Are you planning to invest in real estate? If so, then you need to do a lot of groundwork before going ahead with the sale. You would be investing big money and need to do proper due diligence before you go ahead with the purchase.
Whether you are buying an apartment, land, or a Jalan Tembusu condo you need to keep certain things in mind. These are practical tips that are important for real estate buyers. Go through the tips given and follow them before you finalize the deal.
5 Property Buying Tips
1) Have a budget and a plan ready
Don’t jump in without a budget, this can be a big mistake. Have a clear budget in mind, based on affordability. Not doing this can tempt you to spend more, and you may end up regretting it later. Along with the budget, have a plan ready to manage your finances. You need to make a down payment. Have the funds in place for that. You must plan on how you will make the monthly payments without defaulting. Balance your home budget, so you set aside money for the monthly payments.
2) Hire a good agent
In the world of real estate, the real estate agent has a key role to play. A good agent can help you get a great deal. Don’t make the mistake of not hiring a good agent. You may find agents who offer a discount on the commission. Let that not be the only criterion to select the agent. Choose an agent who is experienced and has helped customers get great deals. Check out reviews of the agent and talk to their past clients before finalizing.
3) Compare different options before buying
Look at different properties before choosing the one you like. Make a shortlist of properties and compare them before deciding. If you are going for a loan, then don’t rely on one loan provider. Talk to different banks and financial agencies to compare loan offers. Check the interest rate and terms. Choose the one that is most beneficial.
4) Carry out a proper inspection
The home inspection is very important and is a step you should never skip out on. Before buying the house, you should not only see it yourself but do a thorough inspection. An inspection will reveal the reality of the property. It will help you find out if there are any problems with the plumbing or any defects in the construction. Take the help of a professional if needed to carry out a thorough inspection.
5) Don’t be scared to negotiate
Negotiation is the key when it comes to real estate transactions. Property prices are not sacrosanct and neither are agent commissions. You need to use your negotiation skills to the best of your ability. Don’t feel shy or scared to negotiate. It is your hard-earned money. Where possible, try to beat down the other party, so you can reduce prices. Sellers would have added 5-10% extra, so don’t hesitate to negotiate to bring down the price.