Are you planning to buy a new property? Searching for the best deals to get value for money? This blog will highlight the essential factors to consider before splurging on a property.
If you have made up your mind to invest your life-long savings in buying a property, you need to consider its worth at first. Buying a residential apartment is a costly affair. A couple of factors come into the picture to ensure you get what exactly you paid for. From location to building foundation to facilities and surrounding neighbourhood, you must ensure you get good ROI in the future.
Read this blog to get an insight into the factors affecting value of residential property.
Location and Accessibility Matters:-
Whether its a matter of buying or selling a property, location plays a determining factor regarding whether to splurge on it or not. It affects the property’s value to a great extent. If you are looking to invest in a property, you would first check the locality, amenities, neighbourhood and transportation. It’s obvious you would not be willing to buy a property located in a remote area.
In case you lack time and patience to do thorough research and pre-inspection, you can hire a reliable property investment agent in Sydney who can provide you with updated information regarding the locality and accessibility.
Property Size and Net Usable Area:-
The market value of a property is usually mentioned in house deed with detailed segregation of total plot area, built-in area and net usable area with its price per sq feet. It’s imperative to know the total usable space so that you don’t repent later.
Besides cost per sq feet, you should be aware that the total usable space determines a property’s worth. However, garage, semi-finished basements etc. are not considered as usable space.
Condition and Age of the Property:-
For both buyers and sellers, it’s a common question of how old is the property? Usually, newly-built properties attract more buyers and they do not negotiate much with the value. Buyers seem to struggle less with newly-built buildings as it comes with top-notch built and latest amenities.
Although old properties come within affordability, but the risk of damage and weak foundation persists. People who want to move urgently and have a limited budget, seek advice from property buyer consultant in Parramatta to get an idea of the structural integrity of the old property.
Hire Qualified and Experienced Property Investment Agents For Best Deals:-
Whether you are buying or selling a property, it’s essential to know the worth so that you get good returns at the time of leasing or selling in the future. Online research is helpful but can’t provide you with the intricate details regarding building foundation, structural integrity and local information. So, it’s always wise to hire qualified property agents who can portray the real picture with strategic analysis.