Things You Should Never Forget When Buying Property
There is no question about it now: You have to buy a home. Your days of moving around are done. For one thing, you’ve found a place where you feel like you could establish roots. For another thing, you can afford to invest in some tangible assets. And owning property can deliver great returns on your investment.
Of course, this is true only if you do it right. When it comes to buying a house, small mistakes can lead to big costs. You really don’t want to rush into this significant decision without thinking it over, and without having some strategy.
So here’s a list of things you should never forget when buying property today:
Budget for the future.
OK. You’re earning some pretty sweet income today. But what if your company shuts down in a few years or you suddenly have a baby? Future financial situations and expenses could affect how you pay your mortgage.
So instead of buying what you can afford now, buy what you can afford in the future. Factor in potential changes in your life and then choose a property you will be able to pay for down the line.
Get your credit score.
You want to get the best rates for your mortgage, right? To know what kind of rates you might get, find out your credit score. There are online platforms that can help you get credit reports without the hassle, and it’s free. When you know your credit score, you’re not blindly going into negotiations with lenders and financial institutions.
Find a buyer’s agent.
Whether or not you’re working on a timeline to get a property, having a professional work for you can deliver multiple benefits. One, you get to visit properties picked out to suit your precise needs. Two, you get access to more properties in the market. And three, you’ll have someone negotiating on your behalf with the seller.
Get another professional to have the property inspected.
This is probably one of the most crucial things you should never — ever — forget to do. Without professional inspection of your would-be property, you may just uncover nasty surprises once you’ve paid the down payment and moved in. Get it looked at even when it’s brand new.
A building & pest inspections agency recently went on a routine checkup of a modern home and discovered water damage. The water damage caused the roofing and wall sheets to sag. The building and pest inspection service, which specializes in pre-purchase inspection and reports, emphasizes the necessity of having a professional inspector look at a property before buying. The experts add that defects like this one could go unnoticed by less experienced operators and leave you, the buyer, thousands of dollars deep in repairs.
Lastly, get your financing in place before you step into an open house. With pre-approval, you know you’ll have financing for your dream home once you see it and the professional inspection clears it for any bad issues (e.g., water damage, mold, or termites).