Real Estate Market these days is very volatile and subject to a lot of uncertainty. So, it is very essential to analyze your real estate investment decision. Simply jumping into any real estate decision is a risky affair. According to Rocco Basile, An Industry Expert in Real Estate Business, Investment in lucrative real estate market is a thing of past now as today you need to strategize and make diligent decisions to attain success.
Tactful investing is a way of leveraging a sound strategy. A real estate investor makes sound decision based on past performance. Therefore, as an investor, it is important to make unbiased decision and perform due diligence with the right set of tools.
Just because you got lucky in your last investment made a decade back, it doesn’t mean that you have a safe bet this time around. The only truth associated with real estate is that market takes away as fast as it gives. So, taking simple steps, can keep you in a better position and maximize your working capital.
You can initiate steps to know the market scenario so that you don’t fall into the trap. There are few tools that are going to make you invincible, and also help you to take advantage of potential market changes. If you are a real estate expert already, then these tools are likely to reinforce your current investment strategies.
Four critical factors for buying a good condo investment
These four central factors are the foundation stone of real estate investment. If you are planning for a real estate investment, make sure your would-be asset passes these four filters below.
Pricing is undoubtedly the easiest way to find that you are on right track. If you are buying a ‘hot’ property, it is most likely that you are acquiring it at inflated prices. However, make sure that the price you pay for the property you buy isn’t too much from market expectation.
- Builder’s experience
The problem with real estate market is that amateur buyers jump into action without any consultation. However, more often, these products lack quality and design. Structural design looks attractive on paper, but you get home survey done, you will come across lot of underlying problem that are ignored. So, according to Rocco Basile, one of the best construction experts in New York believe that the buyer need to buy from a local builder who has done multiple projects over the years and have gained good reputation over the years.
- Development logistics
Compare the rates quoted by your builder with the similar projects in adjoining areas. That will help you to find out if you are rightly charged or overcharged. Also, even if the price is right you need to examine factors like project size, layouts, designs, amenities etc. A known with good reputation will give standard products in terms of amenities.
- Location of the Project and nearby neighborhood
If you are planning for a Condo investments, be it a resale property or a new one, depend on location and nearby neighborhood that surrounds them. If your neighborhood has other condos, property rate is subjected to be high. It’s the neighboring area that decides the price.
Thus, if you focus on these four factors, you will certainly make a sound investment in your ‘Dream Home’.