5 Things To Look Out For Before Buying A Property

If you want to buy a property, this article is going to help you in making the right choice. A lot of people who wanted to buy property do not know what is the process and they are concerned about the risk involves. After all, buying a property can be their life’s biggest investment, thus, most people will be afraid if anything goes wrong.
As long as you follow through the advice from this article, you will at least you armed yourself with the basic knowledge of what to avoid and what to look out before you make your investment. Below are the 5 tips that can help you in your real estate investment…
1. Know your budget and how much you can afford to invest. Many people do not know what are the costs that will be involved when buying a property. This will be different from country to country basis. The common costs that you must take into consideration are such as the legal fees, the loan agreement fees, the stamping fees, agent fees and more. Not to mention that you will need to prepare more capital in case if the property that you buy need to refurbishment.
2. Know your exit strategy. In order words, you have to know what you want out of the property that you are going to buy. If you are buying for flipping, make sure you buy a good property that is below market and you do not need to do major repair. If you are buying for rental, make sure you know the rental market well and have at least 3 months of excess money in case if you cannot rent it out. As long as you are clear with your objective, you will be safe.
3. Proper inspection on the property. Yes, you have to perform the proper inspection before you make your investment. The best is to prepare a list of items that you need to check through and go through the list while viewing the house. The more careful you are, the better investment you will make. It may seem hard in the beginning, but as you go through the process, you will learn and become better and better.
4. Know the market well. Do you know how much is the market price of the area that you are looking at? Do you know how much is the property value in the last 5 years? The more you know about the market, Real Estate Developer Usa the better you will understand how the market doing. If possible, you can also try to check with your local banker to find out the bank’s valuation on that property that you are interested in.
5. Make sure everything is in written document and put down in black and white. Verbal agreement is not going to work, hence, use proper agreement and any List Of Property Developers In Indonesia related contract to ensure the process will goes smooth. You can have your property agent to assist you or else just get a lawyer to help you in this.

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