consideration.

First the location is a very important thing to consider when buying a property, most especially if the property is meant for business purpose , I mean if you are going to resell it or going to start using it for rentage , then you must consider getting the property in an urban area , most especially a busy area where there are lots of people that can patronize you .
Secondly , because of being scammed , its very important to make research by asking around in the area to know much about the properties to be bought , because most are fixed by scammers just to scam people to get their money .