Tips Before Buying The Perfect Property For The Practical Millennial

Your home may be one of the most critical decisions you’ll have to make in your life. As it could be beneficial or detrimental to your growth and the overall well-being of you and your family. And do you know what people say about decisions? Better decisions yield better results. Hence, the perfect home is the one that helps you reach your long-term goals.

What’s YOUR Reason for Buying?

Finding your perfect home could be strenuous. So before searching for anything else, it is important to have a clear reason for buying. And in listing down your reasons, put in mind that this certain property would be with you for a long time. A survey says that on average, Millennial today live in a property for 7 years. So before choosing anything ask yourself or a reputable brokerage company these questions. Is this property aligned with my overall goals in about 10 years? If I decided to turn this into business someday, will it be a good investment?

LOCATION

Location is the top common denominator of all properties. It is the most constant factor in your property. And so you cannot alter it when you suddenly changed your mind. Also, it determines the future of an investor.

How to choose the best location?

1. Determine the supply and demand of the property in a specific location. Keep in mind this basic rule in economics that states that the lower the supply then the higher the demand. So if you’re planning to turn your property into a renting business someday, it would be smart to have fewer competitors around. Although, locations that have too few residential properties could be a red flag.
2. Determine the desirability of properties in a location. Accessibility to top schools, hospitals, malls, stores, and public transport stations is also a must-know. Is there an undergoing construction of a subway near it? Is there a nearby tourist destination? Be informed of the community around the place for these factors to determine the desirability of your property in the next years to come.
3. Determine profitability. Here enters the concept of income versus costs and appreciation. How fast the value of the properties in your area rose in the past few years?

SPACE

In choosing a property, do not buy for the present you. Instead, buy with a perspective of you after 10 years’ time. You might not need much space today but you might need it if you’re planning to start a family. Also, you should consider hobbies that you might want to pursue in the future. As early as now, decide on the essential features you aspire to see in your home like a garden, an office, a rooftop, or the number of bedrooms.

BUDGET

They say, don’t wait for the perfect property, choose a good property deal and make it perfect. Hot properties today are those that are in the top cities and within beautiful communities. The only problem is, these great properties tend to be too pricey. That is why it is important to do thorough research regarding real estate, or better yet, find a real estate broker who is knowledgeable of the best deals in the market.

By: Jel Vinculado