Buying a property, whether it is your first, second or tenth time, you have to face the stressful process. For many people, buying a property is the biggest financial decision of their lifetime. Because there can be so much riding on this one purchase, it is imperative that you do the correct research and follow the correct procedures. On the flip side, a failure to do this can mean financial disaster.
Consider the following guides a starting point for your own research into buying property, information is your best friend in the property game.
Research
Research forms a solid base for all the purchase and the good news is, that you are doing some right now by reading this article. There is a variety of information you need to gather about your desired property and the local area before you decide to buy it.
The first move you need to do is look at the past few years sales results of the suburb you wish to buy in. It it very likely that in the last few years a house very similar to the one you wish to buy has been bought or sold in the local area. By comparing the historical prices paid to the current asking price, you can start to build a picture of the local market and check if you are getting a good deal.
The next thing you need to do is deeply research, is the property bounded by any limitations on the use of land it sits on. As people rebuild fences and conduct home improvements, the official boundaries can often be compromised. It is really important that you are aware of the exact boundaries of the property you are going to purchase. Besides, local councils often place provisions on the use of residential land, such as specifying drainage areas and wildlife corridors. You can contact the council responsible of the suburb you wish to buy in to find out more about and land use limitations.
Inspections
Once you gather enough information and done your research on the local property market and selected a property that you feel is a good deal, you need to start scheduling more in depth inspections. In this step, you will need to hire a qualified building inspector. They will go over and check on the property, finding if there is any major or minor faults which may compromise the structural integrity of the house now, or in the future. If a house has faults, this doesn’t necessarily mean you shouldn’t buy it, instead, you can ask for the discount for the property (of course after consider how much repairs will cost).
Financing
Before you inspect the property and even start looking property, you should have finance arranged. By knowing how much you have to spend, you will be able to focus your search on properties that within your comfortable price range. Without positive confirmation of finance, you could just be wasting your own and everyone else’s time by looking at properties to buy.
These are the major guides in property purchase. Be sure you know your financial status at the first place, do the correct research, inspect the property to find out if there is any faults and you will feel that the buying process gone smooth and successfully. Good Luck.
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