4 Important Factors to Consider When Buying or Selling a Property
Buying or selling property has been an age long practice. For those new into investing into real estate business it could be really confusing to determine the worth of a property.
Like the saying, all that glitter is not gold. Mere looking at a property doesn’t tell you what it is worth.
You don’t want to rush into placing large amounts of money on properties merely by the size, outward beauty of the property or because we have money in our pocket.
It might however interest you to know that there is more to that which meets the eye.
In order to be more accurate in what price to buy or sell a property for, here are some easy tips:
Location: Ever given thought to why a little property at Victoria Island or Lekki in Lagos or at Asokoro District in Abuja goes for at least three times the price of a really big property in any other location in the same cities? Simple answer is location. The thing is you can change a lot about a property but not its location.
Size of land: The bigger the land the more expensive it is, the smaller the land the less expensive. It is that simple.
Size of home: we can also consider the size of the house. We are not talking about the size of the frame-work of the house but its components i.e. the number and size of bedrooms, bathrooms, living room(s), kitchen e.t.c.
Age of the house: A brand new house would sell for more than an old house. This is partly because the buyer of an old house would have to renovate the house and that costs more. However, renovating the house before sale is a welcomed idea and would rake in more profit. Also, new houses cost more as they usually incorporate most recent features in contrast to their older counterparts.
Read more: Beginner Tips for Real Estate Investors
Taking a second look at a property could mean more profit or a very good asset for you. Never write off any property without taking the time to consider these factors and how they effect the pricing, value or return of a real estate investment.