When you’ve worked hard at starting your own business enterprise, it can be hugely motivating to plan what you’ll do once that business starts to make a profit – and the chances are that one of your first moves will be to buy your own apartment or house. However, when you finally reach that stage (and congratulations if you have!), you’ll need to start considering all the complex factors involved in becoming a home-owner. Buying property strides the line between a personal action and a business investment. After all, ideally you want to buy somewhere that will increase in value, allowing you to make a profit upon its sale and move on up the property ladder. You could even start your new property empire!
You probably know all the main considerations of buying a place- location, features, energy ratings, projected bills – but here are a few lesser-known factors to help you make the best decisions.
Projected Future Value
Many first-time buyers are overwhelmed by the facts and figures of purchasing a property. You want to find somewhere affordable, in a good location, offering a good quality of life. If you come across something that fits the bill, it’s hard to think about anything else. However, it is vitally important that you also consider the potential future value of the property. It could be the difference between a sound investment and a poor one. For example, if the area is projected to gentrify in the next few years, it’s worth compromising on an immediately trendy location in order to purchase a higher-quality apartment; you’ll easily recoup the money if you sell after the price-tag of the area has boomed. However, the opposite can also be true, and you don’t want to get caught out buying somewhere that will only decrease in value.
Owners Corporation
If you’re buying an apartment, it’s important to know if it’s part of an owners corporation. This is a company that takes responsibility for the common areas of a property: for example, entrance halls, stairwells and shared gardens or courtyards. The bylaws and strata law can be complicated, so if you’re thinking of investing in a property under this category, it’s worth talking to dedicated lawyers to make sure you’re entering into the best deal possible. There are many advantages to a property falling under an owners corporation, as they tend to be well-maintained and managed, but it’s definitely an added consideration for you to factor in.
Neighbors, Neighbors
Neighbors can drastically alter the quality of life you experience in a property, and yet they’re one of the hardest things to judge at a house-viewing. Loud neighbors can ruin your life, and anyone who’s been involved in a neighborly dispute will tell you how exhausting it is. Always remember to ask the estate agents about the neighbors, and make sure they’re not a reason why the current homeowners are moving on! Listen to their reply carefully, and judge the response for yourself. Nothing can ruin a home-buying experience than completing all the paperwork only to be kept up until 5am by a party next door.
No comments yet.