One of the most important and potentially stressful choices you’ll ever have to make is whether or not to purchase real estate. Do not jump into the homeowner process without first doing your homework, whether you are a first-time buyer or trying to make a sound investment for your portfolio. Review certain factors such as hiring a buyers agent before making a sound decision so that you won’t have to retreat in the long run.
Consider Your Budget And Financial Position
Your credit score is one of the most important factors when qualifying for a loan, so make sure it’s in good shape before you start house hunting. You can get a free credit report from the three major credit bureaus. If your score is below 680, you may have difficulty qualifying for a mortgage loan.
Just because you may be approved for a loan does not mean that you should purchase a property outside of your budget. Having realistic expectations regarding price and considering the long-term financial commitment you are taking on by being a homeowner is important. Weigh all options and make the best decision for your particular financial situation.
A down payment is an amount you’ll need to put towards purchasing your home, typically 20% of the total price. If you’re not able to come up with that much cash, there are still options available to help make homeownership more affordable, like an FHA loan (Federal Housing Administration) which only requires a 3.5% down payment.
Self Property Inspection
As soon as you enter a potential home, you’ll have an emotional response, favourable or not. Besides listening to your heart, you should also consider these factors.
- Check ceilings, walls, and corners for mould
- Check freshly painted areas carefully
- Do doors and windows open and close easily?
- Flush the toilets and check the taps’ flow and temperature
- Check floors under carpets
- Check plumbing under all sinks
- Check hot water
- Fuses and lights
- Roofing, gutters, drains
- Check cracks in exterior walls
- Determine if the neighbourhood meets your lifestyle and needs
Is Buyers Agent a Good Choice?
The decision to buy a house is big, but remember that you don’t have to go through the process alone. With the help of a buyers agent, you can be sure that you are making the best decision for your circumstances.
A buyers agent is an authorised professional who works on behalf of the buyer to secure the purchase of a residence or investment property. They will be there to assist and advise you on everything from the earliest planning stages through the search, property evaluations, due diligence, background checks, negotiating, auction attendance, exchange of contracts, and settlement.
What to Expect From an Agent?
- Presenting a tailored strategy by analysing your present portfolio and lifestyle goals
- Property search, investigation, and evaluation based on customer requirements
- Find properties with high growth potential
- After finding a property, do a feasibility inspection
- Handling Legal aspects
- Negotiate the best rates
Conclusion
Buying a property is a huge decision, but with the help of an experienced buyers agent on your side, it can be much easier. They will help you through every step of the process, from finding the right home to getting the best deal possible. Make sure to do your research and ask lots of questions so that you feel confident in your purchase.
