Property investment is no doubt one of the best form of investment a budding investor can investment in, however, there are certain things to look out for before investing.

WHAT TO LOOK FOR BEFORE BUYING A BUILDING PROPERTY

There are so many things to look out for before investing in building property but we will be limiting this article to just three.

• LOCATION: this is one of the most important aspect to consider when buying a building, but funny enough this has mostly been ignored by many. The location of a building (property) has adverse effect in the value of the building. A building will experience a low increase in value, irrespective of its newness, size, finishing, etc., it is built with, and in essence the beauty of a building does not guarantee a higher return on investment as long as it’s located in a poor and dilapidated environment that does not befit the building. Building (property) appreciate in value not for its unique beauty but for its location.

Another reason why the location of a building should be taken into consideration when acquiring a building is the role this might play in nearness to work, school, church or market place. Like in a scenario where a man work on the Island and lives in the mainland, though he pay less money for acquiring a building in the mainland which if he is to acquire same kind of building on the Island it would have cost more, but there is one thing we don’t put into consideration when engaging on this kind of investment, and that’s time and money.  The time and money it will takes for you to get to and fro from work daily, when summed up for like say five years will equate the sum you will pay when acquiring a building on the Island.

• NEIGHBOURHOOD: The building you propose buying does not exist on its own, it’s a part of a larger community of which you will eventually belong to if you want to live there or will affect the financial value it will generate if you intend using it for commercial use or even resale. Thus, the Neighbourhood is very essential when considering the purchase of a building/Property. It is apt that when you want to buy a building for any purpose you contact the service of a realtor – bayitpropertiesinvestment.com so as to help you carry out investigation of the environment where the building is located. This is necessary because just the uniqueness of a property does not alone guarantee High Return on Investment (ROI), realtor  can take the time out even at night to know how  secured the environment is. There might be hoodlums in the street where the building you intends buying is located, which may not be noticeable at day time.

The Neighbourhood also has to do with the class of people living within, are they high     class individuals or middle/low class individuals or is there any public figure living within the neighbourhood. Is the property located within a commercial environment or it is a serene and pure residential community. And even if the property is located in a serene and pure residential community, what is the distance from the property location to commercial/industrialized environment. Are the structures within the neighbourhood high-rise structures or mere residential bungalows?

These are questions or research to find out regarding neighbourhood before venturing into the purchase of a building property.

• BUILDING LIFECYCLE: An old and dilapidated building may undergo little repair, garnished and repainted to make it look new. This is being done by estate developers or property owners so as to increase the value of the property, confusing the potential buyer.

The building lifecycle refers to the entire life state of the property, taking into consideration the design and construction of the building. When a building stands for a longer period of time without proper maintenance and if the construction materials used were of poor quality, the building tends to weaken up and a mere façade of maintenance work will cover up this. Hence it is very necessary to engage the service of an expert estate developer – www.bayitpropertiesinvestment.com and engineer to ascertain this.

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