Are you planning to buy a home soon and make profit out of it? Is real estate a good investment? Many people consider investing in a real estate because the value of most properties increase double or more after some time.
But, how would you know if the property you are viewing is the right choice? Well, there are few factors to think carefully about when buying a home and by simply assessing these factors may help you decide correctly.
4 things to consider when buying a home for investment are the following:
Whether you are buying a home for yourself and family or for investment purpose, location is a big factor. Everyone wants a house near the urban areas wherein you can find establishments such as shopping mall, hospitals, schools, etc. A home which is accessible by walking or via any land transportation is a perfect choice.
The Market Value
You can check from the registry of deeds or real estate department in the local government the value of zonal or fair market price including the previous years whether it is appreciating or stagnant.
Of course, it is necessary to consider the style of the house. Nowadays, modern design is in demand and looks appealing to many prospect buyers. However, design is not the only appearance you have to check but also the physical condition. You might end up spending a lot for renovation or restoration when the house you are planning to buy is not brand new and not well-maintained by the previous owner.
After considering the 3 factors mentioned above, you can now decide if the price of the property is right. Remember, your goal is either to sell the house for a bigger amount or have it rented for a good price.