« Real Estate Basic Buying Process Guide continue… | Main | Property Listing, how to Search for your Dream Home part 1 »
Property Purchasing, is my Dream Home a good Buy?
By arlene | September 13, 2008
Remember: Location, location and location. It is usually better to buy the smallest home in the most expensive area. An established neighbourhood with a good infrastructure (schools, churches, shops) as well as easy access to the closest highways is recommended. Security estates and secured residential areas are now very popular.
Is the asking price (after negotiations) market related?
What are the prices of other similar properties in the area? Visit show houses, study advertisements, ask estate agents or bank valuators.
What about hidden costs?
Did you include the transfer fees, attorney’s fees, bond registration and valuation costs in your budget? Make provision for expenses such as furniture removal costs, new curtains, etc.
Could you afford the monthly bond repayments?
Determine from your bank/estate agent the amount of the loan that you will qualify for, and if your income can accommodate your repayments. Would you be able to cope if interest rates went up?
Does the home satisfy your needs, also for the foreseeable future?
It is not recommended to move home too often. Determine your needs before you start searching for a home. A good estate agent will assess your needs and take you to your dream home.
A new home has less maintenance costs but an older home will probably offer better value. If tackled correctly, renovating an older home will probably offer better value to your own taste and budget.
Renovations and improvements are usually more expensive than you might expect. Consult a contractor for estimated costs before you make an Offer to Purchase. Inspect and look for a second (and third) time at roof construction, gutters, roof tiles, and watermarks on the ceiling. Are the interior walls dry? Are the lights and taps in good working order?
Think again before you decide upon a home with an unusual design. When you want to resell one day, it will only appeal to a smaller group of potential buyers. It will take longer to sell and will influence your potential profit.
The best time to think about selling your home is before you buy it!
Possibly related posts: (automatically generated)
Property Purchasing, is my Dream Home a good Buy?
- Real Estate Listing, how to Search for your Dream Home part 2
- A place to call home
- Property Listing, how to Search for your Dream Home part 1
- Interesting decisions
- For what period of time should a sole authority contract extend?
- How to get paid
- Negotiating Skills Part 2
- Why should a seller give a sole authority?
- Sole Selling Mandates Part 1
- The Sale of Company-owned or Close Corporation-owned Residential Property
Topics: Agent, Contract, Market, Property, Residential | 5 Comments »
September 13th, 2008 at 6:02 am
This number is set to grow rapidly, but we believe that many of these people are being fleeced by ridiculous estate agents’ fees. … Internet Estate Agent
September 13th, 2008 at 6:45 am
The house is surrounded by a very high wall which blocks out the noise from the road, not that there is any as this house is situated in Earl’s wood close. … Easily Locate REO House Listings
September 13th, 2008 at 1:33 pm
The survey also found that a third of homebuyers pay an average 2, 500 in hidden costs which they did not think to look for when buying their home. … Dream Home Worksheet
September 19th, 2008 at 12:13 am
When you’ re done with all the entertainment, don’ t forget that a broadband connection can help you with your everyday life too. … Broadband News
September 22nd, 2008 at 2:11 pm
Security Edition provides an on-demand agent to protect your confidential data reached by unmanaged devices such as kiosks and home computer systems. … Demand Agent