For the US home sellers, getting the highest price for a property is a multifaceted and complicated process, as it involves the consideration of a series of factors. The same is true for the foreign buyers who are looking to make a property investment in the USA. To do so, potential Australian buyers need to consider few important factors that can strongly impact the price of their property investment in the USA. Although the best idea is to hire an experienced real estate agent who is in tune with the US housing market, it is also very helpful to know more about the key elements that dictate the price of all properties in the USA.
Size & Layout – Naturally, the bigger the property, the larger the cost. Many buyers do not understand what they are getting when investing in a large property, so they make an expensive investment mistake. Layout is another important factor, as an open-concept design makes the house look more spacious. The price of a house is also influenced by the number of rooms – less, but larger rooms supposedly boost the value of houses.
Property Location – According to more experienced real estate agents, the location of a property investment in the USA is the most important factor. Thus, before making a property investment in the USA, learn more about the surrounding neighborhood. For some, low crime rate is the most important factor, while for some good school and public transportation determine the location. Whichever it is, know that the location influences the price of any property.
Property Condition & Age – Properties with historical and antique value are more valuable than the new homes, which feature modern exterior and interior. However, not all ‘vintage’ properties are well-maintained. The condition of certain property is another important factor. Therefore, when looking to make a property investment in the USA, make sure you know the year the house was built in and its true current condition. You certainly do not want to spend all your saving and end up with a property that requires additional costly repairs and extensive renovation.
Upgrades – Another thing to consider when considering property investment in the USA are the upgrades. Over-improved property may mean the house was in a very poor condition. Compared to other houses in the neighborhood, such property may be less valuable. It is really not recommended investing in a property that has been extensively upgraded. If you are consider such property investment in the USA, ask for records as a proof that the house has been well-maintained.