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Things to consider before buying a property

Posted by Rameez on 11/07/2020
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Wanting to buy a house? Buying a home is one of the most important financial decisions you will make throughout your life. From price estimates on why you would find a real estate agent, so let us see what all things you should consider before buying a home

  • Appointing a trustworthy real estate agent

We all know that realtors are getting a cut in a home ‘s selling price which makes some buyers reluctant to use a realtor: they think it drives up the overall cost. Bear in mind that the seller pays the fee, and not the buyer. A knowledgeable realtor who works for you can protect your interests and guide you through the purchasing process-from price negotiation to home inspection navigation. By the way this is the most crucial step for everyone before they start the buying process.

  • Considering silent cost

There are some extra costs, as described, that will surprise you on and cause some increase in your budgetary like

Council rates

Stamp Duty

Lenders Mortgage Insurance

Additional Insurance

Loan Fees

Building and pest inspections

So, people should also keep in mind and well prepared of these extra costs before they consider in buying a property.

  • Doing a research on the local area

Analyzing certain things like how’s the crime rate and quality of neighborhood is very vital before buying a property. Plus, there is no such thing as being overly informed when it comes to buying property, so take your time to know as much as you can about the suburbs you have identified as potential. Have Conversations with real estate brokers and your mortgage broker to get a sense of what is going on in the local area. Make sure you understand how assets are priced and how that is different from what the price of the list may be.

  • Having a proper look into the issues of the property

Once you’ve found a property that you’re interested in, make sure it doesn’t have any nasty hidden surprises. Smell of mould, and odours linked to animals. Knock on the walls to see how hollow they sound. Open the dryer and the dishwasher-you never know if there are rodents. Does it flush the toilet properly? Is the air-conditioning / heating working? Is flue above the fireplace working? Is the pressure on the water ok? Will the apparatuses work? Will the council authorise the studio out the back? Ask questions, and don’t hesitate to ask more.

  • Considering the age of the property

This is meaningless if you are not involved in new buildings. However, if you’re willing to look at all the houses within your price range that meet your basic needs, you can see homes from many decades. Older homes may have an attractive quality and may need further maintenance and improvements as well. Make sure you have the time, inclination, and budget to enjoy running these ventures.

 Building codes change over the years, so getting a clear understanding of some of the most impactful variations when looking at homes constructed under a different set of rules will be a positive one. Your real estate agent may possess the expertise or know where to find the answers. If you are searching for a certain vintage and style, you may already be aware of the way homes were built at the time.

  • Maintenance factors

There is usually quite a list of possible maintenance products unless you’re purchasing new building. Looking at the building, you ‘re probably drawing up a written or mental list of all the items that could be using some support. They could be repairs, large or small, substitutions or additions that would make the house a home. Some items could be predominantly cosmetic, and others could take a lot of time and money to complete. Make sure that you write them down and sum them up. Is it a reasonable list, or would it interfere with your family life or create a financial difficulties?

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