Buying a property is a significant investment. It is, therefore, a good idea to research a little into real estate property markets before taking this step. A lot goes into buying the best property for yourself, and everyone has different requirements.
So you need to make sure you’re buying the best property, one that meets all your needs in both the short and long term.
Here’s a list of the 12 most important things you need to take into consideration before buying any property.
1. Think long-term
If you’re buying a house, you’re probably going to be living there for a while. So make sure you take not only your current needs into consideration but also your needs in the future.
If you’re single at the moment but want to settle down eventually, make sure the property has enough room for a family. Your house should be a one-time expense.
2. Pick your area wisely
One of the most important factors to consider when buying a property is the location. Think about the neighborhood and its amenities, your commute to work, and how close it is to the city center.
If you have a family, then the distance from schools is also important. You have to take all the pros and cons of the property’s location into consideration before making a decision.
3. Focus on what really matters
Don’t be distracted by unnecessary yet appealing features. What really matters is the architecture and construction of the place.
If the place is built well and suits your needs perfectly then all the added features are a bonus. If not, there’s no use spending a large sum on somewhere that will quickly frustrate you. Remember, you can always decorate the interior according to your taste once you’ve purchased the property.
4. Make a list of all your requirements
Before heading out to look for properties, make sure you’ve thought about all the things that are important for you to have in your new house.
If you haven’t decided what you’re looking for yet, you will only end up going around in circles and wasting yours and everyone else’s time. Make a physical lists of “must haves” and “should haves” before you start looking at properties.
5. Research, analyze, and repeat
You must research properties and their prices independently before buying them. This will ensure that sellers and listing agents don’t rush you into making an unwise decision by concealing some of the facts and making the property look much more appealing than it is.
6. Don’t be afraid to ask questions
If you’re confused about something, ask. You have every right to question the agent or seller of a property you’re considering buying.
You should also ask the seller how long the property has been on the market. Owners of properties that have been on the market for a while are usually more flexible when it comes to price negotiations.
7. Make sure you’re aware of all the property laws
Different countries have different laws for buying property, which can vary for residents and non-residents.
For non-residents, things can become complicated. For example, in Dubai, foreign nationals can legally buy real estate only in one of the so-called “Designated Areas of Dubai.” If you’re unsure about the laws, it is best to consult with a trusted realtor or a real-estate agency that can guide you.
8. Think of all the costs
Buying a property doesn’t mean you only pay a one-time fee and are then good to go. Properties can have a lot of hidden costs that you must be wary of before you make any purchases.
Transfer fees, conveyancing fees, deposits for utilities all come under these hidden costs. You will unwittingly end up paying much more than you bargained for if you don’t keep an eye out for these hidden costs.
9. Don’t go above your budget
It’s very easy to get carried away while looking for new properties, especially when you think of it as a long term investment. However, if you’re not careful enough, you may just be setting yourself up for failure.
You can never be too sure of the economy at any point and putting a financial strain on yourself for a long time is not worth the horrible consequences later.
10. Take your time
The best advice we can give you is not to rush things. Even if a deal seems perfect, take your time to think things through and then purchase the property. Making hasty decisions is never a good idea, especially for something so important.
11. Read the contract thoroughly
When you’re buying property, you will need to sign a mountain of contracts. Although it may seem that these contracts are standard and have no room for negotiation, this is not always the case. Contracts are meant to be negotiated between two parties, and you can request changes you you are not 100% happy.
12. Visit the site
Make sure you go for a site visit before purchasing any property. This is particularly relevant if buying something interstate or overseas. Things may be very different in real life than what is shown in the brochure or website.
As such a significant investment, buying a new property can be daunting. But if you follow these points and do your research well, you can undoubtedly land a great deal for yourself!
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