Going through each of the below 6 points ensure you receive knowledge on what all are the things to consider before buying a house. There are still chances to make few mistakes and such mistakes cannot be avoided. However, those would be relatively simple when comparing with the ‘BIG’ mistakes making by those who are not aware of these points.
1. Document your plan: Buying a house is costly and lots of money involved. Also, it is not a regular activity and some times happens only once in the entire life plan. To make such decisions, lots of preparations required. When you plan to buy a new house, one of the important things to do is the documentation of your requirements and budget. This would be about the location, building, surrounding, features, size of the house, interiors, structure or anything. Such documentation or plan should be done by discussing with each members in your home by taking care of their personal considerations and recommendations.
2. Property visit: Visit to the property is the next important consideration. Have your plan or document in hand and match the availability of each of the requirements and facilities you have outlined in it with your home members. If anything misses, identify whether it can be managed to make yourself within prescribed cost. It is sure, any of the property will not meet all our requirements but, should ensure whether you can enhance the property in a way to meet your requirements in future after buying the same. For an example, if the property required to extend in a way that you wanted, ensure there are possibilities for that. You can easily achieve such goals by taking the help of an expert construction engineer. Desired surroundings, facilities like, schools, hospitals, shopping centers, government offices, facilities all should be considered in this steps and should be comfortable with all of it.
3. Legal barriers and hidden issues- One of the biggest trap to home buyers are any existing legal issues that the seller may not revealed. This should be identified before making any further move. Get the help of legal advisers, tax departments, utility departments to identify any such pending issues are there on the property. Any existing claims, pending court actions, cases all should be look closely. Ask for all original documents to cross verify and ensure your property doesn’t have any legal issues. One of the biggest problem in faces by buyers in this point is the property may have loans from any financial institution or bank. If so, immediately contact the bank and confirm everything would be fine if you buy the property. Also, contact relevant local government departments to inquire and confirm the property is good enough for you to buy and out of all legal ongoing cases.
4. Reason for selling – It is important to know the reason for selling the property, if it is not a new house. This can be identified through asking directly to the seller itself. Once asked, any seller should be able to provide well satisfied and authentic reply on his move. Check and make sure the reason supplied for selling the property is true and authentic. Sometimes, selling of a property can be happen due to any unknown issues to the buyer, but well known to the seller. This can be legal formalities against the property, surroundings, climates or many other and a buyer should identify this real reason. Utilize all possible methods i.e. quizzing neighbors, home owner itself, contacting necessary government offices or agencies, churches etc… are the best options. If you have a broker, never believe him or his words at this point. Instead, must check yourself and confirm the reasons are acceptable. One of the other, reliable source to achieve this goal is through contacting the residence associations, if any, in that area.
5. Price Considerations – Each area have a prescribed market price for real estate. It may wary depends on the location and type of properties, but there would be some standards. As a property buyer, you should dig deep into this point to identify the prices quoted by the seller is relevant to the present pricing standards. Once you have found a good property that met all your documented requirements and have clean chit on it, never move for a blank deal. Instead, this is the time to bargain with the seller considering the difference in the asked price and present standards. You may required to put more efforts to convince the seller to drag him to a win-win situation to seal the deal. Engage your loan provider, if any, at this point to confirm necessary loans would be approved and available in time.
6. Buying formalities – Buying formalities are different depends on the country, state, regions and areas. Once the deal formally agreed, this would be the next step to complete smoothly. One of the best option here is, contacting an expert agency to verify and complete the formalities for you. Update to the required departments and offices should be done and an experienced agency can help you to accomplish all necessary formalities to give you the ownership of the property.
Sherin Dev is the founder and editor of Investinternals.com Blog. Learn more about him here. Follow him on Twitter @Moneyhacker or be in touch with him at Facebook If you have any queries related articles, guest posting, advertisements or any other, contact him at investinternals@gmail.com