Looking to buy your first property or in the business of house flipping? Millionaire property investor DJL Dato Jonathan Lim discusses what to look for in a property.
Have you scrimped and saved for years to finally amass enough money to spend on a mortgage? Do you wish you knew more about buying and selling houses, since this is your first time? Don’t panic. We have a few answers for you, right here.
We consulted with expert property investor and business mogul DJL Dato Jonathan Lim on what he looks for when he seeks out properties to buy. Granted, we don’t all have the same $10 million bank balance to draw from, but we managed to condense his points down into those that match a smaller budget.
Whether you are a first-time buyer or an old hand at property investment, here are some of the things to think about before you commit to buying that home.
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What to Consider Before Buying a Property?
Dato Jonathon Lim has been in the property market since he emerged from IT aged only 32. He has since amalgamated property investments amounting to a portfolio of greater than $10 million. With so much assured wealth behind him, we thought this Facebook influencer and motivational speaker was exactly the right person to seek out for property investment advice.
Here are some of the things DJL Jonathon Lim believes you should look for before you buy that house.
Check for Damp
One of the tell-tale clues as to whether or not to buy a house is if it is damp. Even trace evidence of damp patches means there is a leak somewhere. Leaking patches on the walls and ceilings mean leaks from the roof or bathrooms. Leaking patches on the flooring or in the cellar means trouble. This could indicate that the property is in a flood zone. Nobody wants to buy a house that floods every winter.
Structural Damage
If you can afford it, paying for someone to go in and survey the property for structural issues is an investment that has the potential to save you thousands. If you are the type that skips the inspection, you run the risk of boundary issues, blueprint faults, unclaimed planning permission, or structural defects. All of the above has the potential to turn your ideal new home into a ruin you can’t afford to repair. Don’t skip the survey, it’s not worth the pain.
Check the Roof
One of the things that will cost you the most money should you miss the check, is the roof. A roof can last anything up to 70 years – but in the US, the most commonly used type of roofing is an asphalt shingle. This has a shelf life of a maximum of 25 years before it starts to leak. Check the age of the roof when you move in to be prepared for nasty surprises.
Check the Boiler and Aircon
Two more pricey expenses are the boiler and aircon systems. If they are at the end of their life cycle, they can cost thousands to replace.
Buying the Property
You should only buy a property after plenty of research has been done. That means researching the house, the neighborhood, and the checklists of things you should survey before you commit. That’s how DJL Dato Jonathan Lim has managed to raise millions of dollars in such a short space of time.
