Epic Home Ideas

  • About
  • Contact
  • HOME
  • Interiors
    • Interior Design
    • Home Decor
    • Kitchen
    • Living Room
    • Dining Room
    • Bedroom
    • Bathroom
    • Flooring
  • Exteriors
    • Exterior Design
    • Garage
    • Gardening
    • Roofing
  • Home General
    • General
    • Design Software
    • Home DIY
    • Polls-Quizes
    • Product Reviews
    • Recommendations
    • Renewable Energy for Home
    • Celebrity Homes
  • Home Improvement
  • Home Architecture
  • Real Estate
You are here: Home / Real Estate / 12 Things To Watch Out For When Buying a Real Estate Property
I may earn a small commission if you buy through the links in this website without any extra cost to you. My Recommendations however are not biased in any way.

12 Things To Watch Out For When Buying a Real Estate Property

Written By Glenn Prescot

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.

real estate

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.

Table of Contents

  • 1. Think long-term
  • 2. Pick your area wisely
  • 3. Focus on what really matters
  • 4. Make a list of all your requirements
  • 5. Research, analyze, and repeat
  • 6. Don’t be afraid to ask questions
  • 7. Make sure you’re aware of all the property laws
  • 8. Think of all the costs
  • 9. Don’t go above your budget
  • 10.  Take your time
  • 11.  Read the contract thoroughly
  • 12.  Visit the site

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!


Related Posts

  • Some Pros and Cons of Using a Real Estate Agent (for Sellers or Buyers)
  • 7 Companies Like Divvy Homes (Alternatives) for Rent-to-Own a Property
  • The Most Important Factors for Real Estate Investing
  • 13 Opendoor Competitors – Best Companies Like Opendoor to Sell Your Home
  • What You Need to Know About Luxury Apartments in 2022
  • 38 Interesting Real Estate Fun Facts and Statistics You Should Know

Filed Under: Real Estate

About Glenn Prescot

I'm Glenn Prescot, an Interior Designer originally from Kansas USA and now living in Europe. I am a fan of DIY, home design, gardening and anything related to home interiors and exteriors. I'm also interested in crafts and Home Improvement projects.

I have been in the home design industry for more than 17 years. I love decorating and transforming spaces so that people living in them are happy and pleased with their space.

Have a look around and I hope you'll like the content and ideas in this website!!

Here is my more detailed Profile.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Search this site

Recent Posts

  • Cheap Ways to Heat a Room – Efficient and Budget-Friendly Solutions
  • 11 Ways to Get Rid of Cooking Smells in a Small Apartment or House
  • Comparison of Murphy Bed vs Sleeper Sofa For Your Home
  • Comparison of Knockdown Drywall Texture vs Orange Peel
  • 11 Stores and Sites Like IKEA For Affordable Furniture and Home Products

Amazon Disclosure

As an Amazon Associate I earn from qualifying purchases.
Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates.

Copyright © 2023 | Privacy Policy | Contact | About | Terms of Use | Disclaimer/Disclosure | DMCA Notice | Amazon Disclaimer

209 shares