Prepare for Home Purchases: 5 Tips for Acquiring Property

The process of purchasing a home can cause a decent amount of excitability and fear at the same time. But it doesn’t have to be so, by making the necessary preparations beforehand, you can make the process a more smoother and relaxing one.

 

1) Start Saving Early

When it comes to purchasing a townhouse like this, most lenders will require that you make a deposit of at least 5% of the property’s total value. But by making a larger deposit you ultimately avoid the fees associated with an expensive lender’s mortgage. Therefore it’s best that as soon as you start contemplating on the option of purchasing a property, that you start saving in order for you to be able to make a larger deposit.

 

2) Avoid Possible Future Renovations

Avoid future costs of renovations by making a list of all the features that your ideal property must have beforehand. While you may feel enticed to settle for a cheaper property that has a smaller number of bedrooms or bathrooms than you would like, you must consider that this can ultimately lead to you spending an additional amount of money to renovate your property in order for you to add additional rooms.

 

Interior design3) Utilize A Mortgage Broker

A mortgage lender is a professional who is trained and experienced in the process of acquiring a property. They can take the hassle out of doing the legwork on your own when it comes to finding the ideal type of condo that you wish to purchase.

 

4) Local Amenities

One of the most important things you need to do before purchasing a property is to check for the local amenities that are within close proximity of the property. You may find a property that is going for an extremely affordable rate due to the fact that it’s located in the middle of nowhere. Make a list of all the places you like to go in your spare time and determine if based on the where the property is, if it will be cost effective in terms of gas, to go to these destinations on a regular basis.

 

5) Personally Conduct Investigations

One of the last things you want to do is to purchase a home that may seem perfect, but contains problems which will undoubtedly cost you in the future. Once you have found a property that you want, ensure that you check for the history of any possible infestations such as bed bugs, which are extremely difficult to eradicate completely. Check for other things such as molds and termite infestation as well.

 

Bargaining for Your Property

When it’s time to buy or rent a new home, there are a few things you want to keep in mind. Before we even get into these tips, it’s important to understand that the real estate business is just like any other business – anything can be negotiated. The last thing you want to do is look at a property for sale and accept the price right away. If you do that, then you will most likely lose out on an opportunity to save thousands of dollars, possibly tens of thousands of dollars. Walking into a deal and demanding a price of your own would be nice, but it’s not that easy.

When you’re looking at a house for sale, be sure that you do significant research on the surrounding properties prior to meeting with the seller or a real estate agent. Find out the average square footage, acreage and number of bedrooms and bathrooms. Also find out what features are popular in these homes, such as hardwood flooring, custom cabinetry and kitchen islands. By having this information at your immediate disposal during negotiations, you will have a lot more firepower. For example, if the seller attempts to mention why his home is worth more, you can give an example of a similar home in the area that offers more features and costs less. Don’t be rude about it, though. While they might have their house for sale, they’re not going to want to sell it to someone they don’t like. There is a fine line between pushy and firm negotiations. Always keep the tone friendly. If the seller likes you, they’re more likely to budge on the price. Human emotion should never be underestimated in any type of deal.

This also applies to situations where you’re looking at a house for rent. Think about how much money you can save if your landlord likes you. A great approach here is to invite the landlord for a cup of coffee. If he accepts, you will establish a relationship and have an excellent opportunity to knock the rent down. In cases like these, you usually don’t even have to offer. They will knock the rent down for you. Take the same approach if you’re looking at an apartment for rent.

If you’re looking for a condominium or bungalow and you want to receive a lower price, then it’s recommended that you visit the properties. Once you find a place you like, first mention to the seller that you like it. This indicates to them that there’s potential for a sale. After that, stress a couple of things that really bother you about the property. This will be used to knock the price down. Whether it’s a home, condominium, bungalow or apartment for sale, this tactic is highly effective.

You may find out lastest property listing at http://www.starproperty.my. Good luck with your rentals and purchases.

4 Common Jitters of the Property Buyer

People pass signs on their way to work every day that read: “House for sale.” Weeks pass and still these signs remain firmly planted in the ground. “Why has nobody bought this house?” one might ask. “It’s a decently sized bungalow, big backyard, nice neighborhood, and I’ve heard the price is fair. If only I were able to purchase this house, I could stop looking at this sign everyday and start making money…”

The good news is you can make money with property. You may feel as if mountains block your path to financial success in real estate, but most of these “mountains” are, in all actuality, molehills.

Here are four common thoughts that hold people back from purchasing and selling real estate.

1. “I know nothing about buying or selling real estate.”

Does knowing real estate terms and practices make it easier to succeed in real estate? Surely. But is this knowledge necessary? Absolutely not! If you’re not an expert in chess, that doesn’t mean you can’t play. But the more you play, the better you become. The same is true for real estate. You’re first property will likely be the hardest, but it gets easier from there. Remember that learning anything is a journey, not a destination.

2. “I don’t have the money to purchase a property.”

Most people would say you need a lot of money to purchase properties, but this is a fallacy. If you are interested in buying a $150,000 condominium, do you need $150,000 in your bank account? No. What you need is an investment with solid financing, and the right property; one that will yield a good ROI (return on investment).

3. “The only way I would have enough time to invest in real estate is if there were two of me.”

There is a lot of time in the day to do what we want. Not having enough time for real estate simply boils down to your level of commitment. Instead of watching TV, read a book on real estate. Instead of going to the movies, research properties online. Your success is in your hands.

4. “I don’t have any real estate contacts.”

Knowing people in the housing game is essential, and easily done. Contact your local real estate agents, bankers and attorneys, and you’ll soon have a cell phone filled with real estate contacts. These people will be happy to assist you on the journey that starts with making an offer, and ends with the pulling up that “property for sale” sign you used to pass every day.