Top 5 Tips You Should Know Before Buying a Property
We have gathered some great tips for you as a checklist before making the best decision to purchase your very own property; be it your dream home or your future investment. Do read up and enjoy!
So basically what is your intention of purchasing a property? Is it for your own occupation or simply an investment? These are some questions that will run through your head and for you to answer carefully. Why? There are many factors that will determine your intention. You may want to look into account for the strategic location of the property, facilities or amenities nearby, age of the property and the category of the property. For instance, if you are looking for a place to stay, do consider the peaceful surrounding and comfortable neighborhood with nearby accessible public transport or even shopping complex as those may become significant for you to settle down, especially with family. On the other hand, if you are searching for a property to rent out or even just for the sake of owning one, you may want to look out for those that are near the city centre or even a newly developed property as it may give rise to the property value as time goes by.
Know The Property
Yes, you need to know the property before purchasing one. Why? You may not fancy spending a whole lot of your money to finally figure that you have bought an unfit house for you to stay or even a place that is not suitable for you to call home. For example, you have entered into a sale and purchase transaction by a mere inspection of photographs and advertisement on social media without even getting your feet into the house for a thorough checking and eventually ended up receiving keys of a faulty house. Instead of being happy, you may end up having to pull more out of your pockets. Also, in the event of doubt in choosing either a landed house or a condominium for you to live in, you may create a list of pros and cons of the property first as a guidance before choosing the perfect one as your dream home.
Have a Budget
Buying a property always comes with a budget. Having a financial plan may be of assistance in getting your dream home as it gives you the power to select within your boundary. You may not fancy to be in possession of a bungalow but in actual fact your income does not reflect the affordability of the property and ended up getting yourself into trouble. Planning your way to purchase a property also means planning your financial in years to come. For instance, whether or not you need financial assistance from financial institution to purchase the property or becoming cash buyer. You are advised to take your time and do the right decision to avoid any setback. You may also consult your loved ones or a professional in the field to get some insight before coming into a conclusion.
Get a Good Lawyer
Aside from pick and choose of your assets, do consider engaging a good property lawyer for your sale and purchase transaction. A property lawyer may assist to clarify your doubts in purchasing the property and is the best person to explain the legal transaction of sale and purchase from the beginning until you set foot into the property as a registered owner. Additionally, a property lawyer may also advise you on the current legal standing and updated property laws which will be not only useful to yourself but also instrumental in your journey of buying a property, especially your first house.
Execution of Letter of Offer
As much as you are excited to purchase a property, it is important to secure the sale and purchase by execution of a “letter of offer” or “offer to purchase” the property. The said letter is also known as an initial stage of execution for the sale and purchase agreement. The phrase and words construed in the said letter will constitute as the essence of the sale and purchase arrangement. For instance, if you are only buying the property upon approval of a financial assistance from the financial institution, you may want to include that in your letter of offer to avoid any future disappointment or miscommunication. Bear in mind that you may also consult a professional in the field during any uncertainty to craft any special condition or arrangement to be reflected in the letter of offer.
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