4 Crucial Steps Towards Choosing The Best Property
Buying properties isn’t a simple game. In fact, it is a huge investment of your money, and should not be treated lightly. Follow these 4 crucial steps, and soon you’ll be one step closer towards buying that dream piece of property!
Step 1: Look to the future
This is the golden first step towards shortlisting any piece of property. Before even diving into the individual units, first take a look at the property’s location. Ensure it is in a good location both now and in the future. Keep a keen eye out for any future MRT stations or shopping centres being built near the development. Ask yourself this question: is there potential for this development’s value to rise in the future? If yes, proceed to the next step.
Step 2: Pricing, pricing, pricing!
The next step is probably one of the most important steps of all – figuring out if you are getting the best price for the piece of property you are eyeing. Do you homework. Not only do you need to know the cost price, but also, it is best to carry out a competitor analysis of other places too. Take note of the entry price and analyse whether there is potential space for the price to increase in the future.
Step 3: Analyse the site plan
Yes, at this point, you still don’t need to visit the development in-person! Ask to take a look at the site plan and evaluate the design of this property. Is this condominium poorly designed? Is the land size overly maximised? There are a few new condominiums with very bad site designs, and this has results in very low or stagnating prices for those units. Don’t make a mistake here, and always check the site plan!
Step 4: Shortlist and evaluate the most desirable units, according to your needs
Next, narrow down the units based on what you need before analysing its individual merits. For instance, if you’re looking at three-bedroom apartments, narrow down your scope to only that category and systematically evaluate each unit. Go level by level, or by which direction it is facing. It is only then that you can shortlist your top three or five best choices.
Choosing which property to buy is difficult, but neither is it a rocket science. It just involves hard work and due diligence in taking the necessary steps to make an informed decision. These four crucial steps should help you out in choosing the best property, but as always, I’m here to share expert advice and guidance to all property buyers and sellers!