If you’re interested in investing in a brand new property, continue reading to discover 5 valuable tips for buying a house.
5 Valuable Tips for Buying a House:
1. Tour as many properties as you can, in order to learn about the current state of the property market
While you may fall in love with the very first property which you come across, it’s well worth touring as many properties as you can. As the more properties you tour, the better idea you’ll get of what style of house, you can afford with your budget.
As an example, you may find that you’ll be able to make an offer on a 2 bedroom home in your ideal neighborhood or that you can purchase a larger 3-4 bedroom house in a neighborhood which is located further away from your dream area.
2. Consider bidding for a property at auction
If you’re interested in purchasing a property at a heavily discounted rate and are in no rush to purchase in a new home, you may want to consider bidding for a dream property at an auction. If you require a mortgage in order to purchase your dream home, just make sure to talk to your bank manager ahead of the first auction which you attend, in order to get
3. Ask yourself whether or not you’re comfortable purchasing a fixer upper
While many individuals are comfortable paying a premium, to move into a house which has recently been renovated and requires zero repairs, if you’re looking to purchase a house at an affordable, competitive rate, you may want to consider purchasing a fixer-upper.
While a fixer-upper may require a bit of TLC, you should expect your property’s house price to rise by a significant amount, after completing all of your repairs. As an example, if you spend $10,000 overhauling your kitchen and your bathroom, your house price may increase by $40,000. Which means that you’ll make a tidy profit if you ever choose to sell your property!
4. Consider purchasing one of the cheaper properties in a street or neighborhood
Another way that you can ensure that you purchase a home, which will increase in price over the next decade is to purchase one of the cheaper properties which may be listed for sale, in a street or neighborhood which you’re interested in relocating to.
5. Make sure to get an independent inspection completed, before signing a legally binding contract
If you find your dream house, your next step should be to hire an independent property inspector to complete a detailed report on the house which you’re interested in purchasing. As they may very well find faults, which should decrease the property’s asking price. As an example, while a house may seem structurally sound, it may, in fact, require expensive structural repairs, which you may not be able to afford.
So if you’re in the market to purchase a new property, it’s well worth keeping the 5 valuable property tips listed above in mind, when it comes time to search for the perfect property.