If you are thinking about purchasing a piece of real estate in the near future, you may be wondering what you need to look for in a great property. Whether you have plans to purchase a home to use as your private residence, a property to flip after making renovations or an investment property that you plan to hold onto for years to come, there are a few key factors to consider. By focusing on these factors, you can most easily make a great buying decision.
When looking at a property for the first time, pause and study the exterior of the property before you step inside. If your goal is to increase the property value by making affordable or cost-effective improvements, you may consider looking for a yard that has been professionally landscaped in the past but that has fallen into disrepair. With some good ideas, you may avoid yards that will require costly improvements, such as those that require re-design of landscaping features or replacement of patios and walkways.
As you walk through the interior of the property and around the exterior of the property, look at the condition of the walls, flooring, cabinetry and other features. Keep in that that an outdated décor may be rather easy to update with new flooring and paint, for example. However, when you notice signs of structural damage or other significant repair issues, such as cracks in the drywall or signs of water damage, you may consider passing on that property.
A Security System
One feature that many potential property buyers overlook is a home security system. A home security system can be expensive to install, but it is a feature that many homeowners and tenants desire. A home security system may diminish the likelihood of home invasions and burglaries, and some systems provide residents with an easy way to call other emergency services as needed, such as fire and EMS support. If a home security system is already installed, you can enjoy the benefits of the system without having to pay for the installation service yourself.
A Great Floor Plan
Study the floor plan as you walk through the property. Ensure that the layout of the rooms makes sense and that it is functional for how you live. If you plan to lease the property out or flip it, make sure that the floor plan is desirable for most people’s needs. For example, many people enjoy the ability to view the family room area from the kitchen, and they do not want a kitchen that is closed off from the rest of the house. Keep in mind that while you can change the floor plan of a home, this is often very costly to do. The floor plan can serve as the foundation of any remodeling or renovation efforts you plan to make, so choosing a great floor plan is a smart idea.
When searching for a property to purchase, the décor is often something that most people focus intently on, but it is actually one of the easiest things to fix. Consider overlooking the décor of the home if you have the funds to make a few changes after your purchase. For example, if all of the walls in the home are bright blue and you prefer neutral tones, envision the home as if it already had a fresh coat of paint. Keep in mind that you may be able to work with your Realtor to negotiate a discount price due to cosmetic issues such as this.
A Desirable Location
There are many things you can change about a property, but you cannot change its location. A desirable location is often a great selling point to new buyers if you plan to flip the property, and it also can help you to keep your property leased if you plan to use it as a rental property. Consider its proximity to employers, retail areas, major thoroughfares and more.
You may also pause and take a look around the neighborhood. You have no control over who moves in or out of the homes nearby, but you can make decisions based on the current neighbors. Consider if the neighbors generally keep their yards neat and orderly, how close the property is to commercial areas, if the property is located next to a school or park that may get loud during the day and more.
Investing in a property may be a wonderful move to make, but you do want to choose the right property to purchase. As you shop around, keep each of these factors in mind.