Property Guide
While property seems to be one of the most intelligent investments you can make, it is also perhaps the toughest. The decision to buy property should be backed by extensive homework. You should consider the neighbourhood; find out the nearest school, hospital, and convenience store; state of public transport; and maintenance fee before zeroing in on the area.
Here is your guide to careful buying of a property:
The first thing you need to decide upon is the budget. In addition to the cost of the property, take account of other expenses like the solicitor’s fee, stamp duty, surveyor’s fee, and cost of any immediate repair. Look for a property that best suits your needs. If you have young children, check for facilities like schools and parks.
Your next step should be to meet a mortgage adviser and arrive at a decision about your deposit and loan. You will, thus have a clear idea about your budget before you start looking for the property.
Property description is not always accurate and you should check the price, size, tenure, and ownership by yourself. There are times when a property is shown as ‘STC’ or ‘sold subject to contract’. This means that the price displayed is that at which it was marketed previously and may differ from the price agreed.
Carry out some research before deciding on the location for your property. Get information from local information offices, study the local and aerial maps, and ask friends who are living in that area. Make a list of all the properties and find out about each of them. Familiarise yourself with every location before you decide on the perfect one.
Property owners often arrange visits to their sites, however, you should try to reach there on your own and a little before time. This would give you an idea about the roads, transport, and give you time to survey the location firsthand. Nevertheless, make sure you do not arrive completely expected. Correspond with the owner through phone and e-mail on a regular basis and gather all the information you can before you actually make a visit. Consider multiple visits to the property site. Go on different weekdays and return at different times of the day (like school time and late evenings). This would give you a clearer idea about what is in store.
Tip: You should take account of your budget, requirements, transport, and other facilities at the location before buying property.
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