Excitement is top of the list when you decide you would like to own property! However, before you rush into purchasing any property, one issue of utmost importance is to have an experienced and dependable real estate agent to assist you with professional guidance.
The Pearl Gates is just such an agent and will be able to help with the many facets of buying a property – not just locating it but guidance with the services and documentation procedures as well. You will probably have an idea of the type of property you are interested in and sharing your written priorities with your realtor will help in choosing just the right property for you!
There are many aspects to consider before investing in a property.
Budget is a crucial factor when contemplating buying a property. You should work out the finances, not just the price but keeping a little extra for over-estimation. Expenses for services such as mortgage application fee, a home inspection, documentation and registration charges should be included while working out how much you can afford to spend on the purchase of a home.
Be sure that you choose a property in the right place, after taking into account the facilities that are most important to you. If you have children, then searching for the right schools will be a priority. The proximity to schools, shopping areas, hospitals and recreation centres will also be necessary. Checking on the neighbourhood to ensure that it is safe and secure, with a long term vision of what it could be in the future will also be helpful.
Transport facilities and commuting time to work or frequently visited areas should also be considered. The location of the property is all about your lifestyle, and it is well worth it to explore the place. This way you get an idea of where you would like to live – near the main entry area or away from the crowds and traffic, to ensure that you and your family will be happy living there. Depending on your preference, you could check with your estate agent, whether specific locations come at a higher purchase price.
3. Size and space
Depending on your family, you will know the approximate size of the house, you will be interested in buying. Once viewing is arranged, you can decide on whether you would choose a large, small, corner house or one with an irregular shape, depending on the privacy you are looking for. The type of accommodation available is essential, with the number of bedrooms and bathrooms required.
Older houses usually have just one bathroom. An extra bedroom could be used as office space, especially since many are working from home now. Or could double up as a play area for the children or as a guest room when required. Much of the time is spent in the kitchen, and it is good to ensure that the layout of the kitchen and its appliances suit you. Storage space should also be checked out.
4. Home inspection
This is a must and can make the difference between buying the right and wrong property. Your real estate agent can arrange a thorough home inspection. One of the main issues to look for is a violation of the code construction of the building. Once the building is constructed, the foundation cannot be moved, but the inspector can inform you about the soil on which the property is built, as well as whether the grading is in order.
If it does not slope away from the house as it should, water could seep in and cause damage. If there are other flaws on the exterior or inside the building, two options can be considered. You can buy the property by negotiating for a lower price and then carry out the repairs, or you can ask the seller to have the faults amended before purchasing the property. A home inspection will provide details of the overall condition of the property, including the age, style and state of the appliances.
The property listing should first be scrutinised to see which items are included in the purchase as the seller may remove some of the appliances. Once this is done, you need to see if any of the existing appliances need to be replaced to suit your requirements. This, in turn, will provide an estimate of the expenses for repairs that you will incur, should you decide on the first option of buying the house and carrying out the repairs. Also if you need to carry out renovations, your budget can be worked out. An inspection will also help in planning the decor of your future home with furniture and fixtures.
5. Documentation and Legal aspects
There are many documents to check out, and the Sale Deed or Title Deed is one of the most important. The land on which the building is constructed should be registered and cleared of all dues. The identity of the seller should be verified. A Non-encumbrance certificate from the Sub-Registrar’s office needs to be obtained.
Construction approvals of the property need to be checked out, so that provision of water, electricity, sewage, environmental clearance, fire safety and infrastructure facilities are taken care of. The Occupancy certificate should be provided by the seller to avoid penalties that may be levied without it. The documents should be studied in detail to ensure that all clauses are understood.
Whether you are buying the property to live in, or as an investment, the above factors will need to be considered before your final decision is made. If the latter, your real estate agent can advise you on the rental income/resale value of the property, which will be important matters to consider before you finalise the purchase.
No matter the reason for the purchase, to help you make the right decision, you may contact the highly professional team at The Pearl Gates who will assist you every step of the way, to make your goal of purchasing just the right property an achievement!