Essential Tips for
a property is one of the great financial commitments in every ones life.
So it is better you do certain level of homework before purchase so as to ensure
that you buy the right property for the right value.
In the real
estate market, sellers are more and hence you can make best use of this
situation in your buying and knowing certain prevailing facts can make
your deal worth while.
a pre-approval from your mortgagor will be of great value and you can make use
of this to know where you stand financially and decide on your budget and search
for property you deserve and that fits your lifestyle.
you are satisfied, make an earnest money deposit, as so as to fix the deal and
bind the seller to restrict the transaction only to you. Note to minimise contingencies,
as lesser contingencies can bring forward stronger offers.
make a visit and take a look of the new property quickly. You may be even surprised
to see that homes sell very fast, probably in few hours and hence try to make
a quick decision.
handy all notes and points that you look for in a property and once you get satisfied
with majority of them, you can take a final decision quickly.
with agents who have got better communication access. Note to maintain frequent
contacts over office phone, voice mail, fax, pager or cellular phone to know the
position and for other clarifications.
decide whether you are buying for investment purpose or to live in the new property.
Both reasons are quite opposite and have a bearing in your final decisions while
the following tips before making buying decisions and they can save you from many
embarrassments and financial loss:
Spell out correct reasons for buying the property
any property buying reason for buying play a vital role and many people have failed
and incurred financial loss due to their wrong notion or reasons in buying a property.
First decide on what you are going to do with the new property going to
live in or rent it out. If you are planning to live in, then ascertain whether
the same is suitable to you and your family.
case you have aged people in your family, you may prefer to have a level block
to having a stairs. Do you need the garden or the existing garden is enough? Are
you going get satisfied with two bedrooms or may need one more in the future?
Never fail to carry out the inspection
your proposed building inspected by home inspectors and pesticide experts to get
a first hand information. If your choice is a villa, then ascertain whether you
share any common wall with your neighbours and whether you can tolerate the noise
Evaluate the property
and get the property values in the area wherein you have proposed to buy. If the
property has been renovated recently, then check with the local authorities whether
the renovation was done as per the permitted plan and with what cost.
Know your level of affordability
and decide your affordability and offer price before hand. The crucial part in
any property deal is the actual opening of offer. Start with an offer you feel
is the lowest and try to negotiate. Have a firm mind regarding the upper limit
up to which you can go.
Involve Estate Agents
you look for properties through estate agents, then keep regular contacts and
ascertain the latest position. Show your eagerness in clinching a good property
and all the friendly agents will be more willing to inform you first when any
good property comes for sale.
a rapport with the vendor and never argue over trivial issues. Make your point
clear to the vendor that you cannot compromise on quality and are willing to wait
for a nice property. Give enough time to the vendor for finanlising the deal.