Buying a house is a big milestone in anyone’s life and you must not take it lightly. A lot goes into ensuring that the property is problem free and suitable for your household. Here are a few things that you must check before purchasing a house:
Browse online to know more about the property and the local neighborhood. Check to see that basic amenities like grocery stores, school and hospitals are close by.
Ask the agent why the seller is selling and what is the property price in the area and how quickly properties get sold there.
Compare the price quoted by your agent to the price of similar properties listed on property sites.
Visit the house at different times of the day to find out about the lighting and how busy or deserted the neighborhood is.
Check out the exterior of the house and the roof. If in doubt seek the services of roof consultants and engineers to ensure there are no leaks and the structure is strong and foundation solid.
Check the wiring, the condition of the switches, lights, air-conditioning, water heaters, and other electric appliances if they are included in the house. Determine if you need to spend any on repairing any of them and if it is worth it.
Make sure all the water pipes, gutters, under the kitchen sink, in the bathroom and plumbing, in general, is in order and there is nothing to mend and repair and if it is where you are aware of the problem.
Check the signal strength in the house by switching on your phone. Ask the seller which network they use and what is the strength of the network in case of the poor
Measure the rooms and the living area to find out if your current furniture will fit.
Find out how long the property has been on the market and how many viewing the house has received.
Buying a home is somewhere in the financial targets list of nearly every family. Renting a house can be an easier option in several situations but there has to be a place that you call a home of your own. Real estate purchases can be seen as a necessity or even as an investment in certain cases. If you are looking to buy your first home, unblock drains glasgow can give you useful insight into the various steps involved in buying a house. If you are looking forward to real estate as an investment here are a few things you cannot ignore –
Residential vs. commercial properties
Both residential and commercial properties have been known to be beneficial. They can both be used for the rental income or can be sold after a few years for a better price. The time is taken to manage these properties and the kind of maintenance routines to be followed, the appreciation value and the rental income pattern can all vary. Weigh the attributes to pick the most suitable type of property as your investment.
Heart of the city or the outskirts?
The location is one thing that determines the current price of the property and its appreciation value. If you choose a property in the heart of the city you can expect very good rental incomes. But the price of the property itself would be pretty high. If you choose a property in the outskirts, the current purchasing price of the property might be less and the rental income might also be less. But as the locality starts flourishing, as urbanization hits the place, the value of the property would shoot up. So, if you plan to sell your property in the future, you can get a very good resale value. This would be a great option for those looking for a long-term investment with a relatively smaller budget at hand.…
Buying a home is a commitment that lasts the rest of your life. Not only it needs serious financial planning, but missing any of the crucial initial background check means you could end up regretting this decision forever.
Approvals and licensing: Verify the builder’s paperwork including environmental clearance, title deed ensuring the builder or seller has legal rights of transferring the property to you.
List the banks: Visit multiple banks with the initial quotes you have for getting a better deal, which will give you better rate of interest.
Register plot: For easy and ensured transfer of property register the plot in your name with the local authorities.
Vet the building: If you are buying a property that is old, verify the reports of local law 11, which inspects the architectural and structural deficiencies and issues.
Vet the neighbors: The neighbors should be of similar age group, with similar temperament. If the residents of your locality are not like minded, you could face trouble in parking, keeping pet animals at home, elevator or roof access etc.
Know the locality: Ask around for any problems in electricity or water supply, domestic help, nearby restaurants, schools, hospitals, public transport etc.
Find out about impending development: If developments coming up in near future, blocking sunlight, increasing traffic, reducing property value.
Check developer: Visit other construction sites built by the same developer to know the legitimacy of work.
Visit in-person: Do not rely on brochures, visit in person instead to check of the site matches what is advertised.