If you’ve been looking to get your hands on a piece of real estate or property (either as an investment or as a primary residence, it makes no difference) there are a bunch of different things that you’re going to need to consider before you pull the trigger on such a sizable investment.
Remember, real estate is always going to be one of life’s largest purchases, and for the overwhelming majority of people, it’s going to be the kind of investment that they have ties to for a decade or longer. You need to be certain that you’re happy with the property before you take ownership – and that means running through a quick checklist so that you know you aren’t getting started on the wrong for it.
Is this property appropriately sized for your needs?
All of us have different spatial needs when we are looking into different pieces of real estate, and you’re going to need to assess each individual property based on whether or not they’re going to be able to meet and accommodate your specific needs.
Think about whether or not the space is going to be able to accommodate you (and anyone else that will be at that particular property), but also think about whether or not it has enough “breathing room” so that you’ll feel completely comfortable.
How secure is the property and the surrounding area?
You should always try to look for property that has a location in a secure area, a friendly neighborhood, and a place that you are going to feel completely comfortable in.
On top of that, all of the main entry points should be effortlessly secured and reasonably upgraded with the latest security technology to give you that extra level of protection you deserve.
Will you be able to easily upgrade to, renovate, or expand if necessary?
Some properties are going to come with a pretty blank canvas that gives you the opportunity to upgrade, renovate, and expand just about as much as you’d like, whereas others are going to come on tighter lots with more finite zoning restrictions that may not allow you to expand the way you would have liked to.
Don’t just buy a property that you’ll be happy with today – buy a property that you’ll be happy with for years and years to come.
Are there any “standout features” that boost the value of the property significantly?
Always try to look for real estate that has at least one standout feature that really separates it from the rest of the pack. This adds a tremendous amount of value to the property without any extra effort or investment, and can really help you what it comes time to flip the property later down the line.
What kind of location are you working with here?
Real estate is all about location, location, location – it’s not just an old industry saying.
The better the location, the more you’re going to have to pay for a piece of property. But you’re always going to be able to recoup that cost later down the line. Remember, the location your property is pretty much the ONLY thing you aren’t going to be able to modify.
What kind of vibe is the property giving off?
Finally, you’ll want to try and determine whether or not a piece of property feels right before you decide to take the plunge and become the new owner. Listen to your gut instinct. It doesn’t make all the logical sense of the world, but your subconscious knows about – or at least looks out for – warnings that you might not have seen with both eyes open.