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10 Tips When Purchasing Real Estate

_DSC0282Buying that coveted piece of real estate could be the biggest purchase you will ever make in your life. Here are some tips to help you decide whether the property you’re eyeing is indeed worth purchasing.

1. Everything within easy reach

Most houses or condos are usually located in established and reputable neighborhoods. If you value time, you will want a supermarket, church, schools, hotels, and other cosmopolitan amenities including public transport all within easy reach. Consider lots in prime commercial business districts or posh subdivisions. Other choices must be within your desired lifestyle, such as those that are near white sand waterfront locations or  shopping malls, golf courses, mountain and jogging trails.

2. Location, location, location

This really dictates the value of the property especially in subdivisions around the metropolis. The same is true for condominium buildings. Whether for commercial or residential purpose, location dictates a property’s value. The economic activity within the area is also of paramount importance.

3. Budget

Your budget will dictate decision. Consider how much down payment you can afford or your equity. Moreover, do your math for mortgage capacity and the financing method you can afford and other ancillary loan charges that will be up-front considering your monthly/annual income and other expenses you or your family will have to allot.

4. Developer’s background

This is paramount considering that you will be parting with hard-earned money.  A well-reputed developer with an impeccable track record puts your money in good hands. A background check on the company and its real estate portfolio of finished projects are an excellent barometer of the reliability of the developer. These companies are expected to finish and turn-over the project to its buyers on time and at the agreed specifications.

5. Recreational facilities

Most subdivisions, especially condominium developments, are all provided with amenities to cater to your lifestyle.  These facilities may include outdoor and indoor swimming pools, Jacuzzi, fully equipped gym, children’s playground with wading pool, clubhouse, jogging path, artificial fishing pond, adjacent golf course, laundry service areas, convenience store, bookshop, DVD outlet, and the like.

These perks allow for spending quality time with yourself or your family. Choose a property that caters to the lifestyle you wish for yourself and your family.

6. House maintenance efforts

This is more popular for condo dwellers because you do not have to worry about your unit sitting empty for weeks or months. Somebody will take care of your unit when you are not there. For detached houses, service providers are also available in this everchanging world of realities. Condos are cheaper to maintain than detached houses.

7. Value for Money

Comfortable and enjoyable living is the greatest aspect to consider when purchasing a property. The high cost of maintenance makes you think twice if you really want to buy a house. You can buy a condominium unit where common area expenses are shared by all. Buying real estate is a great investment.It pays to be very cautious.

8. Sustainable green design

Most architects incorporate green design to houses and buildings either in the interior or landscape, providing visual and physical relief to dwellers. Sun shades and overhangs are expertly designed to mitigate the effects of sun and rain for weather protection. Natural lighting to minimize power consumption is primary to designers as well as green roofing and elevated gardens to produce more oxygen and filter pollution in the atmosphere.

9. Security and safety

Gated communities and complexes are secured developments. With the rising rate of crimes in the country, safety and security become of paramount importance. Controlled security gates, CCTV cameras, and even concierge services in condo buildings are features favoring urban living. The sense of security of these services have spread to subdivisions throughout the country. In most residential condominiums, the presence of fire detection and alarm system comprising smoke detectors, floor annunciators, and sprinkler systems, to name a few, makes you feel safer.

10. Leasable?

For investors, this is a build-up of their assets and higher return for their idle cash in banks. For personal users, it is a consideration if you need to transfer residence due to work or other personal reasons,

leasing your property is ensuring a return of your investment.

First published in the Featured Story section of Volume 1 Issue No.6 of SecurityMatters Magazine – Print Edition