Identifying The Property
Buying a home is one of the most exciting decisions that you will make in life. This decision will also be one of the most expensive decisions you will make, in terms of financial costs. Since this is an important purchase, you should identify your property very carefully. You must be clear as to what you wanted to buy and what you are buying. When you go to a real estate advisor, a broker or seller, you must look at following aspects of the property,
The Condition of The Particular Property
You need to examine the property carefully as buying something that requires extensive, expensive repairs, may not be a very financially viable investment. Try to shortlist properties based on minimum repair costs. Identify a property, where you have no moisture related problems, no loose floorboards, any structural problems etc. In case you see some repairs required, see if you can do it yourself, so as to cut costs. While inspecting the house, you can check the outer walls, false ceilings, and corners of the house to see if there is any identifiable issue there.
Title of The Property
Title of the property identifies the current owner of the property. It is a legal document. You should identify properties, which have no attachments or liens attached to them. Clear title papers will ensure you have no such problems. Identify the properties, which have clear titles only, for your shortlist.
Location of The Property
When you buy a home, your neighborhood matters a lot. Before putting a property on your shortlist, look over the neighborhood. Remember, a good home is one, which has three things, great location, great location, and great location!! Look for a good school, supermarkets nearby, corner stores within walking distance, parking etc.
If you are buying away from your present place of residence, speak with the locals. Try to find out what sort of development is planned for the future. Is there any movement of schools or universities planned, or if there are any industries, which may move close or be shut down in near future. Either way, you should know what is happening in the surrounding areas. If you can identify a property, which has great locality or plans of development for future, you will see handsome capital appreciation later.
Asking Price of Tthe Home
Identify who is the seller. If you directly negotiate with the seller, you may get a better deal. While identifying a property, try to remove middlemen, brokers etc. If you can identify some properties where you have no money down or full financing option, you can save some money now.
Identifying the property that you will finally buy, will need some groundwork and you should begin by making a short list, taking all the above into consideration. Then you can move on to freeze one property from that list. In case, you feel that you do not have adequate knowledge or time to hunt down a good property, you can take help from real estate advisers and brokers.