December 25, 2019

Top Tips For A Smooth Property Purchase

Buying property, especially a home is the biggest financial and emotional investments that people make in their lifetime. The development from looking at a home to buying a house and moving in can become a bumpy ride. There are many unforeseen things that can hamper your plans. But if you can take the time to plan a few things in advance, the property purchase can be smooth.

Know the Jargon 
Before you start the process of property purchase, it is necessary to know the real-estate lingo. There are many terminologies that are freely and frequently used and understanding those key terms will help you in the future. Some of the jargon that is commonly used is amortization, bridging loan, break clause, dilapidation, etc.

Improve your Credit Rating
The credit rating is the creditworthiness of an individual. It is a measure of the borrower’s ability to repay the borrowed money. To maintain a good credit rating a person should make on-time payment of bills, should not max out the credit cards and clear any debts that are outstanding. When you have all your finances in order, the credit rating will reflect and the lender will have more confidence in you to loan the amount.

Hire Lawyers
Some countries like Thailand do not have notaries and that job is handled by a lawyer. The lawyer can provide useful advice on the property buying process and also help in checking if property papers are in order. They can also help in making contracts and also checking the contracts drawn by the real-estate agent. If the house is going to be leased then the attorney will draft an agreement including the clauses that give you complete protection. A lawyer is a great helping hand in your property purchase journey.

Work with a Professional listing Company
Many people opt to look for homes and make a deal themselves without taking the help of a real estate agent. But there is hardly any saving both in terms of time and money as both the buyer and seller are at risk. Hence it is recommended to hire professionals, say the experts at as they have a huge database with many property listings. Thereby it is easy to find an apt property that suits your requirements. Additionally, they are experts and know the local market better and can guide you through the best projects and the not so good ones. An agent can help you get the best offer saving a few thousand bucks.

Don’t sit on Paperwork
There will be quite a bit of paperwork involved in the buying process. Your lawyer will be sending a lot of documents about the property. Make yourself available to read and sign all the necessary documents as quickly as possible. Though there is no rush for going through the documents, sitting on paperwork from your end will only delay the process for you.

Know your Property Management
It is important to know all about the property managers who run the building. Also, a check on the financial conditions of the building is necessary. That will help you find if there are any maintenance fees or any outstanding fees. It is also the right time to find out the rules of the property as it can sometimes become a deal-breaker.

Check Your Finances
Buying a house can completely drain out your investments as there are many costs that are incurred. It includes property taxes, lawyer fees, agent’s commission and other such above the value of the property amounts that you will be paying. Apart from that, if you are buying a used home there may be maintenance and repair expenses too. This can add further strain on your finances. So have a contingency plan in place for hard times.

Don’t forget about Resale Potential
The property you buy should be attractive to future buyers too, in case you wish to sell it later. Make sure that the property you buy has a resale value before investing. The amenities, the location, and facilities are all important and it should appeal to you. Take more time to make a final decision as the resale of property is dependent on it.

Be ready to Walk away
As a buyer, it is important not to get too emotionally attached to a property. Buying a property is a business and it should be treated that way. Limit your emotions and think of it as a financial investment until the final offer is made. At any stage be prepared to walk away from the deal if the terms are not to your liking.

Whether you are a first-time buyer or an experienced purchaser, follow the above tips for a smooth buying process.

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