Guide To Buying Real Estate And Property

By Author: Peter Wong
Total Articles: 1
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Just about everyone dreams of one day buying their own real estate. Buying real estate will save you paying rent each month and the money you are paying now goes towards something that you will eventually own outright . You'll also have more freedom in decorating, renovating, and making the necessary adjustments either big or small . If you've never thought about buying real estate , you should consider doing it soon. Follow these tips when buying real estate :

Know The Purpose: What is the purpose of the real estateyou are buying? If the property is for your family, better assess if you will have extended family members who will be living with your family ? Do you have a toddler or small child who will need a large yard or an area where they can play ? If the property is for your retirement, better select a place where you can relax and meditate. A place where you think you can relax and loosen up what is bothering you . Also identify if the property you are getting is only for your investment .

Pick A Good Location: Everyone say's it - "location, location, location". It's important to research first the ...
... location where you are planning to buy real estate. Look at newspapers, yellow pages , and the Internet . Call nearby real estate agencies and ask a few questions . In choosing the best location, assess if the residential district has quality schools, markets, hospitals, transportation and parks nearby. Are the properties around you well-maintained or run-down? Also, only consider real estate in a location that had excellent capital growth in the past few years. For instance, sydney real estate and sydney property had consistently increased its value despite the global financial crisis. Always remind yourself that location determines the resale value of your property.

Wait For The Perfect Time: Always pick the right time to buy. Consider your own personal situation, and your judgement of whether the market will be going up or down. Spring and fall usually has greater market activity with a wider choice of sensibly priced properties for sale than summer and winter. Sometimes the best time to buy is when no one else is actually looking . There is a little-known secret of a noticeable reduction in prices at the end of December which only very few buyers actually take advantage of.

Get The Best Finance: Deciding which property to buy is easy, but the question is - if you can afford it. Before you start searching for properties, research first your finances . You can use those home affordability calculators available online to give you an idea of what you can qualify for. Be wary of any additional costs and hidden costs that may be become a part ofyour purchase. Many buyers only look at the monthly payments in deciding affordability. Additional costs such as the down payment, loan fees, legal fees, closing costs, taxes, insurance policy, home owners association dues , inspection fees, and surveyor fees can add up to more than what you budgeted for. Discuss these costs early with your real estate agent to find out if the total purchase price is still within your reach. Try to get a home loan conditional approval from a bank or financial institution. All of your information will be verified and you will receive a written commitment from the lender.

Good Inspection Only: Once you have chosen the best real estate for you, get a licensed or qualified inspector to look at it. Notify the inspector what your expectations are and go along with the inspector for the inspection. Find out exactly what needs to be repaired and put this forward to the vendor. Also, find out the cost of these repairs and any renovations tha you have in mind from licensed electricians, plumbers, painters, and building contractors.

You will find these tips valuable in choosing the WHAT, WHEN, WHERE and HOW you buy your real estate or property. Follow your instincts and avoid buying into the wrong real estate. In the end, it is only you who knows what's best for you.
Peter is the principal of P&G Mode Realty - a sydney real estate based in Haymarket, Sydney Australia. If you are looking to buy or sell sydney property