Buying with the future in mind

Interest rates are increasing and will probably keep increasing this year, but the property market is still doing well. Buyers might be more aggressive in negotiations to get the best for their buck, and sellers will have to rely more on the expertise of their property professionals. Overall, buying a home is still a good investment, especially if you have budgeted for it properly and you are in it for the long haul. You are not making a short-term commitment when you purchase a home, so here are some things to keep in mind when you want to buy a home with the future in mind.

 

Your plans

There are various considerations that you will have to keep in mind when you look for a property to buy, but one element that will influence everything else is your own life plans and where you are in your life. If, for example, you are a young couple, but you are not planning to have kids for a few more years, the kindergartens or schools in the area won’t be as big a concern for you as for a couple that has kids or is planning to have their first child soon. It might also be more likely that you are happy to purchase in a neighbourhood that is just developing, and you can grow with it.

If you plan to buy a second property as a source of additional income, then you will have to consider what type of renters you want and purchase in a neighbourhood that will be appealing to them.

 

The neighbourhood

We have already mentioned some principal elements of the neighbourhood you will want to think of in conjunction with your life plans. Some general factors though include the access to the neighbourhood – what is the traffic flow like, how close is it to major roads, etc? What do you have near and what is important – gas stations, supermarkets, malls, schools, entertainment, medical facilities? How safe is the area – is the access restricted, do you have a neighbourhood watch, and is there a police station nearby? How old is the neighbourhood – new and developing, old and being renovated, old and stagnating? All of these, along with the plans you have, will influence your choice of where you purchase a property.

 

Size

The size of the yard and the property will be important. If you are looking to expand your family soon, does the house have enough bedrooms and bathrooms? Is there enough yard space for kids to play? Alternatively, if you are looking at a retirement property, is it small and manageable enough for just two people? Do you want to build an additional garden flat on the property for your kids or yourself for when you are older and is the yard big enough to allow that?

 

Condition

You might be able to find a property that needs a fair bit of work for a decent price, but the question is, can you afford the renovations that will need to happen, and do you even want to renovate? If you don’t, be sure to pay extra careful attention when you see the home and property in person and to ask about any hidden defects that might need attention. If you are looking for a property with a lot of potential for renovating and enlarging the home, be sure that you have a good idea of what the renovations will cost and that you can complete it to your liking.

 

If you are looking for your forever home, a property that you can fix-up how you please, a place to rent out, or a property for any other purpose, contact Karis. We conduct business with honesty, integrity, and respect and look forward to finding you the perfect property.