After months and months of searching, you have finally found the property you have been dreaming of. Don’t miss out on the sale by making a beginner’s error. On that note, today, bdHousing.com has come to present 5 of the most important tips to look after while purchasing your dream property. So, let’s start checking them out.
The importance of getting solid legal advice when buying property cannot be overstated. A good conveyancer or solicitor can alert you to serious problems with the property that could cause the sale to fall through, including:
Your legal representative will also review the contract of sale and mortgage agreement to ensure these legally binding documents protect your interests.
If you are serious about a property for sale, you will need to organize a professional building inspection to check for structural defects, pest infestations, damp, asbestos and issues with the plumbing or wiring. But before you get to this stage, you will undertake your own property inspection. And while your emotional response to the home is important, you need to think carefully about its potential problems. There are key ways to spot a lemon, such as:
Knowing your borrowing power is essential before making a bid or offer on a property. By talking to different lenders, reviewing interest rates and investigating potential product add-ons (such as redraw facilities, offset accounts and repayment holidays) you can determine how much you can realistically borrow. Always consider your ongoing homeowner costs and ability to manage mortgage repayments in the future. Obtaining loan pre-approval will keep you ahead of the baying pack.
There are useful online calculators that can help you estimate mortgage repayments, compare loans and evaluate your overall buying power.
Sales have been known to fall through due to an inaccurate property valuation. This becomes a particularly precarious situation if you have committed to a purchase at auction, or signed an unconditional contract, and your chosen lender values the property at a lower price than what you paid. It could mean having to borrow more than you budgeted for. Always use an accredited value if sourcing your own valuation.
Buying real estate can be a game of negotiation and bravado. If you’re not comfortable making sale offers, bidding at auction or negotiating settlement terms, it could be a good idea to get along with a real estate agency. Along with finding property, trustworthy agencies are expert at evaluating properties for sale and negotiating purchase terms. An alternative is to use a trusted friend or family member.
Well, that above-mentioned information is pretty bookish. However, if you wish to get all of those done under one umbrella and stay tension free throughout the whole procedure, bdHousing.com can be the ultimate reliever. Don’t waste time. Let’s start working.