CHAPTER 2: WHAT MAKES A PROPERTY A GOOD INVESTMENT?

The key to successfully purchasing property are asking yourself two questions: where do I want to live and what type of property do I want? The age-old real estate philosophy – “location, location, location” – is as relevant today as ever. Living in a good area is not only more enjoyable, but it also enhances your property’s market value and appeals to potential buyers, should you decide to sell your home down the line.

Location, location, location

• Look for areas where you see potential growth, with good access to local facilities and amenities.
• The combination of good urban planning – access to amenities, well laid out roads, parks and recreation – in combination with green space and natural beauty is often very desirable and is almost always a guaranteed good investment.

Features

• Look for properties that are a good size, with a good number of bedrooms and bathrooms.
• Parking spaces, especially covered/secured garages, are often coveted as well.
• Look for at least one special feature in the property; maybe it’s a phenomenal view of a lake, a large backyard, or a large modern kitchen.

Another thing you should consider is whether you are prepared to renovate or not. If you are, purchasing a house that needs renovations but has a phenomenal location may not only be cheaper, it may also result in better investment returns.