by Private Property Reporter
Buying a property is a smart and rewarding choice but this task can seem so daunting and stressful sometimes. The following tips will help you simplify your property buying process so that you can get the most out of your purchase:
Don’t Forget The Inspection
Carry out an inspection on the property you want to buy using real estate professionals. The purpose of the home inspection is to find out if the property has any defects and also if it meets your requirements. If there are any defects, you can use it as a bargaining tool to ask for a lower price on the home. Carrying out an inspection will also enable you to decide if you want to buy the house or not. Some defects cost a lot of money to fix, so it is better to carry out an inspection before buying.
Survey The Neighbourhood
Before buying a property, survey the neighbourhood. This goes beyond asking questions around the neighbourhood ___ drive by the property occasionally to find out what is happening in the neighbourhood and find out how long it is going to take you to get to the office from that house. Also, find out if there are any good schools, medical and recreational facilities in the neighbourhood. When you find out all these things, you will be able to determine if the property is suitable for you.
Look to The Future
Purchasing a property is a great wealth building strategy but maintenance doesn’t come cheap and you have to plan for this. Remember to consider there might be unexpected costs for plumbing problems, roof repairs and other maintenance issues. Consider if you can maintain the home you want to buy or not without draining your bank account.
Consider The Closing Costs
It doesn’t end at paying for the home you want to buy; there are other payments you have to make at the end of your property purchase transaction; these payments are known as closing costs and they include title fees, taxes and other fees. If you are buying a property in a new housing development/estate, you may also be required to pay an infrastructure levy and service charge which might run into millions of naira depending on the location. Before concluding your decision to buy a property, find out how much you will likely pay in closing costs.
Avoid Big Purchases Before Buying
Buying a property gulps a lot of money and sometimes there are unforeseen payments that you might have to make during the buying process. It is advisable to avoid big purchases prior to your propert purchase so that you will not be short of funds when you have to make other unplanned and important payments.
