September 27, 2015
Buying a Property the First-Time: 10 Things to Know
Property investing is a great prospect, especially if you have the money and the knowledge about the sector.
First property purchase is definitely an exciting aspect. Again, as a first time buyer, you should be careful about the investment since in real estate there is nothing called impulsive and you should have proper expertise and guidance to buy.
10 First Property Buy Facts
- Check your budget and look into the charges implied. Make sure you have a clear insight into the amount of mortgage, tax, insurance premium and more.
- Price negotiation is not the real case in property buying as the prices are only going to exceed than what it is at present.
- Real estate broker assistance is good to get that upfront guidance. The misconception with most people is that having a broker will only add the expenses. But the fact is that brokers are also good with payment terms and discounts, so it is highly recommended for the first time buyer.
- Make sure that you conduct property checks prior to taking any kind of decision. Get experts to look into the floor plan, legalities and blueprints.
- Buy a property that is worthy of investment. Would you like to save on purchases when the same could require repairing in the future?
- Look into the real estate market and see where you can benefit when it comes to location, amenities, cost of living, career, and future prospects.
- New buyers may have to shell out 10-15 per cent down payment which can be the biggest hurdle. It is important that you start saving early and have sufficient deposit to induce into the buy.
- There are various kinds of property purchases available that can benefit the first time buyer especially on a budget. Joint mortgages, guarantor mortgage, and more are just few of the options on offer.
- Know the market rate of the type of property. The pricing differs depending on a number of factors.
- Understand the terms and conditions as well as all kinds of legal aspects well before signing a contract.
- Set up connections with professionals in the real estate market. As a buyer looking for the first property this can be a daunting task if you don’t have reliable sources. Seek for any kind of clarification so you can easily conduct the purchase.
Buying the first property can be an exciting and memorable experience. Make sure you stay firm during negotiations and avail the best deal out of your investment!
If you are looking for a property to buy, you might want to check out the properties I have visited in Bulacan, Cavite, Laguna, Manila, Muntinlupa and Quezon City. Or choose if you want to house and lot or a condo unit.
Need assistance with these properties? You can fill up this form or send me a message to the following account.
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[Disclosure: I am an accredited online lead generator for Driven Marketing]