Essential Tips for Buying Property

Buying a property is one of the great financial commitments in every one’s 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.

Getting 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.

If 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.

Always 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.

Keep 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.

Deal 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.

First 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 buying property.

Consider 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

In 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.

In 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

Get 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 level.

• Evaluate the property

Seek 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

Calculate 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

When 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.

Maintain 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.

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