If you're in the market for a home, you undoubtedly have a general notion of what you want. Perhaps a three-bedroom condo near your business or amenities. However, if you're a first-time home buyer, there may be more questions you did not think to ask. You don't know what you don't know because...you DON'T know what you DON'T know. So, here we provide you a simple guideline on on what you should know before buying a property. Most of us would do so for three reasons in general:
1. You plan to live in the property
2. Renting it out to others (short-term including paying for the mortgage)
3. As an investment (you plan to sell it in the future; for a profit
1. You plan to live in the property
If you intend to stay there, the decision is entirely subjective, as it will be based on your preferences. However, there are some questions you should ask that you may not be able to answer even with extensive research or multiple visits. For example, there may be bad traffic on weekday mornings, but most of us will only visit the neighbourhood on weekends or after work, so we won't notice. You could inquire with your agents about any difficulties or complaints regarding the neighbourhood. You may, however, be more particular and ask questions like:
Is it close to a T-intersection?
Is it close to high-traffic entry/exit points?
Is there a lot of foot traffic?
Is the major road making a lot of noise?
Is this a densely populated area?
Is it close to schools, amenities or healthcare?
Again, this is subjective; if you work from home and simply have virtual meetings, traffic may not be an issue. If you intend to establish a family, having a school and amenities, a home within walking distance may be important to you. As a result, you'll have to decide what is important to you and what isn't. Some of them may seem obvious, but even the most basic questions, such as the style of layout and the size of the house, are frequently overlooked.
And, instead of having a specific site in mind, you might simply ask them about a location that has certain facilities and is within a reasonable distance. For example, perhaps you'd prefer to live near a mosque/church/temple, a school, swimmign pool, and within a 30-minute commute for your family and from your business. This will expand your options because your agent will often have a large number of listings, perhaps hundreds, and may be able to recommend a location that is close to, or even better than, where you originally planned to live.
2. Renting it out to others or as an investment
When it comes to investing, you want something that not only gives you a good return on your money, but also something that people want. As a result, you should ask the following questions regarding the units:
How much does it cost per square foot?
What are the facilities like?
Is it reachable?
Is there a demand for it?
What is the total number of units available?
What's the layout like?
How many bedrooms and bathrooms are there?
Who are the target tenants?
You're asking these questions because you:
Don't want to overpay for a home
Wish to buy a home at a lower cost than the market price
However, you also want something that is high in demand for your purpose
For example, in Cyberjaya, apartments are quite inexpensive, but this is due to limited demand.
Most seasoned investors, would also inquire about the developers. In other words, what is their track record and what have they done previously? Some seasoned investors would buy up to three or four homes per year, so this is one approach to determine whether the new project is worthwhile.
Note: If you find a good spot to invest, for example near a cemetery, you may be concerned that the property value would suffer as a result. However, based on information from NAPIC, (where you can look up annual property reports), house prices wil rise generally, regardless of the location. It may vary in the amount of increase, but that will depens on the reason of your purchase.
photo source : https://dribbble.com/shots/10005954-House-covered-in-vines