When shopping for a new home, it can be rather emotional and time consuming. Especially when it comes down the nitty-gritty. Buyers often get so caught up in buying the property that he or she overlooks some important areas. This in turn can lead to an expensive lesson.
The errors normally fall into three important areas: 1) Buying the incorrect home 2) Paying above value 3) Losing property to another buyer You need to have a concrete plan before purchasing a house so as to avoid making any expensive mistakes. You will find the following tips helpful in assisting you with a smooth purchase of your dream home: One of the first thing you need to do before purchasing a property is to do your property market research. Doing proper property market research enables you to know if the price of the home is a good deal or a bad one.
You can hire a professional realtor to provide you with factual information of the real value of the house, based on market sentiments, the condition of the home and nearby neighborhood. Buying the wrong home. What makes the ideal home you would want to live in? Sounds simple.
However, by clearly knowing what you want and looking at it objectively, you would be able to make a better decision. You can ask yourself if the home is too big or too small? Is it accessible to your work place, your kids school or shopping areas. Renovation cost. Planning allows you to have a proper guideline when viewing homes. Unclear Title Before you sign any document, be sure the property you are considering is free of all encumbrances.
As part of their services, a realtor can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements. Outdated Survey Before the purchase is completed, an updated survey is essential. This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbor's new fence which is extending a boundary line, etc.
). Repair Works Just for less than $500, you'll be able to get a professional inspector to conduct a detailed inspection of the house. You will then be able to know the cost of future repairs if any. Ensure that this is reported in the final contract.
A seller is likely to consider an offer when you first get financing pre-approval as this tells th seller that you are serious. Other than the cost of the home, you will also need to set aside funds for home inspection, surveys, loans, legal fees, home insurance, etc. Ensure that all documentation reflects your terms and condition of the sale.
Did you forget anything? Do not hurry. It's better to be safe than to be in a haste. Take your time.
You could prevent yourself getting into a bad deal.
Before you buy a property in Singapore, make sure you check Winston's excellent free report on "How To Buy the Right Home At The Right Price". Click Buying A Singapore Property at Private Property Singapore