Pick a property with a good location by using these simple pointers.
Investing in a property is probably one of the biggest purchases you will make. Therefore it is wise to do your homework to make sure your investment is a sound one. This applies to whether you are planning to live in the property yourself or if you intend to rent it out. One way to ensure that your investment is a sound one is to find the best possible location. Even better still to pick a prime location. That way you can be sure that your property will be in demand and increase in value. But what is a good location? Well, this will vary for every buyer and will depend on their personal situation.
1. List your priorities.
If the property is for yourself compile a list of the places that you want to be close to and then prioritise these. You may find that you don’t mind a commute to work and you would rather this than a long journey home after a night out in your favourite nightlife area. Or you may be fed up of the school run and prefer to live closer to where your children go to school even if that means you need to travel further to restaurants and entertainment. Everyone has different things that are important to them so make sure that you remember what will make your day-to-day life easier when looking for a new property to buy. Likewise for a buy-to-let property consider your audience. If you are thinking of buying a one bedroom unit in Kuala Lumpur then this would suit a young professional who will want to be close to work as well as all the action.
2. Plan for the future.
Moving can be a costly exercise once you have factored in fees, taxes and removal costs. So if you are planning on extending your family or you know that your company is moving location in a couple of years, factor these into your desired location too. Likewise if you know which school your children are going to, you may want to consider moving closer to it now to avoid two moves. Make your home future proof.
3. Seek out infrastructure and developments.
Being close to mass transit networks will appeal to a wide market. It will be a drawing factor if you intend to let the property out and when you come to sell it in the future. It will also make your day-to-day life easier if you are near your preferred method of transportation. Likewise are there any plans for new amenities or the extensions for the mass transit network? One of the best ways to generate capital appreciation in your property is to purchase property before the infrastructure is in place. To achieve this you will need to be one step ahead of the game to be astute to any future developments that might be on the cards.
4. Consider the outlook.
If you are purchasing a unit in a condominium then there will be some with better views than others. Usually the higher in the condominium the better. This is exactly why penthouses are at the top. But there are other factors to consider too. Is the view straight into another building? Is the property south facing so constantly hot due to the sun pouring in? Are you overlooking an empty site that is prime for development? If so, this could welcome a lot of noise in the future. Or even is the unit located next to a noisy lift meaning you are disturbed every time it is used. Consider the location in the building too as you are likely to find that there is one side you prefer over another.