Key factors that make a property good or bad:
- Location: A good location with access to amenities such as schools, shops, and transportation links is desirable.
- Condition: The property should be in good condition and not require major repairs or renovations.
- Price: The property should be priced competitively in relation to the local market.
- Size and Layout: The property should be suitable for your needs in terms of size and layout.
- Potential for growth: A property with the potential for future development or improvement can be a good investment.
Red flags to look out for when buying a property:
- Structural issues: Cracks in the walls, uneven floors, and damp can indicate serious problems.
- Pests: Signs of infestations such as rodent droppings, termite damage, or bed bugs should be addressed before purchasing.
- Location: Properties in areas with high crime rates or poor infrastructure may not be a good investment.
- Title issues: Any legal disputes or outstanding debts on the property can cause problems down the line.
Common mistakes when buying a property:
- Not doing enough research on the property, area, and local market conditions.
- Overstretching financially and buying a property beyond your means.
- Not getting a pre-approval for a mortgage before starting the search.
- Not considering additional costs such as closing costs, property taxes, and ongoing maintenance.
- Skipping the home inspection or not hiring a qualified inspector.