Real estate investment expertise is a life experience that is accumulated over time. However, there are some specialized principles that everyone who wants to be involved in real estate investment must follow.
How to Gain Expertise?
- You should start by knowing the value of nearby and similar lands to the property you want to invest in.
- It is highly recommended to know the prices of plots per square meter, such as the highest and lowest prices per square meter in a particular area and the average between them.
- You should review the location well and know the building permit regulations that are granted to the owners of plots of land in this specific area. This includes the number of floors, the building area allowed to be constructed, etc.
Expertise Gaining Elements:
- Knowledge of land prices in the area where you want to buy.
- Knowledge of the engineering divisions of the land.
- Knowledge of the uses of the land.
- Knowledge of the demand for the site.
- Expertise in choosing the location (the future of the land).
- Knowledge of the estimated value of the property.
- Knowledge of the validity of documents such as deeds and others.
Location is a Top Priority
Selecting an area for real estate investment is crucial because the location plays a vital role in the success of the investment. The fast or slow process of investing capital depends largely on choosing the area and neighborhood of the investment.
How to Estimate The Value of The Land?
- Based on prices for similar lands.
- Purposes and government services of the land.
- The circumference of the land.
- The future of the land.
- Types of building permits.
