Buying A Property?
Purchasing new property is both an exciting and nerve-wracking experience as it involves making one of the biggest financial commitments you will ever make in your life.. Before taking this big step it is important to consider several key things in order to not only get the best deal in the market but set things up to provide safety and security.. Some of the things to consider to avoid making a mega mistake include:
1. Plan before Investing
The first step to owning any property should involve planning a meeting with your financial advisor or investment advisor to discuss pertinent issues regarding your financial standing, investment goals, risk analysis of various property investment options and what-if scenarios. This is an important stage as it gives you the opportunity to clarify your investment goals, set financial limits and assess the risks involved. You need to know what will happen if interest rates skyrocket or if your income dropped by 30% before you decide how much to invest anywhere.
2. Take Time to Decide
As pointed out, property buying is an exciting experience prone to emotional purchases mainly orchestrated by well trained property agents. Take time to get into the details of the local and adjoining markets, shop around to compare other properties even if they do not interestt you, this will give you the best idea for local prices. Remember people are building properties everyday so there will always be another dream property. Slow the proccess down as much as possible to gauge the true interest in the property, if you get quipped at the post it is better to lose an opportunity than to lose money rushing in to things.
3. Revisit the Property
A common mistake most first-time property buyers make is buying the property based on only one or two visits. It is recommended that you make at least three visits to the property at different times of the day weekends and at night and regurarly pop past the property. It is not only crucial to see who will be living or investing next to you, other things to check are the aspect the property faces, hot sun on windows costs a lot to cool, are there sporting clubs adjacent, can you still get a park nearby on a Sunday morning, Is there a 11.00pm flight everynight overhead and things like traffic noise. All these things may not be a big problem overall however they do make a property harder to sell in a hurry if your circumstances change dramatically.
Since property deals involve large amounts of money, it makes more sense to find an experienced negotiator to handle the deal on your behalf. Ideally this will be a property professional who is not attached emotionally to the transaction. Negotiators are better positioned based on their experience and knowledge to handle the transaction and by not having a personal interest in the transaction will remain much more grounded and calm throughout this streeful part. Be very careful from whom you rely on for information, unfortunately everyone knows someone who knows someone, remember that to succeed you need to think differently from the norm, get a pro and reap the rewards immediatly.
5. Inspect Before Signing
The last stage in property buying process should be to hire a qualified building inspector not only to make sure that the property is in good condition. By using the inspector’s report few people realise that this document is one of the strongest negotiating tools in the proccess, an astute negotiator will use the report to negotiate for large discounts for minor repair works.