Economic values
- affordability, first thing first, will I be able to afford it, downpayment, monthly mortgage, to be safe, allow an emergency fund of 3 months vacancy, meaning not being rented for the months
- market value, do search for comparable properties for sale or recently sold in the area, search from local newspapers, internet, the real estate agent
- appraised value? (get appraisal report from bank or appraiser, this cost around P3k)
- zonal value as dictated by BIR Zonal Values
- comparable rentals in the targeted area? (to get a ballpark figure how much you'll charge for the rent
- how much is my target profit? determine if the property is worth investing on
- age of the building, how structurally sound it is, will this last for another ?? years enough to recoup my lost
- curb appeal, as what most realtors say, location, location, location
- exterior, paint, more often than not, you'll have to repaint, consider how tough if it has the second floor, third, etc
- cracked walls, you may want to get a second opinion from carpenters, builders
- watermarks, leaking roof
- termites, especially for a structure made of wood
- accessibility, most tenants wants closer to public transportation, convenient stores, markets, mall
- security, you may want to do an unscheduled visit especially at night to look for any illegal activities, crimes about to happen
- water, there are areas now where water supply may it be from water company or natural ground supply
- rentability, comparable rental charges within the vicinity
- squatters, for sure this will affect the property value, rental charges, prospective tenants will get this first impression
