ByJohnSageMelbourne
Whenitconcernspropertyinvestment,youwishtobeFortKnox—noonegetsinunlesstheytravelthroughnumerouslevelsofthehighestsecurity.Whetheryou‘reanewbieoranknowledgeableinvestor,theconceptistheverysame,whichistobeselective.I‘vebeendoingthisforyears,andIstillgothroughthefollowingitemisedpre-purchaseassessment.Utilizeittoyouradvantagewhenyou‘rechoosingwhat‘sagoodinvestment.
ZONING
Yourequiretounderstandthatdifferentpropertieshavedifferentzoningclassifications.Ifyou‘redreamingofdevelopingasetoftownhouses,youwouldn’tbuyaindustrialwebsite.Makecertainthezoningwillsupportyourplans.
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SITECHARACTERISTICS
Assessyourpropertyonitsphysicalattributes.Isitbigenoughforwhatyou‘repreparing?Isitlevelorsloped?Doesthefrontagehelporpreventyourvision?Aretherefireorfloodingrisks.Yourresponsestothesequestionswillgiveyouagoodideaofwhetheritisasmartbuyorsomethingtoavoid.
ANALYSETHEMARKETPLACE
Themarketinwhichyourpossiblepropertylieswillsignificantlyimpactonyourdecisiontopurchaseit.What‘sitsurroundedby?Justhowmuchdoesitcosttobuildthere?Whatarethedemographicsofthesurroundingareaandwilltheywantwhatyou‘replanningtoconstruct?What‘stheforecastedendworthofyourtask?Getclearresponsestotheseconcernsorsufferpriceyrepercussionslater.
LANDPURCHASE
Doyouunderstandhowyou‘regoingtoacquirefundsfortheproperty?Thereareincreasingconstraintstoobtainloansforinvesting,andyoumightneedtonegotiatethecostorregardsto< span class="w">theloanandpurchase.Haveyouthoughtaboutworkingtogetherwithanotherinvestor?
Understandingwhattolookforinaadvancementpropertyisthecrucialtomakingsensiblepropertyinvestments.Doyourresearchandenterintothingswitheyeslargeopen.
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