The process of buying real estate is incredibly complicated, especially if you’re just getting into it and don’t have any prior experience. It could cause you a lot of stress and sleepless nights, just thinking about all that needs to be done.
However, buying real estate doesn’t have to be so complicated, and simplifying the process can make it go much smoother. To help you do just that, we’ve created a list of the top five do’s and don’ts of buying real estate.
Put Your Financial Ducks Into a Row
The first step of buying real estate is figuring out what you can afford, and whether your budget can accommodate what you want to get.
You can start the process by looking at houses online to get a general idea of how much they cost, and how much money you’ll need for a deposit. Ideally, you should have at least 20% saved for the down payment, as well as enough money to cover buying costs.
Then, see if there are any incentives you can qualify in your state, to lift some of the financial burden.
Account for the Buying Costs
The buying costs typically include building and pest inspection, as well as the conveyancer or solicitor rate. You should also account for the Stamp Duty, which is a one-off state government property tax that needs to be paid within 30 days of the settlement.
Find a Trustworthy Developer
To get ahead of, and possibly avoid unforeseen costs altogether, it’s essential you find a trustworthy property development group. By purchasing real estate that comes from a developer with a good track record, you’ll ensure your property doesn’t put any additional financial strain on you in the long run.
Not to mention, they’ll be there to answer any of your questions, and accommodate your financial situation to offer the best options for you.
Rush Into It
A lot of people get sucked up in the thrill of buying a home, to the point of becoming a bit disconnected from reality. They rush through the process, and more often than not, make mistakes that they end up paying for, for years.
So, don’t forget to take your time, examine and think about new information about real estate, loans, etc. Also, don’t rush through, or forego the inspection process, as it can end up costing you a lot of money if it’s done poorly.
Settle For Anything Less Than What You Want
During the process of buying a home, you’ll probably realize that your house “hit list” can be separated into two categories — the needs and the wants. While the wants can be looked over, the needs are something you should never settle on.
For example, if you are planning on, or already have a growing family, you can’t settle for a one-bedroom home with no room to grow. What this example is meant to illustrate is that your needs will still be there in the future, and your home must be able to accommodate them.
The truth of the matter is that buying real estate doesn’t have to be as intense as we’ve all made it out to be. By creating a clear plan, and following our do’s and don’ts list, you’ll surely be able to take some of the stress out of it and find the perfect home for you.