7 Tips When purchasing a Residential Lot

Know your purpose. Is it for investment or for your dream house? If investment, you would want to look for a property which can be purchased with a low market value but has high potential to be sold on a higher price given it be renovated or improved. If its for your dream house, of course, you would want it to be a place where you wanted to come home everyday. Does it fit your needs? Your family’s needs? Your personal preferences? Etc.

Price and budget. You have to assess your budget capabilities. If you can not afford to pay cash, there are a lot of options for you like bank loans which offers you lower interest rate. What you do not want is your property to be foreclosed, so as early as now prepare financially, get advices from professionals, study, learn how this works and its financing processes.

Location. From the worsening of the effects of Global Warming, you would want to check if the area is prone to flooding or if it stands on the earthquake belt, etc. With today’s technology, it is easy to research if your preferred location/ subdivision/ condominium is on the danger zone. Prevention is better than cure as the old men say. Another important thing to consider is its accessibility to your daily life like:  Grocery store, supermarket, school, workplace, malls, restaurants, also it should be near hospitals for any case of emergency. Last one  is, consider the community around you, your neighbours, the subdivisions nearby. Is it a peaceful community? A community who values each others’ space? A neighbourhood that you wanted to live in within a few years or maybe for the rest of your life? Etc.

Topography. The topography of the property will have a big impact on the build ability of the property. Survey the area if there is a river, creek, etc. is it elevated, flat terrain, steep lot, etc.

Public Utilities. Are water, proper sewage system, electricity, cellphone signal, internet signal should be already available in the area.

Shape of the Lot.  Consider the shape of the lot. Not every lot is rectangle or square. There are a lot of lots in the market that are irregular in shape as well. If you have a plan on what to build, you should pick a lot that would best accommodate your house plan.

Ask a professional. Getting help from a trusted real estate broker will give you a professional advice on your real estate needs. Brokers are knowledgeable about real estate and can greatly guide you to making your journey on finding your dream home a reality!

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