Real Estate Selection Tips

The first thing a potential buyer should consider is the price range he will focus on, based on the budget they have or they can borrow.

The most indicative for the offer price of a real estate index, is the sale price per square meter, which, in combination with the available capital, give the buyer the most affordable property for them.

First, the buyer must choose the area where the property will be located. This will have to do primarily with its use. Given whether it will be intended for housing, if its destination will be commercial exploitation, the buyer will look in the appropriate area. It can be a central urban area, seaside or tourist spot or rural area and always depends on the purpose of its use.

Also, what exploitation opportunities does a property provide us? A property with more than one way of use, offers the flexibility to its owner, to exploit it making the easiest and fastest amortization. A property can be intended for home ownership but can also be offered for rent (rent to third parties), in case the owner chooses it. A space that is suitable for professional use, may be suitable for commercial use, but also for offices. The more uses, the more flexible and efficient a property is.

For investment properties, the amount of rent in an area, shows us the potential income from its lease and therefore we can make a possible estimate of the amortization time frame, from the moment of purchase. For example, if a property has a comparatively high price, but on the other hand also has high prospects of exploitation, then the interested party does not need to be discouraged in terms of their purchase. In any case, its resale ability should not be overlooked, in case the holder wants to liquidate his investment or part of his property.

Factors that affect the price of a property are its location, how developed is the area in which it is located, the situation in which it is located, but also its legal status, which means that legal proceedings are pending, something that is often time consuming. In the case of a building, its age, its architectural features and its layout, the characteristics of the area also play a role. Is it on a main road? Is there a school and shops nearby? Is it close to or adjacent to a road, near a square or public transport? In general, what facilities and amenities does the neighborhood provide? If it is again an apartment then we take into account the age of the apartment building, the floor on which the apartment is located, the view it may have, its location inside the apartment building, whether it is airy, corner or central and finally, in the case old apartments, if they have been recently renovated or maintained.