Before deciding to buy a property, it is necessary to think about it and decide to consider all the information. For this reason, before investing in real estate, we present a series of questions that will help you be sure that you are making the right decision.
Experts in the real estate market tell us that there is no exact formula. It is necessary to know in depth the specific needs and objectives of each person. Is it a single person looking to increase their capital? Are you a family looking for a property to live in and stop spending on rent? Clearly defining these objectives will make it easier to approach the most interesting investment.
WHAT ARE THE 5 QUESTIONS YOU HAVE TO ASK YOURSELF BEFORE INVESTING IN REAL ESTATE?
1. WHAT TYPE OF PROPERTY ARE YOU INTERESTED IN BUYING?
The search and the criteria to use will be different if you are looking to invest in a residential property, or commercial property for example a vacant lot. If it is a residential property for your own use, do you prefer to live in a house or an apartment? What are your priorities regarding the area? The connection with public transport? The quality of the schools? The commercial and leisure offer of the neighborhood? Hierarchizing these characteristics will be key to making a good decision.
If instead, you are thinking of buying a property exclusively as an investment, it is more important that you focus on the profitability of the area, analyzing whether it is possible to generate future growth. If it is a commercial property, you have to analyze what possibilities it has according to its size. location and state of construction.
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2. DO I HAVE THE REAL FINANCIAL POSSIBILITY OF FACING THE PURCHASE OF THE PROPERTY?
The first step is to have enough savings to be able to pay the market value of the property. But the truth is that it is always best to keep a percentage of savings in the bank. Why? Because in an emergency, we need liquidity, and we won’t have time to sell a property.
If you are going to make the investment through a mortgage loan, financial experts recommend that the monthly cost of the bank fee is not greater than 30% of your income per month, in order to continue maintaining your standard of living and facing expenses that appear on a day-to-day basis.
3. DOES THE PROPERTY REQUIRE A COMPREHENSIVE REFORM?
Also, one of the central things to consider is the condition of the property. Will it be necessary to make a reform before starting to use it or putting it up for rent? This not only modifies the economic component of the equation, but also the duration of the process until the house can begin to be used. If for some reason you are in a hurry, it is best to choose a property that does not require major renovations, or that the arrangements can be made once you are already moved.
4. WHAT WILL BE THE PURPOSE OF THE PROPERTY IN THE FUTURE?
It is one of the central questions about your next investment. The search will be very different if the objective of the property is personal use, if the idea is to put it up for rent to have a fixed monthly income, or if it is intended as an inheritance for your children.
5. WHAT WILL BE THE EXPENSES IN THE SHORT AND LONG TERM WHEN INVESTING IN REAL ESTATE?
Contrary to what you might think, it is not a minor expense. You have to bear in mind that, in principle, you will have to face deed expenses, taxes for the purchase of the real estate, and percentages for the real estate agent. This is without counting possible renovations and new notarial expenses if the objective is to put the property up for rent.Reference: you cam Also explore the Capital Sart City