You can’t go wrong when it comes to property investment. The value of land never depreciates, and the add on’s that you put into the house only increase its value even further. If you are in the business of buying and reselling property, there’s a very slim chance that you are going to incur any significant losses. So you must choose REP Calgary Homes for best services.
The worst that could happen is that you come close to breaking even, but that’s about it. Flipping houses, buying/ reselling, and renovation are prevalent, and many people are trying to jump onto the bandwagon.
However, things could go against you if you aren’t careful. To ensure you don’t bite off more than you can chew, you should consider a few things before buying the property.
Check for water damage
When buying property, it would be wise to inspect the house before you make the deal thoroughly. One of the most important things to look out for is water damage. Once water gets into the structure and makes its way to the foundation, you have a problem.
Moreover, if the structural support gets wet, chances are it’s going to rot, and you will have a health hazard on your hands. The wise thing to do is to call in a Water Damage Advisor to assess the place. If they give you the go-ahead, then make the deal; but if they think some work needs to be done around the house, get a quote and gauge whether it fits your renovation budget.
However, be warned, water damage and plumbing issues can cost a fortune depending on the severity of the issue
Perhaps one of the most critical factors about buying a property is its location. Location is a vital factor that hikes the price up or lowers its overall value. If you are purchasing a property in a bad neighborhood with rampant crime-related issues, please think twice.
It would be wise to pay a bit extra and buy a fixer-up house in a better location. Not only do you stand to make more profit on the value, but more people will be interested in the place. That means a diverse range of offers which you can pick and choose from.
Owning a property in a pristine location gives you a bargaining chip. You can set the price according to the market value in the area and further hike it up with other possible amenities.
Check the town records
It will be a good idea to check and see if the house has had a history of crime. People generally don’t appreciate staying in a house with a tainted record. Moreover, with cases popping open years after the criminal activity, the police could come knocking.
Sure it seems easy enough to tell the police that you bought this house and had no idea of the history, but it is a hassle to go through. Moreover, it makes the tenant feel insecure in their own home, not knowing what happened there in the past.
With a search warrant, the police can check your house with legal permission. If the house was a homicide scene with a missing body, there’s a chance that they may even up-root your garden. It sounds far-fetched, but it’s not unheard of.
Is the property located near a busy intersection or highway? If the answer is yes, you will either need to soundproof the house to some degree or pass on the house altogether. Noise pollution is a genuine issue, especially for families looking to buy their dream home. You can relax in a comfortable environment with car horns and engine noise throughout the day.
Even if you soundproof the house, buyers may still be thrown off by the road’s proximity. You honestly can’t blame them. After putting in their life’s savings, they want their money’s worth.
Proximity to parks, schools, and the local market
Families that have children want to know that the local school is just a stone’s throw away. It can be an absolute hassle to drive to the school twice a day if it’s far into town. Everyone wants to get their kids to school on time early In the morning and then get back home; you can’t do that if it’s far away.
Moreover, it’s such a drag to drive more than five minutes to get groceries. Potential buyers would appreciate a house closer to supermarkets rather than having to pull out the car and go all the way. It may seem like a mundane factor, but imagine having to shovel snow from the driveway, warm up the car and take it out to get basic groceries.
How old the house is
People buy older houses all the time. They have a peculiar charm to them like no other. However, they also bring with them a fair deal of struggle and you have to look for solutions. Old wiring, plumbing, and carpentry can be an issue to deal with. Houses that are more than 70 years old are challenging to take care of.
Yes, renovation can go a long way, but it doesn’t change the house’s structure laid decades ago. How much wiring do you think the electricians can change? The same applies to the sewerage and plumbing systems.
It would be advisable to stay away from older houses. It will be a challenge to resell once you buy the property, and you don’t want your money tied up in variables like this.
There we have some of the things you should consider before buying a resale property. When reading this article, a stark theme that you should be thinking of is to think from the homeowner’s point of view. If you don’t put yourself into their shoes, you probably aren’t going to make a success of this project.
We have covered everything from checking on water damage to gauging how old the house is. It would be best to consider all these factors before buying the home to avoid getting stuck later. Having your money tied up into a property that won’t sell is the worst. It’s always better to play it safe when this much money is at stake.