There are various aspects you need to investigate before investing in property, it is always recommended to work with realtor to ensure a wise investment. Following are some steps you need to remember before making a property investment.
Know about the area
If the property you are investing in is not located in the area you are familiar with, it is very important for you to gather information about rules and regulation, local building codes etc. You have to be completely sure about the neighborhood you choose before you make any investment, look around ask people who are already living there for the feedback. Find out about the local school zones and other development plans only when you are satisfied, invest in it
Find out Rent Rates in the Area
It is crucial to know the current market rates and rentals before investing in order to maximize your gain. Estate agencies or agents can well guide you through this, since they are in the market and have the latest information about the town and can advise about the property rental prices.
Go through your options
While one house seems to be a good spot to consider, believe me there is always potential to find something better. One of the biggest mistakes buyers nowadays make is to not go through more options. Ask your agent to show you other properties before proceeding. Have a look at a variety of units and only by then you can decide where to invest, this will give you an bigger picture of what you are going for and what you are going to get out of it.
Know your Expenses
It is vital for you to find out any extra expenses that may come along with the property you are purchasing such as utility costs, bills, or any repairs it may be needed. Mostly this process is fairly simple for a commercial properties but it could get stressful for residential properties. Before you invest in it, make sure you obtain estimate of costs from the seller or hire a professional consultant.
Cockroaches, rattlesnakes, black widow spiders, scorpions, termites and other beasts are common around the world. Fortunately, most of these creatures can be controlled with pesticides. Make sure you deal with this issue ASAP if it occurs, hopefully it won’t.
View from a long-term perspective.
Real estate is an asset that proves to be lucrative if invested and kept well-maintained for a long period. You cannot become rich in just a blink. You need to wait and watch, and the value of your investment would definitely go high.
Here is a secret tip: wait for at least one year, before you resell your asset. Here is a good link for real estate market updates and trends.
You can also contact Nationwide Middle East Properties, they are well established in the Abu Dhabi & UAE market and deliver free consultancy.