Factors To Consider When Buying Property
There are several factors which need to be considered when buying property. For example, in which direction does the garden face? Is there any off street parking? What size are the rooms? Today, tenants prefer double rooms and a house especially if being let as a HMO would be much more attractive to tenants if all bedrooms were doubles.
Prior to buying any property, you need to ask yourself, why am I buying this house? Map out a plan of your requirements. Consider the amount of space you will need in the property. If it is your intention to let the property, consider the number of bedrooms to bathrooms ratio. This ratio has to meet current guidelines for the style and size of the property in any one location.
If buying through an estate agent, always explain to your estate agent your exact requirements so that you are not wasting time visiting properties that you have no intention of buying.
If you are new to investing, try not to visit more than 10 properties a day as you can easily forget what you have seen. Take a digital camera with you on viewings to act as an aid memoir when you get back home to analyse the deals further. Always take copious notes of unusual features and make a note of colours and design elements. Immediately after leaving the location rate the property according to criteria you set for yourself on a scale of 1 to 10.
You should take the following into account when visiting properties:
* the garden.
The garden is an important part of any home. Always consider a property with a garden if you are letting to a family. Conversely, single professional working tenants dont always require a garden, and if they do, it would have to be a low maintenance one.
* the garage
A property with a garage is always more sought after than one without. Always, consider this when analysing any one property deal.
* surrounding areas
A large majority of people are completely put off by vandalism and graffiti. There is an old saying that you cannot put a diamond on a piece of brass and expect it to look like gold. No matter how nice your property, if the surrounding area is a turn off, your tenants will also not want to live there.
* is the house on a main road
Many people never want to buy a property on a main road. Consider the disadvantages of additional noise and pulling in and out of a main road in rush hour traffic before you make your purchase decision.
Prior to buying any property, you must also ensure you have a good legal team in place. A property transaction for most people is the most expensive transaction they will ever make in their lifetime. So make sure you cover all angles before completing on the transaction.
Related Tags: garden, garage, tenants, professionals, market research, location, developer, property investor
Dr Javaid Kiyani is a successful Property Investor and Internet Marketer. His vast knowledge of property investment is evidenced by the books he has written. For a FREE course including regular advice and tips on property investment, please visit:http://www.hmopropertyriches.com
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