Everyone who wishes to purchase a property has one question in common – when is it the right time to buy? It is a dicey question, especially if you are purchasing in an unfamiliar market with little knowledge about local laws.
Source: rd.com
Critical factors in buying real estate
Research should be one of your tools to find the right property in any location. Of course, you should also investigate other factors like the demand of the locality in the future and whether the city is already developed or still developing.
For example, the price of a Phuket property is at its highest now because it is one of the cities in Thailand that has seen substantial growth in the real estate sector in the last few years. Apart from the location, you also need to consider the favorable areas that are popular within Phuket. This will come in handy if you have plans of reselling the real estate. Buying a property in the outskirts of Phuket will not fetch enough money in the long-run compared to what you may get if you have a similar apartment at the heart of the city.
Source: Business Magazine
Importance of place value
Place value plays a vital role to understand the ideal time to buy a property. If you consider Phuket, you will find that the real estate market in this island has seen a consistent rise of 10% every year. This is because it is a popular tourist destination. So, the cost will not only be high now, but there are enough chances that the resale value will be four times or even more a few years down the line. Since this is an island and there is a limited supply of land, the demand for properties is expected to increase. If you want to make a handsome profit on your investment, now may be the best time to shell out money.
But you need to be smart with your buying and selling techniques too. Once you understand the place value of an area, you can use it to your advantage. Search for properties that are within your budget. Many sellers try to fool their customers thinking they are inexperienced. This may work for some, but not for all. A quick search on the average real estate value will tell you the exact price per square foot.
Source: happinessishomemade.net
Negotiations are always essential in real estate, but you shouldn’t pay whatever the seller is asking for. Do a background check to ensure that the property is worth the money. The same rules apply to you if you decide to sell it in the future. Keep the market price in mind and then put your desired amount up on your adverts.
Buying a property warrants close investigation on several factors that assist in understanding the real value of the location. Don’t jump into conclusions simply because of its aesthetic value. Judge the benefits of buying the real estate based on its merits like place value, resale value, and demand of the place. This will be your guide to understand the ideal time to buy a property.
