Buying a home is a major investment. Whether it’s worth it depends on two things:
- Your objective needs.
- The quality of the property in question.
Now, while the first is highly subjective, it’s possible to bring the latter factor down to a couple of crucial features. These features can make or break property and make it into worth/not worth your money. While some of these may not be of that big of a concern to you, at the moment, they could have serious consequences on the value and the appeal of the property in question.
Overall, here are the top five most important features of a good property that could guide your decision-making process during your next real estate investment.
1. Great location for home
The location is always the most important feature of a good property. It’s the factor that will make the biggest difference when it comes to both the price and the potential of the property in question. Depending on your current lifestyle needs, you may need access to parks, schools, gyms, nightlife hotspots, etc. Depending on your current occupation, the proximity to your work might be a huge difference. It will determine the cost of your commute and the time you spend on commute. Needless to say, the neighborhood makes all the difference.
The price of the property is naturally a determining factor; however, you can’t just fixate on the price. According to a veteran buyers agent from Sydney, It’s price-to-value that makes the difference. Sometimes, however, it takes a specialist to recognize a good ratio. If you plan to rent out the place in the future, it might be a good idea to also pay attention to the rent-to-price ratio. The rule that the residential rental property should return 1% of its value every month is an oversimplified breakdown. Instead, you might need a tad more complex equation.
3. An Eco-friendliness home
Making your home eco-friendly is incredibly important. This is why eco-friendly homes have a greater appeal, to begin with. The thing is that eco-friendly homes give you a chance to lead a more ethical and self-sustainable lifestyle. Not to mention that the greener the household is, the lower its utility bills will be. Sometimes, however, an eco-friendly potential can be just as big of an issue. For instance, if you plan to install solar panels, the reliability of the roof construction will be a major issue for you to pay attention to.
For some people, living in a multi-level home is a matter of prestige. However, more people want a single-floor home than a multi-leveled one. First of all, these properties are easier to adjust to. Second, for couples with young children, single-level homes are safer than their two-story counterparts. Because no one’s room is directly above your head, these homes are much quieter. Because no square footage goes to the staircase, you get more space for a home that’s of the same size, on paper. Most importantly, on average, there are more design options for single-level homes.
5. Outdoor living area
The next thing you need to focus on is the importance of a well-organized, low-maintenance outdoor area. Keep in mind that the outdoor living area provides you with so many opportunities for growth and expansion. You have an empty canvas on which you can conduct so many incredible household projects. This area can also be used to make up for any deficiency of the household at the current moment. You can expand your living room space, make a playground to make up for deficiencies in the children’s rooms, etc. The possibilities are endless.
In the end, picking a great property depends on four major factors. First, you need to figure out whether you’re buying a home or a rental property. Second, you need to consider whether you’re going to live there alone or with a family. Third, you need to figure out what kind of lifestyle this property can provide you with. Lastly, the cost, value-to-cost, rent-to-cost, and long-term cost need to be considered. Buying a property is one of the biggest financial decisions that you’ll ever make. So, make sure that you take your time and consider everything.