Guide for the investors-legal ownership of property or land from one person to another.
in Guide for All the Investors
Sun Jan 20, 2013 12:12 am
• 5 Posts
Step 1 - Searching out what you can afford:
Buying a property is a big step involving a substantial long-term financial commitment, so think hard about what you can afford. You will need to consider the assets you have - like savings - as well as the money that's coming in and going out.
Although it may reduce your buying options, you don't want to commit to a mortgage and then realize you can't afford some of the nicer things in life! It may sound obvious but take time to think of all the things you spend money on throughout the year, even without a mortgage.
Step 2 - Getting a mortgage
For most people buying a property the biggest ongoing cost is the mortgage - simply a loan secured against a property. You can't sell the property without paying off the mortgage first and if you don't keep up the repayments the lender can repossess the property.
Because of the credit crunch, it is vital that you secure a mortgage with a lender before starting the searching process. This way, when you find the right property, you will avoid being beaten to it by another buyer and you will also be in a much stronger negotiating position.
Step 3- Finding the right property
You will need to check what are basic things of a property are most important to you:
number of bedrooms / bathrooms. parking charges and open or covered parking you want Swimming pool private garden.
Tell your agent exactly what type of property you are looking for and the elements that you could possibly compromise on. Also inform them what you don't want.
Step 4 - Trying finding the most information about your property
Try to find out as much as you can about a property you like using the photographs, floor plans, virtual tours, online brochures and local information that is available with most descriptions. Always call or email the advertising agent to check any missing information.
Once you have selected the property, try to do site visit with the user.
Step 5 - Do bargaining and making an offer
Knowing your budget ceiling is crucial so decide your maximum limit from the start and stand firm. If the seller refuses to budge, you need to think very carefully if the property really is worth the extra money and of course, what you will have to live without over the long term. Do your homework and check what the property is truly worth.Once you have found the property of your dreams, the next step is to make an offer. It is important to consider a variety of factors when choosing your price level in order to achieve the right deal for you.
Step 6 - Checking all the legal aspects
Check the seller property is the owner of the property and prepare it on your name. Check local authority or municipal corporation office searches and plans for the local area. Pay stamp duty tax on the property. Arrange a registry of title in your name.