Purchasing a real estate can be a nerve cracking experience for many. You may go through many emotions and frustrations while searching for a right place for you, then secure a loan and at last moving in to the property.
Many real estate buyers mostly never indulge in any research on the property before they make investment in their nest egg. Here we provide you with few suggestions which you should execute before finalizing on the property you intend to purchase:
Income + Lifestyle = Mortgage Payment -Just do a sit in with your real estate agent and discuss threadbare regarding your living expenses and income levels. You can also take into consideration your future add-ons, children, fix ups, etc. You can sacrifice for your dream property but it is not wise to mortgage your complete future.
Just imagine the property as vacant – Never get swayed with the decorations or furnishing which fill the property you intend to buy as they will go with the owner.
Inspect the property thoroughly- Always go into the finer details of the inspection report. Also make sure that inspection was done by a competent and professional firm. For the condo buyouts, just go through their CC&R’s, Association fees and By-Laws. Inspect everything!
Inspect many properties – Inspect at least 8-10 properties. Just don’t start and end with the first property you see. With the help of your real estate agent you will surely be able to inspect many properties to get a overall picture of the real estate market.
If It’s Not In Writing, It Doesn’t Exist – All the discussions and promises you had should be in writing. Never believe in any assurances or statements. Just have your own expert regularly keep a ongoing log in writings for all the debates and also secure the approval of seller on the paper for all the agreements
Make a final walk through- You must visit the property when all the furnishings etc have been removed to ensure yourself that you face no surprises later on. Things which are usually spotted in the final walk through are normally overlooked.