There are a few things that you, as an investor, should consider before buying real estate and they are as follows:
Saleability
If you are planning to re-sell your purchase in the future, then it is important that you look into the saleability of your purchase. Make sure that you when you do decide to sell you can easily persuade people to take it off your hands. There’s no use purchasing real estate if you can’t put it to good use.
Maintaining Costs
Considering the maintaining costs of real estate is also very important, especially if you are not planning to put it to use immediately. Maintaining costs could include taxes, caretaker’s fees and other miscellaneous costs. It is also important that you get insurance for your purchase as soon as possible. Having insurance will help protect you against events such as fires and break-ins.
Growth Potential
One of the most important things t o look at when buying real estate is the growth potential of both the land and it’s neighborhood. If you are planning to turn your purchase into a small mall, make sure it is located in a place that has potential to be a shopping hot spot. Don’t be discouraged by the fact that there is very little activity at present around the neighborhood where your purchase is located. As long as there is a great potential for activity in the future, then you are home free.
Purpose and Neighborhood
When you are purchasing non-residential real estate, one the most important thing to consider is the location and its neighborhood. It doesn’t mean that just because you won’t be living there you don’t have to pay attention to how the neighbors live their lives. It is important that you take a look at the neighborhood closely. See if there are any suspicious activities that could deter future buyers from purchasing your property in the future.
It is important to remember that real estate bought for the purpose of commerce should never be located in a place notorious for thievery and ransacking. And if, however you are planning to turn your purchase into a retirement home, then you should look for something a quite and secluded place - A place where your senior residents can rest and live out their lives.
No matter what your purpose for the purchase may be, just make sure that you buy real estate in a neighborhood or a location that meets your goals and needs.
Those above are just a few of the things that you should consider when purchasing property. Others include accessibility, lot size, etc. Owners are also advised to trust their gut feelings. If something doesn’t feel right about the property they are about to buy. Then it is probably wiser not to purchase it.
Realtor Nick Neil specializes in Surprise Arizona Real Estate. Visit his website to view featured listings, search homes for sale and view local and demographic information for Surprise, AZ including all of Maricopa County.
Nick_Neil
Last 5 posts in Buying
- Buying a New Construction Condo - Warranty Protection - June 8th, 2009
- Why Getting Pre-Approved Before Looking at Homes is Important - June 8th, 2009
- Buying a House With Monopoly Money - June 8th, 2009
- Did You Know the Government Will Give You Up to $15,000 For a Down Payment on a Home? - June 8th, 2009
- Property Appraisal - June 8th, 2009
When buying a new construction condo in Ontario, the Tarion Warranty Corporation provides protection to buyers under the New Home Warranty Program. Membership of this program is mandatory for new construction builders by offering protection to buyers of new construction projects. Such protection includes: deposits, defects in the workmanship and materials and protection issues involving delayed closings and occupancies.
The program covers buyers for a number of items however the most important especially in this market is a deposit guarantee. With news about new construction condo projects not moving forward, it is a reassuring to know that the buyer is covered… Continue reading
Many homebuyers say they are waiting to find the right home before getting pre-approved with a lender, and I let them know that is a bad idea. Everyone should get pre-approved before starting to look for a home, because it helps narrow down their search into homes they can afford, helps their negotiating ability, and helps them find the most home for their money.
A good faith estimate from a lender can make a big difference in negotiating an offer because it helps in writing that offer. If you know how much the closing costs and prepaid items will be, then… Continue reading
The Weekly Homebuyer’s List in the Denver Post catalogs residential real estate sales in Colorado. The Homebuyer’s List for the week of May 24th totaled only 62 sales for all of Douglas County, CO. The low number of sales may not surprise many in the current market, but a closer examination of the problem reveals a strange disparity in housing prices. It may be easier and a little more fun to think of today’s market as a Monopoly game.
** The most expensive property conveyed last week in Douglas County, CO was for $1,050,000. That would be Boardwalk in Monopoly terms… Continue reading
If you’re getting ready to buy a new home then this article can save you tens of thousands of dollars in interest.
Did you know that the government will give you over $15,000 in order to make it down payment on a new home? Did you also know that if you need money for home repairs the government will give you money to repair your home? Did you also know that if you have a business that you would like to start the government will give you up to $100,000 to work from home?
The government gets money from for major corporations… Continue reading
February 15th, 2009 at 9:25 am
size is a very important factor in moving in a new home. this is from our side of view, of course. =)