—
Whether you are buying your first apartment, investing in a house to rent out, or looking for your forever home, property requires a huge financial commitment. For most people, property will be the single biggest purchase they will ever make, so it is natural you should want any property you buy to be a smart investment.
There is no denying that the property industry has changed hugely in recent years. How people search for, view and buy property has evolved dramatically, but in many ways that evolution has made it much easier to ensure your property purchase is a wise investment.
Online estate agents
The way we look for property has changed significantly. Gone are the days of visiting your nearest real estate agent and browsing property details in their window. When looking for property, an estimated eighty percent of would-be homeowners now begin their search online.
Online property listings should offer a wealth of information, including a detailed property description, floor plans, energy performance data, and comprehensive property photographs. Thanks to modern technology and online estate agents, you can search thousands of properties and make a well-researched shortlist without leaving the comfort of your couch.
No-one has time to waste, viewing unsuitable properties. Thanks to online estate agents you can now ensure you only take time to physically visit properties that meet your property search criteria. You also go into any physical viewings full prepared with in-depth information about the property, thanks to its online listing.
Property portals
Online property portals are a great tool for would-be homeowners. When you are keen to ensure your property purchase is a wise investment, it is important to research what else is available and at what price. Online property portals allow you to view practically every property available for sale in a certain geographical area or price bracket, no matter which real estate agent has the listing.
Another huge benefit of using an online property portal is the vast amount of historic property information it has available. You can not only find out what the current owner paid for the property (which can help you to assess how much bargaining power you may have) but can also find information about what price similar properties have sold for recently. A property’s asking price and selling price are often very different figures, so going into any negotiations armed with recent selling prices can really help to ensure you spend your money wisely.
Make the most of your asset
Once you have bought your property, you will want to maximize its potential. Whether you are planning to rent it out, re-sell it, or keep it as your forever home, getting your property looking its best will ensure your investment continues to be a profitable one.
Home staging has grown in popularity hugely in recent years as a technique to achieve a quick house sale, but it can also be a great service to engage with if you are planning to make the property your forever home. Everyone wants their home to be somewhere they are proud of, and a home staging professional can help you to make the most of your property’s best assets, helping you style it in a way that reflects your taste and celebrates its best features.
Can’t afford to buy a property? Try winning one instead!
Wouldn’t it be nice to win a house! For the price of a takeaway coffee, you could take part in the latest craze to sweet the European and American real estate industry; property raffles.
Sadly, home ownership is still financially out of reach for many people, but a property raffle gives members of the public the opportunity to win a property that they otherwise would not be able to afford. If you are someone who dreams of owning your own property but is struggling to save up the hefty deposits now required to secure mortgage lending, a property raffle could enable you to win a property for a fraction of its market value. Just make sure you do thorough research and read the fine print to ensure you are aware of your financial responsibilities and obligations if you win. Different raffles have different arrangements when it comes to tax and other costs, so do not assume they are all the same. Winning a house sounds like a dream scenario, but as with any property purchase, it is a big and ongoing financial commitment, so make sure you would be able to afford the continuing costs and will not get into financial difficulty.
However you intend to find and purchase a property, the key to ensuring your purchase is a wise investment is thorough research. Research the area, research the property and its history, and research the local market. The property market, like any financial industry, will experience peaks and troughs, so it is important that you are financially prepared for property values to increase or decline, and plan accordingly.
—
This is a featured post by site supporter Danny Luke
Photo: Getty Images