April 21, 2016

Determinants to Consider When Buying Property

Almost every other person wants to own a piece of property. The property gives a person financial stability, social security and to a certain extent, it elevates one’s esteem. Many people, however, will consider buying property because it is an investment or because the interest rates are low. For whatever reason a person finds themselves buying a piece of property, it is important to consider the following things so as to guarantee you get the best possible deals.

Buying Property
• Location – Every person who appreciates the real estate knows that a piece of property in the city costs a fortune compared to a piece of property in a remote countryside area of the same exact size. This is mainly because most people want to live near cities where there are amenities, jobs, customers, security and closeness to family and friends. This in effect means that the location of the property is one of the most important determinants to consider whenever a person is buying a home or business premises. Needless to say, thorough research must be conducted in relation to this factor.

• Legal factors – Unlike buying tomatoes or some fancy jacket, when buying property you need to ensure that all legal procedures are followed and are well understood. The governments, as well as local authorities, allocate different parts of city land varying uses. This means that there are places within the city where a person cannot build a residential property while there are those where commercial buildings are banned. It is important that a buyer gets to research and understand the history of the property they are buying.

• Help from real estate professionals – The property market can be incredibly daunting, especially for the ordinary citizen who has never ventured into it. A person will have a clear headway once they hire the services of a professional realtor. These are people who are trained and who have a lot of experience in the real estate market. They are better placed to gauge available information and know whether the market is headed for better or bad times. A buyer will gain immensely once they choose to use a real estate agent in their quest.

• Local market indicators – Buying property requires that a person read thoroughly the local market indicators. They should also look further into how international market indicators say. The challenge in this is that a person needs some expertise or some way of analyzing available information. This can, however, be achieved partly by following keenly the trend of the real estate such as the prices and the laws getting introduced. Check whether the interest rates are falling. This is a good thing as the cost of a mortgage is going down. However, check whether this is caused by some sort of recession.

• Current situation and future goals – Based on the situation a person is in at their life, entering the property market can and should be perceived with different eyes. A single person will not need to buy a five-bedroom mansion if they are only going to live alone in it for ten years. Likewise, a family of ten will need to bypass a one-bedroom apartment offer.

• Get rid of the middlemen – Some of the middlemen ask for a big share from the amount and which you can’t afford. So you can refer newspapers, online portals, twitter feed and find out the best properties available for you.

Anisha Ambrose writes about property and real estate in India. She has worked at the NeedaProperty.in company for one year as a marketing manager. She likes to share her experience with those who are interested in property market!