When investing in real estate, it is vital to prudently evaluate factors that may influence your investment. Here are some crucial things to consider without fail.
Location
The location of the property is one of the most important factors to consider. When seeking that idyllic property to invest in, always choose areas with strong job markets, good schools, and low crime rates. These factors can undoubtedly contribute to the long-term value of the property. For instance, investing in the real estate of John Keells Properties, considered one of the leading property developers in Sri Lanka may give you easy access to the city not to mention world-class amenities and unrivalled returns on investment.
Property condition
Sri Lanka Properties – Photo by Dinuka Lankaloka on Unsplash
Inspection is an essential aspect of real estate investment. Look for any major repairs that may be required since you do not want to burden yourself with heavy costs. For some additional guidance, it may also be a good idea to retain a professional home inspector to assess the condition of the property.
Financing
Consider your financing options before making an offer on a property. Always have a plan on how you can pay the down payment and mortgage payments. Try to have clarity on your budget and ask yourself crucial questions such as whether the investment is long-term or short-term or whether you will be staying in the property or wish to rent to a 3rd party.
The potential return on investment
Always consider the potential return on investment for the property. Will it generate enough income to cover the mortgage payments and any other expenses you will have to bear, or will the value of the property appreciate over time, etc.?
