No two people have the same take on the same Real Estate, but you can use guidelines to help determine whether a property is right for you.
? Location: Before you buy real estate, make sure the community appeals to you. Consider proximity to schools, markets, and other amenities you find important. A good community and prime location can also help maximize the resale value of your real estate.
? Lot size: While most buyers pay the most attention to the square footage of a house, lot size can also be an important factor when assessing the value of real estate.
? House size: Look for a neighborhood where the homes are roughly equal in size and amenities. Nearby homes that are significantly smaller in size could bring down the resale value of your real estate.
? Bedrooms and bathrooms: Three- and four-bedroom houses are usually the most popular. Look for houses with two or more bathrooms.
? Kitchens: Buyers usually find larger, renovated kitchens with modern appliances more desirable. Kitchens that connect to a dining room offer convenience. Also look for easy back yard access if you enjoy entertaining outdoors.
? Pools: Buy a home with a pool only for your own enjoyment'not as a real estate investment. Note that families with small children may view a swimming pool as a danger, which can reduce the number of potential homebuyers you attract if you decide to sell your real estate in the future.
? Garages: If the property has a garage, make sure it is sized to fit your lifestyle and the neighborhood. Two-car garages tend to be more desirable than one-car garages.
? Closets: Make sure you have plenty of closet space. Many find walk-in closets in the master bedroom desirable. You'll want spacious closets in the rest of the house and space for linens and towels.
Evaluate All Real Estate Aspects
Property condition is a key factor in determining the value and price of real estate. Inspect the property. Find out what might need repair or attention. Find out whether there are any termites or other pest issues. Consider using a professional inspector trained to uncover potential problems you may not see.
? Structure: Look at all walls, ceilings, floors, doors and windows, as well as the structure's floor coverings for any cracks, gaps, or missing pieces. Have the roof inspected.
? Plumbing and electrical: Pay attention to bathrooms and bedrooms. Find out if the plumbing and electricity work.
? Fixtures: Consider fixtures, such as ceiling lights, faucets, and exhaust hoods. Also evaluate property status.
? Code: If the property includes a home or building, confirm that the property satisfies local building code requirements. Consider calling the local department of buildings and inspections to determine if the property has been cited for any code violations. Some jurisdictions may have this information available online.
? Liens: Check for liens and encumbrances on the property. If the title is not clear, what are the easements on the property? Title insurance can be very valuable in assuring that you are taking title 'free and clear.' Finally, look at the market.
? Appraisal: Consider getting an appraisal report. An appraisal report can provide helpful information on the value of the property compared to others in the area.
? Prevailing rents: If you intend to rent the property to tenants, check prevailing rental rates in the specific area in which the property is located. Rents can vary greatly by neighborhood. |
