READY TO BUY A PROPERTY: THINGS TO CONSIDER

When seeking to own a property, there are many things to consider before buying or renting. Real estate can only be a valuable and rewarding investment opportunity, when you carefully consider certain factors, with a thoughtful approach.

Land Ownership:

When considering buying a land, these are some factors that you should carefully consider:

1. Land-use regulations and zoning: Before buying a land, you should have what you want to achieve, in mind. This will ensure the compatibility of the land, with your intended use (residential, commercial, agricultural, etc.). You need to know that it is one thing to own a land, and it is another thing to know if there are certain restrictions attached to the land, before purchasing Therefore, you will need to understand any restrictions or limitations on land use.

2. Topography and Drainage system: There have been many cases where people regret buying a property because they had absolutely no idea about the land’s topography, neither did they have an idea on the drainage system. Simply put, you need to consider the land's slope, elevation, and water drainage. Then you need to assess the risk of flooding, landslides, or other natural hazards. The next step would be to evaluate the need for grading, excavation, or other site preparation work.

3. Access and Road Frontage: How many rivers do you need to cross, or how many mountains do you need to climb before you gain access to your land? What then do you need to do? You need to ensure adequate access to the land and road frontage; you need to evaluate the condition and maintenance of access roads; and then, you need to consider the need for additional access points or road improvements where need be.

4. Soil quality and Stability: Not all soils are quality enough to hold certain properties, because of the tendency of instability. Hence, the need to test the soil to determine its stability and suitability for construction. You need to evaluate the risk of soil erosion, landslides, or other geotechnical hazards. If you choose to proceed despite all odds, you will need to consider the need for soil remediation or stabilization measures.

5. Survey and Boundaries: Before proceeding, one to consider is the title and boundaries of the land. There should not be obscurity surrounding the title, to avoid future altercations. What to do? You need to verify property boundaries and ensure a clear title. Be sure to conduct a survey to determine property lines and any potential encroachments. If need be, you also need to evaluate the need for boundary adjustments or disputes resolution.

6. Neighbouring Developments: One thing to consider is the developments going on around the land that you would like to purchase. To gain foresight and leverage, you should research nearby projects, such as industrial or commercial developments. After research, assess the potential impact on your land use or property value. Then, evaluate the benefits and drawbacks of nearby developments, and plan towards that.

7. Utilities and Services: No place can adequately function without certain factors in place. Simply put, the proximity of social amenities, is worth considering. In other words, you will need to determine the availability of essential services like water, electricity, and sewage. When that is determined, the next thing is to evaluate the cost and feasibility of connecting to utilities, and then consider the need for alternative energy sources, such as solar or wind power.

8. Natural Resources: Sometimes we get to hear stories about how people discovered at a later time that their structure had been sitting on a natural resource, that they had no knowledge of. To address this, you should consider the presence of natural resources, such as water, minerals, or timber. Then you evaluate the potential for resource extraction or management, after which, you assess the environmental impact of resource utilization.

Now that we have seen the factors to consider when buying a land, let us also see the factors to consider when buying a house or an apartment.

House Ownership:

1. Location, Location, Location: Yes, the repetition was intentional. The location of a house is very important, because it will ultimately affect your work, your school, your children’s schools, etc. Bottom-line, location must be considered and the proximity to work, schools, public transport, shopping, and amenities, is very important. Not only that, but also the quality of local schools, crime rate, and environmental concerns. Also, you need to check out neighborhood dynamics, such as noise levels and community engagement, and then, access to parks, recreational facilities, and healthcare services.

2. Condition of the house: If the house that you are considering buying is not newly built, you will need to confirm the age and overall condition of the property. Then you will need to see if there are needed repairs, replacements, or renovations or the presence of any structural damage or defects. In all of these, ensure that also check out the condition of major systems, such as plumbing and electrical.

3. House Layout and Size: Depending on what you envision, consider the number of bedrooms, bathrooms, living areas, and storage space, the square footage and overall floor plan. Then you look out for natural lighting, ventilation, and insulation. When all of this done, you can look into the potential for expansion or renovation.

4. Do an Inspection: Conduct thorough inspections for pests, mold, and structural issues. Review inspection reports and address any concerns that was spotted, and that may arise, then consider additional tests, such as termite inspections or environmental assessments.

5. Amenities: Everyone has a taste when it comes to the kind of houses that the want. So you might want to consider amenities such as pool, garden, parking, security features, and community facilities. An added amenity could be the availability of amenities, such as a gym, clubhouse, or even a park. Look out for quality and maintenance of those amenities, and then consider additional fees or costs associated with the amenities.

6. Neighbourhood: One of the major attractions for any house or apartment, is the kind of neighbourhood that it is built in. the neighbourhood make up for things such as quality of local schools and school districts. Questions such as crime rate and safety concerns; environmental concerns, such as pollution or natural disaster risks, should be considered as well.

7. Resale Value of Property: While some people may overlook this aspect when looking for a house, it is important to consider the resale value for a property that you intend to purchase, to see if it has a potential for future price appreciation. Take a look at the ease of resale and market demand and then compare sales in the area, by considering the local real estate market trends.

8. Property Taxes: There are usually taxes attached to both private and public properties, so you first need to research local property taxes, exemptions, and potential increases. You are doing this to understand how property taxes are assessed and calculated, so that you can consider the impact of property taxes on your overall cost of ownership.

Whenever next you are considering owning a property, do due diligence by checking these things off your list. It is better to be safe than sorry, and it is better to have a place that you can call your own, without problems.