As the new year begins, many people work toward real-estate-related resolutions for 2024, but how can you acquire the best property for your goals? This is an answer that Nick Millican knows for sure. For properties meant to become a residence for you, be especially careful to think in the long term. What do you need from your real estate? 

You may want to consider factors like how a location will affect your daily commute, or how it could affect your children’s schooling. How likely are you to need to move again, and how easy will it be to do so?

For renters, shared ownership or rent-to-buy properties are projected to be particularly likely to rise in their costs of rent. As Nick Millican answers, should you need to move, you may find yourself locked into the property because it is more difficult to sell if you are not the sole owner.

If you are instead trying to invest in real estate, shared ownership properties are also expected to have rising mortgage rates. You may find similar problems in being locked into such properties, if they should prove a liability. Nick Millican adds that those intending to flip a fixer-upper should also exercise caution in their property selection. How extensive are the repairs required? 

Although a fixer-upper may boast a low price tag for ownership alone, the cost of repairs may raise its total to above what you would have paid for some other property before the building becomes habitable. Additionally, Nick Millican shares, as the initial excitement of pursuing a New Year’s resolution fades, you may lose the motivation needed to complete the repairs – particularly with current labor and supply shortages creating longer times to complete the repairs. You could be left with an unusable property.

For everyone, this whole thing it is a good idea to check on a property’s insulation before acquiring it. The more heat a property loses, the higher its energy bills. Consequently, properties that have an Energy Performance Certificate (EPC) C or better are more attractive to renters. So, as Nick Millican finally comments, if you are searching for something to let out, your property will be more desirable if you can obtain a good rating. If your property’s EPC rating is too low, you will not be allowed to let it legally at all.