Arnold
CibbuanoBefore you Buy a Property
August 21st 2006 00:10
These are a couple tips and ideas you should consider before you purchase a property.
1. A rainy Saturday is all the more reason to get out of the house and go to property inspections. Whilst trudging around to home inspections in foul weather may not be the most appealing idea, it does give you a unique opportunity to see if there are any potential damp, run off, drainage or leakage problems. You be able to see exactly how well the gutters, and roof perform at keeping the water away from the internals of the house. Also take a peak in the yard and see of any water is collecting and how well the property can drain water during a downpour. If there are problems with drainage, leaks or run off factor these modifications into your purchasing budget. It is also a good idea to seek professional advice and find out how much fixing various damp related issues may cost to fix. Some problems can be remarkably easy to fix whereas other can be very costly. Get sound advice and several quotes if necessary early.
2. Research the recent sales history of the area. The weekend state-wide papers will usually publish results of the weeks property transactions. Have a look to see what the expected prices are for the type of property you are interested in buying. Take note of the number of bedroom, bathrooms, off-street parking and any other features that might be listed. All this information will help you formulate a reasonable idea of the price you can expect to pay for your selected property. Researching recent sales history is very important as it is information that can potentially save you from over-capitalising in an investment. It can also be a bargaining tool for later sales negotiations. A real estate agent will be able to pick up on an uninformed buyer. Another source of recent sales information is the local real estate agents. Visit several offices and enquire about the area. There is no obligation to buy from any particular real estate agent and quizzing several agents will be able to help you sort out a more balance price index of the area.
3. At some stage schedule some time to get to know the surrounding area of the property you’re interested in purchasing. Make a list of the facilities you’ll want in close proximity. Schools, shopping centres, public transport, medical facilities, pubs are several examples of things which different people will prioritise as facilities they’ll want easy access to. Drive or walk around the area and check out the facilities to make sure they’re compatible with what you are after. Just because there is a bus stop down the road doesn’t mean it is a reliable means of transport. Actually look at the bus stop and see what routes it services and how regularly the bus services the stop. Walking and driving around the area will also give you the chance to see what the general atmosphere of the area is like. Take not of the people living in the area and determine whether these are the type of people you want to be living with. It is far more pleasant if you can get on with or even befriend your neighbours. Some areas cater to younger singles, couples, families or the elderly better than others. Make sure the area you may be moving into suits your lifestyle.
4. Ask for a copy of the building and pest inspection reports for the property. If you are serious about committing a significant amount of my to an asset you want to make sure the property is structural sound and there isn’t an expensive pest or termite problem to fix. In some States the seller will pay for the inspection, in others the buyers will pay for the report. Make sure you understand all parts of the report. If there is something you don’t understand, ask for clarification. If there are some potential problems, find out how they can be fixed and at what cost. It is best to seek independent advice or even several opinions rather than relying on a real estate agents recommendation.
1. A rainy Saturday is all the more reason to get out of the house and go to property inspections. Whilst trudging around to home inspections in foul weather may not be the most appealing idea, it does give you a unique opportunity to see if there are any potential damp, run off, drainage or leakage problems. You be able to see exactly how well the gutters, and roof perform at keeping the water away from the internals of the house. Also take a peak in the yard and see of any water is collecting and how well the property can drain water during a downpour. If there are problems with drainage, leaks or run off factor these modifications into your purchasing budget. It is also a good idea to seek professional advice and find out how much fixing various damp related issues may cost to fix. Some problems can be remarkably easy to fix whereas other can be very costly. Get sound advice and several quotes if necessary early.
2. Research the recent sales history of the area. The weekend state-wide papers will usually publish results of the weeks property transactions. Have a look to see what the expected prices are for the type of property you are interested in buying. Take note of the number of bedroom, bathrooms, off-street parking and any other features that might be listed. All this information will help you formulate a reasonable idea of the price you can expect to pay for your selected property. Researching recent sales history is very important as it is information that can potentially save you from over-capitalising in an investment. It can also be a bargaining tool for later sales negotiations. A real estate agent will be able to pick up on an uninformed buyer. Another source of recent sales information is the local real estate agents. Visit several offices and enquire about the area. There is no obligation to buy from any particular real estate agent and quizzing several agents will be able to help you sort out a more balance price index of the area.
3. At some stage schedule some time to get to know the surrounding area of the property you’re interested in purchasing. Make a list of the facilities you’ll want in close proximity. Schools, shopping centres, public transport, medical facilities, pubs are several examples of things which different people will prioritise as facilities they’ll want easy access to. Drive or walk around the area and check out the facilities to make sure they’re compatible with what you are after. Just because there is a bus stop down the road doesn’t mean it is a reliable means of transport. Actually look at the bus stop and see what routes it services and how regularly the bus services the stop. Walking and driving around the area will also give you the chance to see what the general atmosphere of the area is like. Take not of the people living in the area and determine whether these are the type of people you want to be living with. It is far more pleasant if you can get on with or even befriend your neighbours. Some areas cater to younger singles, couples, families or the elderly better than others. Make sure the area you may be moving into suits your lifestyle.
4. Ask for a copy of the building and pest inspection reports for the property. If you are serious about committing a significant amount of my to an asset you want to make sure the property is structural sound and there isn’t an expensive pest or termite problem to fix. In some States the seller will pay for the inspection, in others the buyers will pay for the report. Make sure you understand all parts of the report. If there is something you don’t understand, ask for clarification. If there are some potential problems, find out how they can be fixed and at what cost. It is best to seek independent advice or even several opinions rather than relying on a real estate agents recommendation.
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