Everyone is always suggesting different things for you to become a mature and responsible adult. One of these suggestions is to buy a home or invest in property. Everyone knows that real estate is a secure place for an investment. It is easier to obtain returns on investments on properties. Owning property is the first step when you come of age, where the need to be established in life is not only a personal desire but also peer pressure. Bottom line is – there comes a time when you have to take the property plunge, and when that time arrives, you could do with some advice.
Buying property is not too hard but you have to keep in mind certain aspects of the real estate market to get you the best deals. The real estate market has a variety of homes for sale in Calgary. But a property or home should be bought according to your needs and comfort. There are various things you need to consider before you buy your first home or property.
Tips for Buying the First Property
When buying your first home or rental property, you must know what to do for better and assured returns. The property you buy must fall under the parameters listed below.
1. Always Look for Affordability
Research the market. Look for places with a lot of homes for sale and choose a property that falls under your budget so it is affordable. You must be very clever while looking for properties in Calgary. The property might be affordable but can fail on the comfort and amenities parameter. Buying a small property in a profitable area is much better than buying a desirable property in an undesirable area. Look for properties that have a better location and all the necessary amenities such as schools, parks, and hospitals. It’s a much better idea if you are buying property for rental purposes. Also, if you get a cheaper home in a better area, you can save some money for future renovations to the property.
2. Remember Your Present and Future Needs
A property is always bought considering our needs and preferences. Before you buy a property, always note your future plans along with the present. For example, a person who travels a lot is advised to rent a small place and invest in a property that pays more than your rent. For someone who has a job or a business in the town, buying a home for a five year period is more beneficial. Always make a list of your future plans for the next 5 years before buying a rental or personal property. If you’re single and don’t plan on raising a family in the near future, go for a small property in a desirable location that has good security. And if you’re a couple planning on getting married and starting a family, you must buy a family-friendly property i.e. one that can accommodate you and your family. Don’t go for a lot of renovations and remodeling right away. Live in the house for at least five years so you can get better returns when you sell it and move to an advanced locality and property.
3. Choose the Right Area
When buying property, don’t just look for a property that looks fabulous and is spacious and has all the modern utilities. After you’ve set your eyes on a property of your liking, don’t go straight ahead and buy it. Inspect the area and the locality for nearby amenities like hospitals, schools, roadways that have access to nearby towns or cities. You can also look for properties in developing areas with undergoing constructions or plans for future development. Such areas gradually increase the value of the property in the future and it is possible for you to get a better return if you sell your property in the future. If you’re investing in a rental property, it is very important for you to be wary of the area in which you invest as it will decide the kind of profit you make on renting the property.
4. Buy a Property near Apartment Buildings
This can be a clever tip for people investing in rental properties. Look for a valued property where there are a number of apartment buildings nearby. Many of the potential tenants are ready to rent a property which is different from the basic apartment structure. Fulfilling this demand in such an area can get you good and longer staying tenants. There is also the possibility that you won’t have to compromise on the rent you ask for. Homes for sale near apartment buildings are a bit high in price so you might want to consider all the costs.
5. Meet up with the Neighbors
If a property catches your breath and the area or locality feels comfortable, don’t go for it. Not yet. Yes, you are new to the area and might have visited it just 2 or 3 times. You don’t know all about the place and neighborhood. Go and have a friendly talk with the neighbors and let them know you’re interested in buying the property next door. Ask them about the area and the previous owners; if they had any troubles with them. Your neighbors might be living there for a long time. They can provide you with important information about the neighborhood and the surrounding areas. This will help you decide for yourself and also make some new friends if you finally buy the property later on.
Buying a property on your own for the first time can sometimes lead to a loss of money. There are various costs applied while buying a property. If you’re looking for homes for sale in Calgary and surrounding areas, we can help you choose along with property advisories and better knowledge of the market. Contact us at Re/max and we’ll help you get your first home without the troubles.