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Guide To Buying Real Estate And Property  

Article by Peter Wong

Just about everyone dreams of one day purchasing their own real estate. Buying real estate will save you paying rent each month and the money you are paying now goes towards something that you will own outright eventually. You will also have a lot more freedom in decorating, renovating, and making the necessary adjustments either big or small. If you’ve never thought about purchasing real estate, you should think of doing so soon. Consider these five tips in buying real estate :* Know The Purpose: What is the purpose of the property you are purchasing? If the property is for your family, better assess if you will have extended family members who will be living with your family ? Do you have a toddler or pre-school child who will need a small backyard or an area where they can run around ? If the property is for your retirement, better pick out a place where you can relax and meditate. A place where you think you can unwind and loosen up all that is bothering your mind. Also identify if the property you are getting is only for investment purposes.* Pick A Good Location: Everyone say’s it – “location, location, location”. It’s important to find out first the location where you are planning to buy real estate. Look at newspaper classifieds, phone directories, and internet search engines. Visit nearby real estate agencies and ask questions. In choosing a good location, find out if the residential district has good schools, markets, hospitals, transport and parks nearby. Are the properties around you well-maintained or run-down? Also, only consider real estate in a location that had excellent capital growth during the past few years. For instance, sydney real estate and sydney property had consistently increased its value despite the global financial crisis. Always remember that location determines the resale value of your property.* Wait For The Perfect Time: Always pick the right time to buy. Consider your current situation, and your assessment of whether the market will be booming. Spring and fall usually has better market activity with a more choices of sensibly priced properties available for sale than summer and winter. Sometimes the most ideal time to buy is when no one else is looking. There is a little-known secret of a noticeable reduction in prices at the end of December which only very few buyers take advantage of.* Get The Best Finance: Deciding which property to buy is the easy part, but the question is – if you can afford it. Before you research properties, research first your financial situation. You can use those mortgage calculators available online to give you an idea of what you can qualify for. Be aware of any added costs and hidden costs that may be become a part ofyour purchase. Many buyers only look at the monthly payments in determining whether they can afford it or not. Additional costs such as the down payment, loan fees, legal fees, closing costs, taxes, insurance policy, strata levies, inspection fees, and surveyor fees can add up to more than your budget may allow. Discuss these costs early with your real estate agent to determine if the total purchase price is still within your reach. Try to get a home loan conditional approval from a lender. All information you provided will be corroborated and you will receive a written commitment from the lender.* Good Inspection Only: Once you have chosen the best real estate for you, get a licensed or certified inspector to look at it. Notify the inspector your expectations and go along with the inspector for the inspection. Find out exactly what needs to be repaired and put this forward to the seller. Also, find out the cost of these repairs and any renovations tha you have in mind from qualified electricians, plumbers, painters, and building contractors.You will find these tips valuable in choosing the WHAT, WHEN, WHERE and HOW you buy your real estate or property. Follow your instincts and avoid buying into the wrong real estate. In the end, it is only you who knows what’s best for you.

About the Author

Peter is the principal of P&G Mode Realty – a sydney real estate based in Haymarket, Sydney Australia. If you are looking to buy or sell sydney property

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