Top 5 Tips For Buying Real Estate And Property
June 30, 2010
Most of us dream of one day buying their own real estate. Buying real estate will save you paying rent each month and the money you are paying now goes towards something that you will one of these days own outright . You’ll also have a lot more freedom in decorating, renovating, and making the all important adjustments on both small and large scale . If you’ve never considered buying real estate , you should consider doing it today. Consider these five tips when buying real estate :
• Know The Purpose: What will be the purpose of the real estate you are buying? If the property is for your family, better assess if you will have extended family members who will be living with you and your family ? Do you have a tot or pre-school child who will want a large yard or an area where they can run around ? If the property is for your retirement, better select a place where you can relax and meditate. Somewhere you think you can unwind and loosen up what is bothering you . Also decide if the property you are getting is only for your investment .
• Pick A Good Location: We all know it – “location, location, location”. It’s important to find out first the location where you are planning to buy real estate. Look at newspapers, yellow pages , and internet search engines . Visit nearby real estate agencies and ask a few questions . In choosing the best location, assess if the community has quality schools, markets, hospitals, transport and parks nearby. Are the properties around you well-maintained or run-down? Also, only consider real estate in a location that experienced excellent capital growth during the past few years. For instance,Sydney real estate and Sydney property had consistently increased its value despite the global financial crisis. Always remind yourself that location is the major factor on the resale value of your property.
• Wait For The Perfect Time: Always pick the perfect time to buy. Consider factors such as your current situation, and your judgment of whether the market will be going up or down. Spring and fall usually has greater market activity with a wider choice of sensibly priced properties available for sale than summer and winter. Sometimes the best time to buy is when nobody else is actually looking . There is this little-known secret of a noticeable drop in prices at the end of December which only very few buyers take advantage of.
• Get The Best Finance: Deciding which property to purchase is the easy part, but the question is – if you can afford it. Before you start searching for properties, research first your finances . You can use those home affordability calculators available online to give you an idea of what you may qualify for. Be aware of any additional costs and hidden costs that may be associated withyour purchase. Many buyers only look at the monthly mortgage payment in deciding affordability. Additional costs such as the down payment, loan fees, legal fees, closing costs, taxes, insurance policy, home owners association dues , inspection fees, and surveys can add up to more than what you budgeted for. Discuss these costs early with your realtor to find out if the total purchase price is still within your reach. Try to get a home loan pre-approval from a bank or financial institution. All information you provided will be corroborated and you will receive a written pre-approval from the lender.
• Good Inspection Only: Once you have chosen the best real estate for you, get a licensed or certified inspector to look at it. Notify the inspector what your expectations are and go along with the inspector for the inspection. Find out exactly what needs to be repaired and put this forward to the seller. Also, find out the cost of these repairs and any renovations tha you have in mind from qualified electricians, plumbers, painters, and building contractors.
You will find these tips valuable in choosing the What, When, Where and How you buy your real estate or property. Just follow your instincts and avoid buying into the wrong real estate. In the end, it is only you who knows what’s best for you.
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