Key Factors to Consider When Purchasing a New Residential Property

 When purchasing a new residential property, several key factors must be taken into consideration to ensure a successful and satisfying investment. Here are some essential aspects to keep in mind:

• Property Type: Decide on the type of residential property that suits your needs, whether it's a single-family home, condominium, townhouse, or apartment. Each has its pros and cons, so choose based on your lifestyle and preferences.

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• Builder or Developer Reputation: If you're buying from a builder or developer, research their reputation and track record. Read reviews, visit their past projects, and assess the quality of construction and materials used.

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• Infrastructure and Development: Look into the surrounding infrastructure and future development plans in the area. Upcoming projects can impact property values positively, but they might also introduce construction-related inconveniences.

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• Legal Due Diligence: Conduct a thorough legal check to ensure the property has a clear title and no outstanding liens or encumbrances. Engage a qualified real estate attorney to assist you in this process.

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• Safety and Security: Prioritise your safety and that of your family. Research crime rates in the area and evaluate the property's security features, such as gated communities or surveillance systems.

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• Resale Value and Appreciation Potential: Even if you plan to live in the property long-term, consider its resale value and appreciation potential. Real estate is an investment, and factors like location, infrastructure, and development can influence its value over time.

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