If Wagga real estate is on your shopping list this year, it’s important to have a good understanding of what makes a property right for your situation. That’s why we’ve put together this list of things to consider when purchasing Wagga real estate to help you get started on your journey.
Rental Or Owner Occupied
The first thing you’ll need to think about is if you intend on using your new Wagga real estate as your primary residence for the duration of your ownership, or whether it will function as an investment property for some, or all, of it’s life with you. This may seem like a bit of a strange tip to start with as it’s one of the most obvious things you’ll need to do, but the distinction between owner occupier and rental property impacts a lot more than simply where you’ll live while you own the property. For example, those looking to purchase Wagga real estate as an investment will need to consider their ROI and what features are currently in demand in the market. Owner occupiers, on the other hand, have the freedom to select a home that best fits their wants and needs at this point in their life.
Pricing Of Similar Properties
The next thing you’ll need to think about when purchasing a piece of Wagga real estate the pricing of similar properties in the area. If you’re absolutely in love with a home and it’s within your budget, this factor won’t be as important, however, if you’re looking for a more cost effective purchase, knowing these figures can help you negotiate. Plus, this comparison will be vital for those hunting Wagga real estate as an investment as it can have a significant impact on your ROI.
Required Renovations
Very few existing homes will be absolutely perfect for the person who ends up purchasing them. No matter how much you love your new home, there will probably be some things about it that you’d like to change so you’ll need to factor these renovations into your budget when deciding which Wagga real estate is worth looking at in your situation. Those looking to rent a property out should also look into renovating areas such as the kitchen or bathroom if they’re outdated, as these upgrades can help you secure a higher rent from tenants.
Potential For Growth
When it comes to considering the potential for growth, it doesn’t matter whether you’re looking to purchase Wagga real estate as your new home, or to set up an additional income stream through property investment. A property, in most cases, will appreciate in value at the same rate whether it is functioning as an owner occupied building or as a rental property as long as it is well cared for. This means that projecting your capital growth should be a fairly uniform process across the board. This type of calculation is obviously never 100% correct as the market fluctuates and isn’t guaranteed to act in a predictable way, however, it’s best practice to have at least a rough idea of how much equity you can expect to hold in five, ten or fifteen years time.
Lifestyle
The last factor you’ll need to consider when purchasing Wagga real estate is the lifestyle options in the part of town that you’re considering buying in. This will impact your rental yield if you’re looking to purchase an investment property and will, quite obviously, effect your lifestyle if you’re looking to live in the home yourself. Distance to shops, entertainment and other amenities should be considered here, as should access to your favourite places if you’re going to be living in the home.
Now that you have a better idea of what to consider when purchasing Wagga real estate, it’s time to get back to your property search – good luck finding the perfect home!