Buying
under-construction property is always luring especially when the
budget/investment is low as it required lesser payment comparatively to the
ready to move in properties in real estate. But one thing we cannot ignore the
underlying risk factor in investing the under-construction property. Depending on the personal needs
of buyers and choice inclinations, its difficult to find and buy the perfect
home, close to your dreams. So, buyers should consider the below-mentioned tips
before buying a property in new development housing projects.
Location
of House: Another perspective of house hunting that tends to surprise people.
Let's say you've finalized two properties, and both stand side by side in a
great neighborhood. But one needs repairs and updates but has a huge lot. The
other is in excellent shape but built on a lot half the size of the
fixer-upper. The costs of the two homes are almost the same. Which one do you
prefer? In most cases, the house in need of repairs is a better investment. The
reason: The house is a depreciating asset, whereas the lot, will maintain its
value over the period of time. If you bulldozed both properties, the larger lot
would sell at a higher price. Therefore, if you can, choose a bigger,
better-shaped or better-situated lot as compared to the nicer house. A less
attractive house can always be renovated, or replaced altogether, but the lot
size can't be changed.
Location
of the Land/Lot: Before buying the piece of land for your dream home, consider
the location of the lot. For example, examine about the land you want to buy is
on a bustling road or very near a highway, you probably get a good deal for
such a location, but it will be difficult for you to sell it in the future. The
same conditions may hold true for lands that stand next to the commercial the property, like a department store or gas station, or houses on streets that get
an unusual amount of parking traffic and parked cars, like which are located
near large churches or community centers. Alternatively, a house with a wonderful
view or near a water body is likely to be a great investment, for now, and the
future also.
Location:
When you are searching for properties to buy a home, you need to invest some
time to examine the surrounding areas. Like, watch the area of the lots.
Analyze the neighborhoods and safety aspects also. Check the communicability
with schools, hospitals, and fire departments. Though it is good to be close to
these things, be careful not to buy property too close to such services as it
tends to be noisy always. A good location also surrounds basic facilities like
grocery stores and restaurants without having to drive a long distance. These
are the kinds of questions that you can answer that will help conclude the
potential quality of life for your potential homes.
Developed Community: Do not consider the present amenities only, but also analyze the
future requirements also. Amenities like schools, hospitals, public
transportation, and other public infrastructure can dramatically improve the
property values of any area. Commercial development can also enhance property
values. When you're searching for a home, try to look out whether any new
public, commercial, or residential developments are planned and examine how
these infrastructure enhancements might affect the appeal factor of the
surrounding areas.
If you are looking for a new house or land in Kelowna,
you are most welcome by Dilworth Homes Inc. As we are also launching our
new houses projects on sale price in Kelowna surrounded by modern
amenities and communities.
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