Buying a home is a dream for many people. They use their live-savings to buy homes and some even take loans for the same purpose. They invest their money into a brick-and-mortar structure and later make it their abode. Many people buy a house only once in their entire life-times. Considering the importance of this purchase, it is important that people take it very seriously and put their best foot forward. If you have been meaning to buy residential property, then read on further to know the 9 different things that you must take into consideration before making your final decision. Let’s get started!
1. Budget: – One of the most important things to consider when you are buying property in Philadelphia is your budget. This is because money doesn’t grow on trees and people are always handicapped by their budgetary constraints. Whether you are buying property in Philadelphia with up-front cash or are taking a loan, make sure that it is affordable for you on both fronts. Don’t go over budget or you will find yourself in uncomfortable financial situations. If you are going for flats and apartments, then before making your final design and signing on the dotted line, make sure to check if there are any hidden or additional costs.
2. Location: – The next point to consider is the location of the property. Buy property in a location which is ideal for you and for the others who will stay with you in the residential property that you are planning to buy. Go over the pros and cons of the location of the property, before signing on the dotted line.
3. Lifestyle: – The locality of your property should have a lot of bearing on your final decision. Check if the locality suits your lifestyle or your investment will be money, down the drain. You might want to buy a property which is close to your work or else you will have to spend countless hours each day to go, to-and-fro, from your work. If you happen to be a sports enthusiast then check if there are any sports clubs in close proximity to the house that you are planning to buy.
4. Transport: – You should ideally buy a property which is connected to the other important city areas. Or else, you are looking at a predicament where you will be spending a lot of time in visiting such important areas. If you don’t plan to drive yourself to-and-fro, from such areas then check if the location of your desired property purchase has a good public transport facility.
5. Clear title deed: – Before buying property in Philadelphia, you should exercise a lot of caution and do proper legal due diligence. Ensure that the titles to the property are free of all hassles, unless you want to face complications going forward. Before making the final decision and signing on the dotted line, go through the builder-buyer agreement, very carefully.
6. Basic Infrastructure: – Make sure that you have taken the basic infrastructure of the property in consideration, before making your final decision. Check if the locality has good supply of water or not. Also check if the locality experiences frequent power cuts or not. Also check the air quality of the area in which you are intending to buy the property.
7. Social Infrastructure: – The social infrastructure of the property should be as good as its basic infrastructure. By this we mean the presence of hospitals, shopping centers and educational institutes in close proximity to the location, in which you are planning to buy a property. You should ideally buy a property in areas which aren’t too far away from fire stations, police precincts, parks and playgrounds.
8. Construction quality: – Construction quality of the property is one of the biggest factors that you should take into consideration before making the final decision. Don’t just be swayed by the looks. Before signing on the dotted line you should get the quality of the property examined by a structural engineer.
9. Resale Value: – You may or may not want to sell the property in the future but you should always know the resale value of the property, just in case. You should be buying property in Philadelphia in areas where there is a chance of the price of the property increasing as time passes by.
There you have it, those were the 9 most important things that you must keep in mind while buying property in Philadelphia. You must take all the different factors into consideration, if you intend to get the best bang for your buck. Each of the above mentioned aspects matter, and you should take all of them into consideration before buying property in Philadelphia.