6 important steps to check on to avoid a bad decision to your property investment

PRE-QUALIFICATION

Meet with a mortgage broker and find out how much you can afford to pay for a home. I can hook you up with them if you need an experienced personnel.

1.PRE-APPROVAL

While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You’ll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a banker. This way, assuming the home you’re interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property.

2.NEEDS & WANTS

Understands what is your needs and wants by making lists, for example if you are buying a home for own stay, your needs should be the convenience of traveling, the bedrooms for your family, car park bay, then next will be the fancy things that you wants, such as a bath tub, extra rooms, pools and so on. With these lists in hand, it will remind you what are the essential and non-essential.

3.REPRESENTATION BY A PROFESSIONAL

Hire a real estate agent that represent you as a buyer, instead of the seller representative. You need a person to speak on behalf of your side, especially when negotiating a better deal.

4.PREPARATION & ORGANIZATION

In a convenient location, keep handy the items that will assist you in maximizing your home search.

  • A file of the properties that your agent has shown to you, along with ads you have shortlisted in property portal or newspaper cut out. This will prevent on viewing same listing.
  • Paper and pen, for taking notes as you search.
  • Take photos or video whenever possible, just in case you need a refresh on those that you have shortlisted, especially when there is a series of showing.
  • Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on nearby positives amenity (shopping, car parks, gated) and what are the negative (abandoned properties, garbage dump, source of noise) features of the area?

5. VISUALISE THE HOUSE AS EMPTY UNIT & PUT IN YOUR OWN DECOR

Especially rooms, do they fit your needs, are those shapes of layout suitable your furniture lists.

6. BE THOROUGH

Invest extra time and efforts may save you big expenses in the long run.

Essential such as:

  • Make sure you have few mortgage offer in hand for contingency plan.
  • Have the property inspected by a professional inspector.
  • Request a second viewing to take place within 24 hours of closing.
  • You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light).

All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please email me or call me directly to discuss any of these matters in further detail.

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