Majestic Tech by an Enlightened Wealth Institute student

Any buyer of real estate would want to know the development surrounding the property they want to buy. Is it accessible to schools, hospital, church, parks, offices or malls? Is it suitable for living? Is it viable for business to grow?

But a buyer should know the most important general principle in house-hunting is - location. Your home’s location within the community will be the most important controller to your resale profit making a sure return in your real estate investing. Good schools, proximity to shopping and transportation, and accessibility to the central employment area are factors that make location favorable. A home purchase is the largest investment most families undertake. When you settle in the community of your choice, you gain a stake in its future, its plans and problems. You will develop a sense of responsibility and pride in home ownership and, with your neighbors, will have a strong influence on the growth of the community. If you choose a home in the heart if the metropolis, you’ll enjoy close proximity to shopping areas and convenient transportation. However, you may want to check on noise and pollution levels. Life in a quite subdivision, which is a little further away from the metropolis, offers a lot more room in peaceful surroundings, but this may require longer travel time into the city. Take time to weigh all the possibilities before you reach a decision to purchase a home in a particular location.

After you have determined the best location for you, the next important factor to check when buying a house in a development project, is to check out the reputation of the builder or developer. Don’t take other people’s words on builder excellence. Check for yourself. See as many houses he has built or projects he has developed. Look around for sloppy workmanship, such as rough edges, unfinished carpentry areas, poor plumbing facilities. If you are buying in a development, talk to other homeowners in that development and ask if they have any problems in their houses and community. Are their houses basically sound? Do they have ample water supply? How is the security in the area?

Choose a house whose architectural style places it safely within the mainstream of your area and price range. Highly personalized and dramatic architectural structures may take more time to re-sell later on as you may have to find a buyer with the same personality and tastes as you.

If you are buying an older house, be certain that your house has, or will when you’ve finished renovating it, the value added features considered essential for your location and price bracket. Among these may be an additional bathroom, bedrooms, a carport for at least one car.

Avoid the big value losers. A swimming pool may be a status symbol for you but for a maintenance-conscious individual, this may become a liability for resale rather than an asset.

Another consideration you should take is how you are going to finance the purchase. For those who are going to pay the whole amount in cash, then there is usually no problem because they will buy or build up to the amount of money they have set aside for the purchase. On the other hand, for those who intend to finance their purchase, the most important thing to remember is - do not over-extend yourselves. In simpler words, do not borrow more than you can afford to pay in monthly amortization. The saddest thing to see is losing ones’ home to foreclosure.

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