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10 Best Tips Before Buying
Before you start looking at properties, make sure how much you can afford. That doesn't mean that you have to pay everything in one go, it means the maximum you’re prepared to pay each month if you get a loan. Do a case study. Try to live for three months on a new budget planned including your home loan repayments and put away a sum every month for associated costs of owning a home. After this, you can look at properties with intent, rather than hope.
Nowadays with the world becoming more and more digital, gone are the days when peering into estate agents' windows was the only way to see advertised houses. But there's a plethora of property search sites over the internet. And note that some homes are sold before they appear on the sites, so stay tuned with newspapers and local estate agents to be informed when a place is on the market.
Once you decide on the area you want to buy you have to do research on it. For example, the last thing you want is to be stuck with a property in a neighbourhood with high crime rates. An area where a revitalization plan is underway potentially represents an investment opportunity. Locations with easy access to facilities such as schools, supermarkets, pharmacies and plenty of amenities, such as malls, restaurants, parks, have profitable deals. But take your time to know as much as you can about the area you’ve identified as having potential. Do not hesitate to talk to real estate agents to get a sense of what's happening there and how properties are estimated.
Take into consideration that no one is able to predict what's going to happen to house prices, even if many will try. Like shares, house prices are markets, so do a strong research market analysis to make sure you are getting value for money and compare your favourites. Visit as many places as you can so you’ll have a good idea of what your money buys.
One of the most important early steps as a first time buyer is working out what size of mortgage you can afford. A mortgage in principle will allow you to do that, and prove to your referents that lenders are willing to grant you a mortgage. Having an ‘agreement in principle’ may help you to take advantage over other potential buyers since sellers will remember that you are a serious buyer and that you have the finances needed, offering you the best chance of guaranteeing the house you have made an offer on.
Many good things in life come from following your heart but it is not safe to do it with property ownership. There’s a big difference between your emotions and your instincts. Going with your instincts means that you recognize that you’re getting a great property for a good value. Going with your emotions is being obsessed with the paint color or the pool in the backyard. Do not be ashamed of walking away if the deal isn't right or doesn't suit your needs. There will always be other properties. Bear in mind that it's a financial transaction and your terms must be met.
Once you’ve found a property you’re interested in, you need to make sure that there are no hidden surprises ! Check everywhere and everything that can be checked. Ask questions and don't be afraid of asking millions more. With such a big purchase, surround yourself with experts. Hire a licensed home inspector to pinpoint any issues that could potentially end up becoming costly repairs, work with a mortgage broker to ensure your finance is structured to meet your needs, and talk to a financial adviser about the realities of home ownership. To avoid conflict, your lawyer should be ready to have your back.
When you buy a home, the person or agency you’re purchasing from will probably expect you to negotiate the price. Ensure you negotiate as much as you can. As a buyer, you have nothing to lose through solid negotiations. Know your market and feel in control !
‘Before someone else snatches it up’ may put pressure on you but keep in mind that real estate agents are expert salespeople, analyse the information provided by them. Don't hesitate to request additional time frame to be able to take a choice. You’re less likely to make a decision you regret if you take the time to consider it with a clear head.
If you have found your dream home and you are ready to make an offer, you are allowed to make a bid on the condition that the house gets taken off the market. This removes the risk of you being gazumped even after you have agreed the sale.
