3 Things to Look for in a Property Development

Property development image 333
Image: adapted from https://blackmorehomes.com/live-developments/

Investing in property can always be a nerve-wracking and stressful experience. Although you’ll undoubtedly be excited about moving to a new home, the very notion of making a bad investment can be a constant cause for concern, particularly if you’re taking your first steps on the property ladder and lack experience in the market.

Fortunately, when browsing through homes for sale, you’re obviously able to go and view the property before deciding whether or not to make a purchase. This is your opportunity to make sure it ticks all the right boxes and offers excellent value for money, allowing you to thoroughly examine every corner and identify any possible issues.

However, things become much more difficult when you aren’t sure of exactly what you’re looking for, which is why we’ve put together this quick guide:

  1. Location, Location, Location

Location is always vitally important when buying a property. After all, the local area, crime rates, schools and broadband speeds will always play a pivotal role in deciding the value of a particular home. So, before even arranging to view a property, you need to do your homework and make sure it’s actually based somewhere you’d like to live.

Since there’s always a high chance you’ll be moving somewhere you’ve never lived before, carrying out research beforehand ensures you can come prepared to the viewing with any questions you may have. Everyone has their own requirements, but most buyers want to invest in an area which is likely to increase in value in the near future.

Perhaps more importantly, they want to feel as though they’re getting excellent value for money, so you’ll have to look into the standard of local schools, recent house price growth and things to do in the area to ensure a particular property is worth the asking price. Once you’ve done that, you can focus on the property itself.

  1. Examine the Exterior

Due to the overall excitement of purchasing a home, a number of buyers get so carried away with the interior, they forget all about what’s on the outside of the property. Although this is perfectly understandable– and a lovely interior is likely to be your priority– the exterior to a home can provide clues as to the building’s overall health.

Of course, this is a crucially important factor when investing in a home, since the last thing you want is to find yourself landed with expensive maintenance costs a little way down the line. A lick of paint can only cover so much, and you need to closely examine the state of the brickwork, roof, windows and drains to ensure the property is in an acceptable condition.

For example, any cracks in the brickwork could be a sign of subsidence, while cold or even damp walls could also signify inadequate insulation. Before making any kind of investment, these issues need to be highlighted and taken into consideration when settling on a valuation.

  1. Storage Space

When buying any kind of property, you’ll want to make sure there’s enough room to breathe. For many people, there’s simply nothing worse than a cluttered and chaotic home, and ensuring a property has adequate storage space should always be considered one of your top priorities, especially if you’re planning on settling down to start a family.

In addition to plenty of cupboards, cabinets and closets, you need to pay particularly close attention to any space available in the attic, basement or garage. While this task will obviously help you decide whether or not you’d actually be comfortable living there, the main objective here is to make absolutely sure that you’re happy with the asking price, since storage space should always be considered a major factor in a property’s valuation.