When buying anything, you need to make sure that what you’ve just purchased is OK and fits all of your current needs and requirements. Homes are no exception. Whether you buy homes to resell for a profit, or for yourself, you need to close a good deal. If you decide to earn some money by investing in an estate, you really need to make sure whether that estate will or can be made good for your future client(s).
Since we talk about real estate properties, we need everything into consideration. Where is the property located? When was it built? What is the actual condition of the home? How many rooms does it have? Is it in a good, bad or borderline neighborhood in regard to safety? Though discrimination is verboten, what is the ethnic diversity of the neighborhood?
The above mentioned are essential things to consider. You cannot overlook any of these and buy blindly. Think first, than decide.
Location, location, location
This issue is two-sided. If you are buying a property to turn it over for profit, it is advantageous for it to be in a central location, however, if the property is in a run down section and you can see drunks on the streets, stay away, unless you are looking to just rent it out.
What if a house just seems to be in a nice neighborhood, nothing uncommon, neighbors seem nice and friendly? You never know. Maybe a thief or a sex offender lives on the block. You should ask discreetly before buying.
Year Of The Building
The year of building is essential, since building styles vary. You may have a certain preference for the kind of house you’d enjoy living in, or what kind of properties you’d like to sell, perhaps to build a niche market in restoring and renovating.
Anyway, don’t just look on the outside. Check the interior too. What if walls have holes and rodents or roaches are present? Do you need that kind of problems? Exterminators can help, but rats can do a number on electrical wiring. If buying a house to live in, best to skip over clear infestations. Even if there are no mice and the walls are in good shape… what if the building’s structure isn’t at all stable? Have the house inspected by a qualified engineer.
Do you need the house for yourself? Very good, then you need to know how many rooms, kitchens, bathrooms it has. You also have to know how big those rooms are, and whether or not you would be able to comfortably live in them.
Or, are you an investor? No exception for you. You also have to find out the number of rooms, baths, etc… in that house. After knowing this information, you can start building your plan, and calculating your future monthly or daily income.
After considering everything related to the house itself, you have to start evaluating your budget and maybe family into account. Are you even ON a budget? Can you afford the mortgage payment. Do you have kids, a partner? If so, would they accept to move in there, with you? Could they be as happy in the new surroundings as in your current apartment or house?
If you’re an investor, it’s a different case. You should first of all think about what the market is like, what sort of individuals or families are your potential buyers. Is the school district good? That’s always a big plus. Is it the worst house on the block in an otherwise nice neighborhood? Some fresh paint and a new roof can work wonders.
To learn more about real estate or becoming an investor and retiring earlier, visit http://www.RealEstateInvestorsCoaching.com and sign up for a complimentary webinar.