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Tips for Real Estate Investment in Baitwatan
Real estate is one of the most sought-after fields for investors, whether individuals or companies, regardless of whether they are at the beginning of their careers or have substantial capital. However, many investors are in urgent need of knowing how to start investing in real estate and looking for tips that will help them succeed in their investments.
Therefore, in this article, we will outline the best tips for real estate investment in Baitwatan, Fifth Settlement, and highlight the key factors to consider when choosing an apartment or residential unit.
Tips to Follow Before Purchasing in Baitwatan
1. Inspect the Project Site in Person
Many lands within the Baitwatan project are still under construction, which leads many clients to procrastinate visiting the project site in person. If a client wants to acquire the best piece of land that meets their needs, it is essential to visit and see it in reality. This helps in making a final and informed decision. For example, some clients initially wanted to buy an internal apartment or residential unit but, after visiting the Baitwatan site and seeing its prime location, decided to opt for larger spaces and a direct frontage.
2. Read All Terms of the Sale Contract Before Signing
This is one of the most crucial real estate investment tips for Baitwatan. Many investors or clients read the contract superficially without paying attention to its terms. It is important to review all the terms written in the contract before signing to avoid problems during handover. For instance, a buyer might expect to receive a reinforced or metal door but discovers upon handover that it is a standard door. A review of the sales contract might reveal that the contract specifies a standard door.
3. Ensure Any Verbal Agreements Are Included in the Sale Contract
Including any verbal agreements in the sale contract is vital. It is necessary to clearly and explicitly document any verbal agreements between the client or buyer and the company in the sale contract, without omissions or complications. Some sales representatives might promise numerous features to secure a contract, but the buyer may later discover that these features are not included in the residential unit or land. To avoid this, document any verbal agreements or features mentioned by the sales representative in the contract.
4. Know the Net Area of the Apartment or Residential Unit Before Purchase
The area mentioned in the contract is the gross area, meaning the actual usable area of the residential unit is smaller than the gross area by a certain percentage, known as the load factor. This percentage includes:
- Unbuilt areas of the project land
- The entrance and stairwell for the residential units
- The elevator and light wells
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Factors to Consider When Choosing the Best Location for a Residential Unit in Baitwatan, Fifth Settlement
1. Choosing the Right Street
When purchasing residential units, it’s important to select the street where the unit is located, as this affects its value and benefits. To choose the best locations, opt for units on:
- The main street between two districts
- The street separating two areas
- The internal street
2. Proximity to Gardens
Units overlooking a large garden tend to have higher resale values in the future. Additionally, natural views contribute to comfort, tranquility, and stability for residents.
3. Location of the Project Land
If the project land is a “corner plot,” it provides an advantage over standard facades. Corner plots are often more desirable due to their increased visibility and accessibility.
4. Orientation
Choosing a “northern” location is recommended. This can be identified by the project’s orientation; if it faces towards the Suez Road, it is considered “northern.” Although this is not a critical factor due to the availability of internal air conditioning in residential units, it can still influence comfort and energy efficiency.
5. Proximity to Surrounding Compound
Being close to surrounding compounds allows residents to fully utilize the services offered within those compounds. Additionally, it provides easy access to other services such as club memberships, private schools, and universities.
Learn about the details of Baitwatan from the New Urban Communities Authority
Things to Pay Attention to When Receiving a Residential Unit in Baitwatan, Fifth Settlement
1. Finishing Specifications at the Time of Contract
Attention to this aspect starts at the time of contracting the residential unit. Ensure that the finishing specifications are clearly mentioned in the sale contract, including both internal and external finishes, such as facades, elevators, and other features.
2. Visit and Inspect the Unit on Site
When receiving the unit, it is essential to visit and inspect it both inside and out. Confirm that it matches the unit specified in the contract, including its floor and unit number, among other details.
3. Measure Internal Room Dimensions
You should measure the dimensions of all internal rooms to ensure they match those specified in the sale contract.
4. Verify the Quality of Finishes
For example, if the contract specifies a partially finished unit, carefully check the quality of the plastering, electrical work, plumbing, and the door. If any issues are found, report them to the company so that they can be addressed before finalizing the receipt of the unit.
5. Sign a Receipt Protocol Documenting All Key Points
When receiving the unit, ensure that all terms and agreements are clearly and explicitly mentioned in the receipt protocol. Once signed, the company will not be responsible for any agreements made outside the contract.
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Common Mistakes Made by Clients When Buying Residential Units in Baitwatan
1. Purchasing a Unit Beyond Financial Capabilities
Many people, especially when companies offer small down payments, tend to buy a larger unit, which increases their financial burden.
2. Paying Monthly Installments Exceeding Client’s Income
When contracting for a residential unit, ensure that the monthly installment does not exceed 50% of the individual’s income.
3. Not Clearly Specifying the Delivery Date
The delivery date for receiving the unit should be specified clearly in terms of day and year to avoid confusion and misunderstandings.
4. Being Impressed by Company Promotions Without Considering Their Track Record
5. Investor Mistakes
If you are an investor looking to purchase land and build on it, besides choosing the right location, it is crucial to select a reputable construction company to ensure timely completion of the project.
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