How to select the best property of your choice?
When you start looking for a residential or commercial property, what actually you should do?
Are you anxious about buying your house? Do you spend hours trying to figure out what you should and should not do? Below mentioned tips for home buyers. In this article, we have dedicated the last paragraph to our commercial buyers.
1. KNOW YOUR BUDGET – First thing
Pen down your financial situation, note your expenditures and savings & every other financial detail. Calculate the amount you are comfortable to pay.
Create your budget.
Do not go overboard.
Stick to your budget.
Keep in mind that there are going to be other expenses, even after primarily expenses on buying your house. Accordingly, apply for credit.
2. CHECK CIBIL SCORE
If you are planning to buy your home before anything checks your CIBIL score. This gives you financial limits and helps in budget planning. Your CIBIL score would be important when you are going to apply for loans. There are several factors which affect your score.
3. MAKE A LIST OF YOUR NON-NEGOTIABLE ITEMS
Make a checklist of what you want and what you don’t want in a prospective property. Keep it handy always.
Refer it and watch out if you are getting influenced. Revisit your lists of non-negotiable things when you are looking at houses. (Keep the list short and precise!)
4. LOCATE AN AGENT
Make appointments with real estate agents. Meet some agents and select one that understands you, your visions and your budget. You can interview agents with,
Asking similar questions to every agent and note their responses.
Asking your agent about his or her past experiences, selecting one that you like the most.
If you have experience then use all your learning and try not to make any mistake. In case you are first time buyer then we recommend you to talk as much as possible. Asking questions will definitely help you to understand your agent and also helps your agent helping you.
5. HOME HUNTING
With an agent by your side start looking at homes. Take a tour of all the homes your agent suggested. To stop being influenced, visit properties that match your NON-NEGOTIABLE ITEM LIST.
Now is the time, you can make adjustments to the List based on actual findings.
Ask all the necessary questions regarding the houses you are shown.
6. MAKE OFFER
If you have selected your home make your offer. Ask your agent to help you to negotiate with the seller. Most of the time, the seller’s listed price is only the beginning price.
7. MAKE A REVISIT
After you have made an offer, go home again. With an intention to have a second look. View and re-see the house and defect you might have missed in the first go. Keep that during the discussion. Do not skip this step, else you might have regret for life.
8. DO NOT HURRY
DO not sign papers in hurry. Take your time, read, understand and then sign all the papers carefully.
Select the best property is your end target.
9. IMPORTANT TIPS
1. Never rush to finalize a deal no matter how tempting it is.
2. Hire the Best Real Estate Agent.
Research well about the house and the locality. Communicate well with your agent. Speak to your agent regarding all your queries. Speak to the owner of the house and ask all the questions you might possibly have.
Forever remember “There is nothing more important than a good, safe, secure home.”
COMMERCIAL BUYING TIPS
1. Check for FINANCIAL Stability of Builder.
2. Look out for Master Plans of that area.
3. Find out about Future Major Developments of the region.
Watch out for HIDDEN CHARGES levied.
Evaluate Property Inventory supply versus Property Demand of that particular type of property.
MORE READING ON HOW CAN I INVEST IN REAL ESTATE?
Check your financial stage, appetite and bucket.
Check and arrange funds or financing with banks if needed.
Decide what property type you want to invest in.
Take help from an experienced Real Estate Agent.
Find deals and close it.
You may make mistakes. These mistakes would haunt you forever. Therefore understand the steps included in the process of buying.
Hopefully, these tips will help you to select the best property of your choice.
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