The current slowdown in residential property price growth will certainly provide you an incredible opportunity to get a foot on the property ladder. However, potential home buyers need to empower themselves with adequate information in order to make a smart and meaningful investment decision. Buying a house is fundamental to wealth creation. In fact, it's one of the biggest and costliest purchases that you are probably going to make. That's why you need to be well-informed when making such decision. So, whether you are planning to invest in the real estate market or you've decided to buy a "house of sale in Selangor", the below-mentioned eight incredible tips will help you make a worthy decision (with long-term benefits).
1. A Safe Neighborhood: Nobody wants to live in the surrounding of an unsafe and insecure neighborhood. Rather, people want to live in such neighborhood areas where there is very little or no crime. Furthermore, a safe neighborhood means the inhabitants can freely walk around, attend outdoor events, and interact with their acquaintances and neighbors. Therefore, before purchasing a "house for sale", do not forget to inquire about crime rates. You can even contact the local police department that can inform you whether a particular neighborhood is a safe and secure place to live with kids and family members.
2. Location: It's often said that there is just one major thing to consider while buying any real estate property i.e. the location. Before investing a large chunk of money in a residential property, you should be cautious to analyze if it can continue to grow in value in the forthcoming years. Therefore, it's recommended to thoroughly research about the area and consider the following aspects when purchasing a house for sale:
I) Take a quick look at the surrounding areas. For example, how good and bad is the security of the area? or, what kind of infrastructure exists?
II) Ensure that you're comfortable with the daily commute to work & the time and distance that you'll spend on the busy traffic roads each day.
III) Try to purchase a real estate property in a great school district. This recommendation applies even if you do not have young kids or school-age children. When it's the time to sell, property with strong school districts is considered to be a top priority for a wide majority of home buyers.
3. Good Schools: As mentioned in the earlier section, a residential property should be ideally located in a good school district. The availability and close proximity to nearby schools can significantly impact and improve the overall appreciation of your property.
4. Convenient Access to Shops, Restaurants, and Popular Places: While investing money for purchasing a house for sale, you should pay a close attention to available facilities and amenities, such as shopping malls, parks, gyms, movie theaters, restaurants, and a quick and convenient access to public transportation. In fact, excellent transit amenities are considered to be a great value-booster of the home price. If the transportation facility is inadequate or sub-par, it will conversely affect the overall appreciation value of your homestead. A good location should provide a quick, easy, and hassle-free access to mass transit or public transportation.
Residing near a public transit facility will get you anywhere within the shortest time span. In some other localities where a commute by private car is inevitable, an easy access to the freeways makes it a good location to settle in.
5. Employment Opportunities: Location with a thriving and growing job market always tends to attract more people. Commercial properties (that are constructed in the vicinity) can considerably influence the value of a residential plot. Today's young generation certainly provides more importance on the close proximity to their workplace. Therefore, before making a potential investment decision or buying a house for sale, do not forget to analyze if the location can offer a steady flow of impressive, emerging, and high-profile job opportunities for its inhabitants and future residents.
6. Scope for Future Development: What developments have been already planned for the area that can positively or negatively influence the overall value of your residential property? Is your property located in a high-growth area or it's currently in decline? A neighborhood area in the early stages of upscaling and gentrification will definitely result in a faster & higher appreciation value for your property.
7. Nature Views, Parks, and Playgrounds: If a residential property is located adjacent to a sumptuous waterway or a hill with outstanding panoramic views, you may observe slight bumps in the home prices. Properties that are located near to a lake side or hill park are typically considered to be a great location to invest. On top of that, if a residential plot has a convenient access to local playgrounds and well-maintained & well-landscaped public parks, it will create an impressive aesthetical appeal that attracts qualified home buyers with growing families.
8. Insurance Coverage: Hopefully, the aforementioned seven essential nearby features have helped you in choosing a right residential property to invest. However, before purchasing a "house for sale", you need to be careful about the insurance process. Obviously, you should not invest in such areas where you can't get an insurance coverage if a sudden calamity or natural disaster hits your area. Therefore, you should do some research or consult with an insurance agent in order to determine if you can get an insurance coverage for your home in adverse natural phenomena including flood, rough storm, and blizzard etc.
The easiest and best-possible investment properties for beginners are condominiums and single family homes. Note, condominiums generally require pretty fewer maintenance schedules.
Features That May Negatively Impact Your Property's Value: With this, you have now revealed eight important features that can significantly increase the inherent value of a residential property. Nevertheless, some common characteristics may even degrade the property value as well. In general, the below-mentioned three features tend to negatively impact your property's value.
• Cemeteries and Grave Sites
• Busy Roads with Excessive Traffic Streams
• Remote Locations with No Available Transportation
The Final Verdict: All of these above-mentioned features and factors matter when you are considering the location of a house for sale. Remember, home values typically increase with the accompaniment of great public transport, convenient shops and stores, and emerging job opportunities etc. Therefore, before investing in the real estate market, make sure that your property can offer all of these important amenities.