Trying to find a home on your own can be a very difficult task, and if you're not familiar with the market you might end up getting the short end of the stick. Purchasing a home for the first time can be stressful and overwhelming, and it might bring potential pitfalls. But according to NYC real estate executive Adam C. Hochfelder, being aware of those issues can protect you from costly mistakes and make you shop with confidence.
When it comes to buying real estate property, you should have all the information available in order to ensure success. But perhaps even more important than the good sides are the pitfalls than one must avoid, so you can play the property game with ease and confidence. There several factors that can affect the present and future market value of a property and as a potential buyer understanding those key factors will help you in making a safe and smart investment decision. First and foremost, Hochfelder stresses that you need to focus on both the short and long term, and make sure your investment decisions are in accordance with your overall strategy.
You can never know too much about your investment. Once you know your market you can buy accordingly. Apart from the present value, Hochfelder reveals it is useful to estimate what the property might be worth in the future. And although even in the best of markets, one cannot predict what will happen tomorrow, nor to perfectly predict the future of your chosen neighborhood, still paying attention to the information available to you now can help you avoid any unpleasant surprises or situations in the future.
Quite often first-time buyers are young people or couples who are eagerly waiting to solve their housing issue. Young couples or singles mostly buy smaller, one bedroom apartments, which for the time being might be the perfect thing. But as time passes and life changes, so do their needs and demands. Because of that they should thinking whether they can sell or rent the property for several years. As Adam Hochfelder further explains, location, successful real estate, interior and infrastructure will always be attractive to potential buyers, and thus are key factors for home buyers. Good transport connection, proximity to schools, colleges, kindergartens, shops, building with elevators and parking spaces are just some of the things that will always be appreciated.