To determine if you are getting a good deal in Buying a house is one of the most exciting and liberating experiences life has to offer. The Act of Investing involves the setting aside of part of one’s financial resources with the intention of acquiring assets that would generate future income or profit. Investment in Real Estate can also be either by outright purchase of a fully completed dwelling unit or by purchasing a property off-plan (that is prior to or during construction). From finding the perfect house in the right location to negotiating with vendors, it can be both thrilling and overwhelming at the same time, But don’t let this put you off – with some research and advice from real estate experts like Thinkmint.ng, You can find your ideal property and invest in no time
1. Know What ‘good deal’ Means TO YOU
There’s going to be a lot of variability between different housing markets, even those that are relatively close to each other. One city neighborhood may be very much in demand, with low inventory and higher prices, while another may be less active and offer more affordable options. Getting to know what type of market you’ll be looking at can be helpful in determining how competitive it is and what price range you’ll find.
You can get an idea of whether a home is priced right by making some market analysis and comparing prices for similar homes in that neighborhood. A higher-priced home may be a sign that it has stand-out features, proper documentation and titles.
Finally, contact www.thinkmint.ng/buyrealestate for more knowledge about the specific markets you’re interested in to round out your research.
2. Consider potential profits
The main purpose of a home is to provide shelter, but for some buyers it can also be a stepping stone to building greater wealth. The idea of Investing in a Property at Your Preferred Location also implies that you should check its potential benefits also.
Homes tend to appreciate between 3% and 5% in value every year. An off plan property appreciates by up to 30% in value. A home that is close to good schools, has a good layout or is close to amenities like parks, restaurants and stores will still be an in-demand location a few years into the future. That’s vital if you know you’ll want to sell.
If you’re looking at a home as a source of income, then you also want to look at the rental market in the Neighborhood. Figure out how long it will take you to not only recover the costs of the purchase but also cover the monthly costs of owning and maintaining the home — plus a little on the side as profit.
3. Assessing Property Value
Once you have found a property that suits your needs and budget, it is time to assess its value. This is an important step in determining if you have got a good deal on the house. A property value assessment can give you an estimate of the market value of the house and provide valuable insight into whether or not it is worth purchasing. It is essential to assess property value before making any major purchase decisions so that you know exactly what price range to shop within for your property investment. Comparing property prices in your area can help ensure that you get the best possible deal on your new investment.
To compare the price you’ve negotiated with the fair market value of the home, check out recently sold, similar homes on Thinkmint.ng
In today’s real estate market, a “good deal” is simply when you get a property that you want or need at the best market price.
The foregoing provides important reasons why you should seriously consider investing in off-plan properties and we do hope the information herein is enough to convince you its well worth a try! Follow www.thinkmint.ng/buyrealestate and Get the best for your desired home today!