Real Estate Factor (4) Character - Age of the property:
Age of the property is important in determining its value. Older properties have much different styles from modern properties, and this can be both a pro and a con.
Pro in the sense that if your house preserves some nice traditional architectural designs, that are highly loved by the prospective client which you could then take the opportunity to increase the selling price, hence making better profits.
Con in the sense that if the client prefers properties with more contemporary designs, this could have a dire impact on your older property given that it is harder to sell or rent, ending up in a price war which is a lose-lose situation for you.
Lastly, one thing to bear in mind when purchasing an older property in Macau is the length of time you can get the mortgage for.
Real Estate Factor (5) Cash - Price of the property
Price is clearly a major consideration, hence it is essential to do a market research in the neighbourhood for similar properties you are looking for before jumping to a decision.
Also, if you intend to take on financing, you can check out the different bank interest rates, and any related bank charges, so that you wouldn't be caught in a surprise when making the final purchase decision.
Real Estate Factor (6) - Condition of the property
Arguably one of the most important attributes to look out for in a property.
You may have found the best location, the biggest size at the most affordable price, but if it is in poor condition and not inhabitable, you may end up spending an awful lot more.
Hence, it is crucial to observe the condition of every potential property and take into account the potential repair fees required for that property, then factor into the overall pricing of the property to see if it is still worthwhile buying that property.
To conclude, we have shared with you some valuable insights to why you should adopt Real Estate Investment as one of the very feasible methods to grow your money, and create a steady passive income to achieve your long-term financial goal and also essential tips for choosing a property to fulfill that aim.
The next step is to take action and contact your Property Agent.
We wish you success in your Real Estate Investments!