Buying property tips, Home purchase advice, Residential ownership buy guide
Tips Before you Buy Property
Contemporary Home Ownership & Buying Property Article
10 Feb 2019
Buying a property? Well, even if you have bought a couple of properties before, it would still feel as if this is the first time you are buying a property. After all, the whole process is not easy and simple, and things can get complicated and stressful if not handled the right way. There are plenty of examples where things went wrong. And, there are success stories of homebuyers striking the right deal and earned themselves a fortune.
Keep in mind that buying a property or real estate is just like any other business. Thus, regardless of the kind of property you are buying, you need to follow some set rules so as to avoid making any expensive mistakes.
photo © Adrian Welch
Tips Before you Buy Property – Buying a Home
Start looking early
You must start researching early and spend some good time not just looking for good real estate options but also the mortgage lenders. You strike the right deal with a good match, and it is like working with a fine-tooth comb. Different lenders will have different rates and requirements, and it is recommended to go through the costs and fees to have good knowledge.
Have a sound budget and plan
When interested in buying a house, look at your savings and how much house you can afford to buy. You need to have not just some smart savings but also a smart plan to cover all the costs. You might need to budget for some unexpected costs such as paying those movers or sell some items that won’t fit in your new home or have to pay an extra month of rent. Avoid those unnecessary financial headaches. In case of a cash crush, you could consider looking into short term loans.
photo © Adrian Welch
Ask for a home inspection
No matter how good the property looks, a house inspection is sure going to rival some hidden flaws with the hose. It could be non-working electrical outlets or mold in the basement or a semi-functional bath drain. Ensure that the property is in perfect order before buying it. Ask for an inspection report and ask to get everything fixed and any immediate replacement if needed.
The history of ownership
Study the history of ownership of the property and go through every paper related to the property. You might come across some interesting and at time surprising information about the original land and the previous owners. Always have an updated abstract on the property as it is valuable paperwork with useful information.
Don’t be scared to ask questions, even if they seem unimportant to you during the house-hunting process. For, if you won’t ask, you are sure to feel lost down the process and won’t understand what’s going on. Good real estate agents are already aware of your concerns so take advantage of their expertise and get complete guidance from them. After all, you are paying them for their services!
Just follow the above tips as a property buyer and start on the right foot. After all, you ended to remain on top of the affairs and feel like a small home shopper.
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