Most people think that picking the right property is all to do with how much a place costs and whether this fits your budget, but there are more to it than that. In fact picking the right property is a quite complicated problem that needs to be thought and consideration to get right. As things like the location, the facilities that are available, the style of the property, and its future potential are all important too. So to get the full lowdown on how to pick the right property for your needs, read on.
Location and facilities
Obviously, as we are always told in all of the property programs the location of a place is one of the most important things. This can be for a number of reasons, such as the commute distance, or how close it is to public transport links. As well as what the surrounding area is like, and what facilities there are on offer.
In fact, being close to the right facilities can be a major decision point for many people investing in property. As being near to a centre with a restaurant, and entertainment, as well as facilities such as a gym, is crucial for many people.
Actually, this so much so that developers include access to additional facilities with their properties. A great example of this is the plots as LiveSolimar.com that come with access to a pool, gym and dog park onsite. Meaning residents don’t even have to leave the complex to use them. Its this convenience with access to facilities that will make the decision to buy this sort of property for many.
Type
Another aspect of picking the right property to consider is the actual type it will be. Something that is discussed in detail at thebalance.com. This is partly dictated by need, as if you have a large family you will need a larger property with more rooms to accommodate them. Although, it’s also partially dictated by cost, as what you can afford must also be figured into the equation.
Remember though that the type of property doesn’t stand alone but rather worth in tandem with location issues. For example, you could buy a detached home in a rural area for the same price as a small one bedroom apartment in a popular city location. Meaning if you are flexible on the type it may be better to start with the location and work back from there on what you can afford, rather than the other way round.
Room for improvements
Lastly, something that for a lot of buyers is important when picking a property is whether the building has any potential beyond the state it is in now.p
This may be in regards to fixing it up or extending it and adding value that way. Alternatively, it could concern whether it could be used as a rental or holiday let property in the future to generate income. Of course, to do the latter, you would have to ensure that the property was up to spec and neutrally decorated. You would also need someone to manage it for you, which you can get some advice on at biggerpockets.com. Especially if it isn’t local to the place in which you currently live.
Despite this though, having additional revenue potential is something that you should definitely consider when picking the perfect property for you.