With a list of homes you shortlisted to buy, it’s quite natural to harbour fears about making a wrong decision. There comes a point where most home buyers are puzzled and worried if they are on the right track when making the final decision. There are several questions that pop up – How do I choose the best location? What if the house has problems I can’t afford to fix? What’s the tiebreaker if I love two places equally?
Well, we understand how exciting and terrifying it could be to give the final verdict while deciding on the right property. Here are a few tips to help you make the perfect decision:
Grab your calculator
A dream home can turn into a nightmare in no time if you can’t afford it. Begin your decision making by starting to calculate all the expenses. Right from the registration fees, Maintenance deposit, to service tax and utility charges- make sure you have all these factors added up to your budget.
Trust your Intuition
Trusting your intuition is another palpable way to decide if a home is right for you. If it feels right, it is right! Notice how you respond to it at the first look and trust your reactions. A good vibe home is what shall keep you happy and consistent in your decision.
Inspect the property
When choosing a property, capital growth of your Investment is what you shall be aiming at. So choose a property that is more likely to increase in value with no physical flaws. Conduct a thorough inspection of the property to find any potential problems and take your decision accordingly.
Understand the market
Consider other options for the properties available around the immediate area and speak to as many locals and real estate agents as you can. Online market research would surely help to access information on average rents, property values, demographics and suburb reports. It also is a good idea to know the changes that may be happening in the coming days. This would definitely help you take your decision better.
Learn what a good investment is.
No matter how beautiful or newly built some properties are, they are just destined to fail. You must understand that not every property is going to have a positive outcome. Though you can avoid this by getting a better idea on what makes a good investment property. Consider factors like the property’s value appreciation, exceeding cash flow, deducted property taxes and principal reductions of your loan, when evaluating a prospective property.
Lastly, remember that the real estate markets rise and fall all the time. If you’re planning on a long-term investment property, you can work out these fluctuations smoothly.