Real Estate: Buying and Selling

Buying property, be it residential or commercial, is a dream come true for most people. Acquiring a property brings not only personal satisfaction but also prestige to the owner and his or her family. Property, both land and housing, is one of the best investments you can make since it rarely depreciates. Further, it can be used as loan security hence providing capital to venture into other areas of interest.

If you want to buy property, the following is a short guide.

Research

You already have an idea of what you want. Research from online sites, friends and real estate brokers on whether what you are looking for is available. What are the current trends in the property market? What is the pricing? What is the legal process involved? These questions are critical as they will provide insight into the amount of planning needed before buying the property.

Budgeting and Finance

At this stage, you have a rough idea of how much money is needed for you to own the property. Ask yourself how much you are ready to spend on the investment. This is the primary criteria that should guide the buying process. Once you are convinced that you can afford it, decide on the methods of finance. It may be through cash or a mortgage. If it is via mortgage, visit the bank and verify that you qualify for one. It is crucial that you inquire about the repayment terms. Ensure that the conditions are reasonable and achievable.

Ready Your Team and Look for Property

To buy property, you need a team comprising of a conveyancer to manage the legal process and a real estate broker to show you properties. Apart from being guided by the price, look for other features such as utilities in the property, accessibility, neighbours, and resident laws to help you choose one property over the other. Once you have settled on a specific property, ensure that you bargain to the best of your ability. 

Exchanging Contracts and Settlement

If you are to buy property through a mortgage, forward the contract of sale to the bank to get formal approval. Once you have your cash ready, exchange contracts with the buyer under the advice of your conveyancer. The final step is making settlement when the property will change hands and officially become yours.

Buying property is not a complicated process as many tend to think. With proper research, a budget, and a professional team guiding you, it becomes easy to achieve your dream of owning a property.