So you’ve decided that you want to invest in a property that you can use as a holiday home or as a retirement home. Purchasing a new home is a large investment but a lucrative one nonetheless.
Below are some of the main things you need to take into account when evaluating whether to buy and investment property or not.
Consider the neighborhood
Do some research on the neighborhood and find out who is living there and what’s present in your surroundings. Are you close to the CBD and if so, are you happy for things to always be busy around you? Are you close to a university? This might mean there’ll be lots of noise and mostly younger people living in and around you.
What are the property taxes?
Before you start looking for your next investment property, consider your budget and what you are willing to spend on a monthly basis. Enquire about additional costs that might come with the property and what the property taxes are to make sure that this fits in with your budget.
Research resale values
If for any reason you need to sell the property you’ve purchased, what sort of price would you get for it and would it be worth your while? You might also want to look at rental prices to get an idea of what you could potentially rent the home out for to holiday makers or to people relocating should you choose to not stay in the home permanently.
Do the amenities suite your needs?
If you’ll be relocating, does the neighborhood have all of the amenities that you’ll need. What are the facilities that are most important to you and if you still have young children, are there schools, transportation options and recreational facilities nearby?
Natural disaster and risk assessment
Your property insurance costs will vary based on your investment property location. Is the area known for earthquakes? This will push up your costs. Take crime and other risks into consideration too.
If you’re unsure about the ins and outs of the Ashkelon real estate market and the area in general, don’t hesitate to get in touch with Motti for any questions that you might have.