Buying a property is a major decision that you need to review thoroughly and, as Business Insider puts it, carefully weigh. It’s not like buying something from an electronics store that when you discover a defect, you can immediately return and have it replaced. This is why it is important to remember all the essential things to know about buying real estate. Here are some of them:
Have a Look-See
Contact the realtor and arrange a schedule to visit and inspect the property you’re planning to buy. Unless perhaps you’re one of those rich people out there who have employees and lawyers to do the inspection and purchase for you, then it's best to check the property yourself to see its current state. Even if it’s a new house, you will want to inspect if there are no major flaws that could serve as a detriment in the future.
Most buyers meet with real estate agents for the first time when they visit the property they’re planning to buy. Don’t believe everything the agent says immediately. Remember, they’re in the business of convincing people to buy properties.
According to Forbes, they’re there simply to convince you so they could earn a commission. This does not mean that you have to stare down at every agent or give a dagger look. Many of them are honest in their dealings, but you have to watch out for those who might be pulling your leg to buy a property as fast as possible. It’s up to you to decide and see if they’re okay or not.
A Valuable Discovery
While you already know the selling price of your property, you still need to check whether the selling price matches its true value. If you’re planning to buy a house and lot in Australia, for instance, hvpc.com.au suggests that it's a good idea to contact a consultant first. They can give a sound advice on the price of the property and could even help you find one that’s within your financial capacity.
Long-term or Short-term
Another thing you should consider is whether you intend to stay in the property for the next five years or see yourself moving to another place. Decide on this right from the start because you might find yourself at the losing end if you intend to stay for a couple of years. Moreover, you might want to reflect on the type of loans you’re qualified to apply for and the amount that you can afford to pay.
It’s understandable that you want your dream house but you should not sacrifice even your life savings just to get it. Be an informed buyer.