When Evaluating a Real Estate Property!

March 17, 2020by Winstonfield

Buying a real estate property is considered to be one of the biggest investments that individuals will have to make in their life.

This process can be a quite exciting and stressful at the same time event.

However, the process can be realized smoothly and even enjoyable, if a plan is being formulated well in advance.

There are number of variables that you may consider during this process ranging from price, location, condition, age and size of the property.

In addition, there are lots of factors that must be taken into consideration when evaluating a property, such as:

  • Who is the architect?
  • What is his / her reputation?
  • Who is the developer?
  • What is the quality of the materials used?
  • Which provisions are being covered?
  • Is the building energy efficient?
  • … and many more.

Keep in mind not to focus too much on elements that can be changed or replaced easily and economically, like paint colours and out-of-fashion features.

It is advisable though, to pay attention on your lifestyle habits and influencing factors that are difficult and/or expensive to modify.

It will be very helpful if you first start making a list with your needs, desires, preferences and then work towards their prioritization.

Based on our experience and being a well-known property developer with exquisite and exclusive projects like Winstonfield Residences, we have prepared a list of factors that will assist you on navigating effectively through the process of the plan preparation and assessment of property, with the purpose of avoiding common mistakes that can diminish the property value or add-on costs.

The factors that you do not want to overlook are:

  1. Location

Location is the most important factor that you must evaluate thoroughly, since it can not be changed.

Good location means:

  • sea view, city or hills
  • demographics – type of population living in the surrounding area
  • amenities – Does the area have good schools, access to nearby shops, hospitals, pharmacies, entrainment, facilities and more.
  • green area – proximity to parks and relaxation areas
  • transportation access
  • easy access to main roads
  • Cul-de-sac / Dead-end street
  • Gated property with security provisions
  • neighbourhood / neighbours – is it quiet, do the properties look well taken care of, presence of noises, odours etc.
  1. Structure of the building

Most houses have hairline cracks.  This situation indicates that the house is settling into position, but in case where the gaps are large, it may be a signal of a broader issue that points out the property foundations.

Check for sticking doors or windows, visible cracks above window frames, uneven floors and inspect the basement. This practise will allow you to further assess the construction quality and overall condition of the building. 

  1. Roof and gutters

The roof is one of the first fixtures you should check for leaks, damages and misplacements. Roofs are very expensive fixtures and if there is a leak, it may affect other areas of the property.

  1. Plumbing

The plumbing system should be tested, so as to ensure that there is adequate water supply. Run all the taps to ensure that water pressure is sufficient. Take time to assess whether the pipes are insulated and in excellent condition.

  1. Signs of water damage

Look for discoloured or dark spots on roofs and walls or a musty or mildew smell. Marks at the lower part of a wall might indicate a previous flood.

A water leak that went undetected for months may have caused significant damages to the building or brought mould.

  1. Square footage and floor plan

The property should originally have all the needed rooms and a layout that satisfies the needs of the buyer.

Open floor plans are much easier to work with, since the lack of walls between living spaces maximizes the square footage and the overall perspective of the property.

Flexibility is the key for the floor plan. The more flexible the space is, the easier it will be for modifications when needed. 

  1. Natural light

Natural light in the property is of outmost importance. Potential buyers should visit the property in day light in order to check if there is sufficient natural light in the property.  After all, happiness is directly linked with the quality of light, air and energy received, as they say.  

Moreover, it is important to assess the layout of the property i.e.

  • Are the doors and windows positioning ideal?
  • Can all windows open so as to enjoy the light and breeze, especially during summer?

The layout of a property is something that is often overlooked.

It is noteworthy to mention that by opening the windows, the utility bills of the property tend to be lower and the airflow keeps moisture in normal levels.

  1. Property features, facilities and provisions

It is important to give emphasis to the features, facilities and provisions of the property, since they may increase your property value like:

  • high quality materials
  • smart home provisions
  • modern appliances
  • energy saving properties
  • quality of the windows/doors (double glazed, soundproof, good isolation etc)
  • isolation materials and many more
  1. Temperature of the property

Make sure that cooling and heating systems are energy efficient and function properly.

  1. Security and privacy

It is definitely an additional plus if the building has security gates and CCTV system in place with a 24/7 access.

  1. Due Diligence of the Seller

There may be mortgages or other burdens on the property, therefore it is wise to engage with a law firm for performing a thorough due diligence on the seller, so as to safeguard all aspects of the property investment.

Having said that, the buyers should always consider, if their budget allows them, the purchase of a new property since most of the aforementioned problems will be limited when purchase from an accredited developer. 

Unit 3, Block 3 Maximos Plaza Makariou Avenue III, 217, Limassol, 3105, Cyprus

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