Property for Sale: Asking the Right Questions

Owning your own place is one of the most closely held tenets of American society.

Finding the right property for sale can help you get a foothold on the ‘property ladder’. In which, you can hope to build wealth by owning an appreciating asset and either gain cash flow from it or sell it at a profit to buy a larger or more valuable property for sale.

Narrowing Down Your Property Choices

Here is a quick list of criteria for winnowing down your choices, as there are many types of property for sale:

Do you want income producing property?

If so, do you want a passive investment – a property that does not require much, if any, work – or an active investment, such as an apartment building that requires active management of tenants, maintenance and improvements?

Are you hoping to buy a property that needs to be developed, such as a plot of land, or do you hope to find a property for sale that is already fully developed with a house that has operational plumbing, electricity and heating?

Do you intend to use the property now or will you hold it with minimal use?

Using the property now involves a different set of considerations, such as, how it is zoned, how rapidly adjacent properties are being developed, and what legal restrictions there might be on your intended use.

For instance, if you intend to rent the property to a local farmer, you will need to be conversant in land use customs and laws. If you intend to hold the property for future development, how much will it cost you in taxes and special assessments simply to own it?

Check the area thoroughly before making a short list of properties for sale.

Get to know the neighbors and track the doings of the local zoning board, economic development commission and industries. The current value of a property for sale might rise or fall depending on sweeping changes in zoning rules and development trends.

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