What to look out for when buying a property
There are many things to consider when buying a home, and they make the difference between a good and a bad purchase. Making this important decision relies on good planning and a lot of patience.
For this reason, there are some important points from Agricultural Mortgages
that you must take into account before buying a home:
1. Set a maximum price
2. Choose a series of essential requirements
3. Determine a boundary zone on the map
4. Plan the house hunt
5. Select the visits and be demanding
6. Check the charges
7. Please note the community payment
8. Scan the neighbourhood
9. Prevent hidden vices
10. Negotiate the sale price
Before giving the final yes, be patient and consider your possibilities well. Only then you will get the best deal possible.
Set a maximum purchase price
When buying a house; the most important factor is its sale price. Since this is not so much up to you, you will have to set the maximum price you want or can pay:
● If you are thinking of selling your house to buy another, you should consider how much money from the sale you want to reinvest in housing. Remember that you will only pay taxes on the money you did not spend on buying a house.
● If it is a first home or an investment, the first thing you should do is go to the bank to guarantee the viability of a mortgage.
● Second, you should find out about all the help you can receive. It is also important to know the possible deductions in the income statement.
● Finally, you will have to add up all the expenses that will be generated:
● If this is your case, taxes and expenses of selling your previous house.
● Moving costs.
● Taxes and expenses of the purchase of the new house.
● Real estate commissions.
● Possible reforms or improvements of the house.
● Expenses of owning a home.
Choose a series of essential requirements
Buying a house is a decision that, in principle, is considered for life. Therefore, take some time to relax, meditate and think about what is essential in the house of your dreams.
The best method is to rank the things you want in your house to have an order of preference and another list of things you don’t want. This way, you can compare the pros and cons of each house you visit.
Determine a limit zone where you want to buy your house
Do not get carried away by impulses or dream areas, as many neighbourhoods can surprise you. The best way to decide where to live is:
● Visit all the neighbourhoods in your locality. Spend some time having a coffee in each area, go into the supermarkets, see what facilities there are, etc. This can take a long time, but it will also help you know where you want to live. In addition, you may discover areas that you had not considered.
● Make a list of the neighbourhoods that interest you most.
● Investigate the average price of each neighbourhood and discard those that you cannot afford. If you focus your efforts on looking for something in a more affordable neighbourhood, you will find much better houses.
Plan your house hunt
Now that you have a clear budget, a list of essentials, and a certain area, this is when the real search begins. For this, you have several options:
● There are no agency costs through individuals, although it requires the greatest effort. In addition, you must have good legal and sector knowledge so that there are no complications.
● A real estate agent is the most expensive alternative, and the negotiation does not depend on you since the real estate agent takes a juicy commission for the sale. Not forgetting that they may only show you those houses that the agents want to sell.
● With protection, it is the most reasonable option. You pay a fixed price for the service, and since the company does not take any commission, it is in everyone’s interest that things go as well as possible. Thus, an agent who specialises in the area that you prefer contacts you and helps you throughout the search and purchase process, step by step.
Select the visits and be demanding
The time has come to visit the houses you have selected. You must notice all the details. After all, it is a crucial investment in your life:
● Check everything that can be checked; open all the drawers, doors, cabinets, and windows. If you see that they do not let you enter a room or open any access, be suspicious.
● Try all the taps, the temperature change, the water pressure, or even its taste.
● Turn on all the lights and try different plugs (with your mobile charger, for example). If they allow it, try to turn on several electrical devices simultaneously to see that the power does not go out.
● Check for odours and be aware of outside noises.
● As much as you like the house, don’t show any enthusiasm or show positive emotions, or you’ll be more vulnerable during the price negotiation.
If the house convinces you, ask to be able to visit it again at different times (at night, in the morning, and in the afternoon).
Check the status of loads
Another fundamental aspect to consider when buying a house is knowing if the house you are interested in has any charges, liens, or even a mortgage.
You must take this into account when negotiating the final price.
Learn about community payments
The community expenses are a fee that is paid based on the percentage of the total participation fee of the building. Knowing the exact amount you would have to pay will help you make a total calculation of expenses, and if the owner keeps the payments up to date, you will avoid last-minute surprises.
It is also useful to ask how often spills are made and how much they have risen in the last 10 years.
Scan the neighbourhood
Before buying a house you should spend some time getting to know your future neighbours. They can help you solve incidents in the future, you will improve coexistence, and you may even make friends.
You have to be aware of everything, including the community statutes, in case they prohibit, for example, having animals or some other unusual aspect.
Ask the neighbours if they have had problems with plumbing, cracks in the walls, etc. In general, investigate all the possible hidden vices that may appear.
If you finally decide to buy the house, sign a contract for hidden defects so that the seller assures you that the house is sold in perfect condition. This way, if any problems appear in the future, you will be better covered.
Negotiate the sale price
Now that you have it clear, it is time to negotiate the house’s sale price and agree on a fair amount. To do this, investigate the real price of the house, analyse the cons of the house and argue well why it is devalued. Also, look at how long the house hasn’t been sold and be the first to make an offer.
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Author Bio: Name – Jonathan Veers
Jonathan is the founder of Agriculture Mortgages. He can help you to find and secure the best farmland mortgage options to push your farm investment dreams to move forward. As a specialist mortgage broker with over 10 years of industry knowledge, he has helped new farmers, existing farmers, and rural business owners across the country.
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