Top 6 Factors to consider when purchasing a property

Amid the real estate sector’s current gleaming fate, have you decided to invest in property? Unlike your imaginations, the process won’t all be sunshine and rainbows, but more like roses with thorns. When you begin the home search for yourself, it’s not hard to find properties that suit your preferences, but there’ll be multiple distractions along the path. Some buddies, who’ve recently purchased one for themselves, will start pouring in their suggestions. Or else, the retirees will enlighten you about their experiences, which we can’t link up with today’s stats.

At such moments, consulting a professional real estate agent and conducting thorough research on the subject is of utmost importance. We’ve curated a list of all the essentials you must look for in the property while purchasing.  

  1. The Size of the Property:

Regardless if you find a property overwhelmingly tempting, it’s not healthy to run after a bigger home than you require. A bigger house refers to hectic maintenance, hefty utility bills, and whatnot. So, consider how much space your family and belongings will need to fit in. On the contrary, if you’re opting for a spacious property this time, prioritise looking for townhouses or condos.

  1. Looking for Down Payment Options:

One of the significant steps of a house hunt includes getting an idea of a mortgage you can handle. And so, asking for a pre-approval for a loan can prove beneficial for this cause. The mortgage approval number will also determine the estimated amount you’ll need for a down payment. The amount is usually around 20%, but that must align with the state’s government FHA and different deals made with the sellers.

  1. Inspection is mandatory:

A home inspection isn’t a formality but an imperative activity for reliability. Often, it reveals some severe underlying issues within a property, including foundation problems, leaking taps, damaged roof, pest issues, and outdated wiring, to name a few. Yet, the good news is that such hassles often lead to an updated offer by the seller, and he’s liable to fix the issues before you officially purchase the property.

  1. Repair of the Appliances:

Unlike taps or knobs, appliances are the most expensive part of a property and deserve a thorough look. It usually implies that the replacement time is around the corner if an appliance is ten years older. Check the washing machine, water heater, air-conditioners, and humidifiers during the inspection. If there’re any wood stoves or fireplaces, it’s wise to acknowledge that they’ve been properly maintained. 

The theory applies to everything from a microwave to ovens and refrigerators. In addition, ensure that all the appliances you’ve noticed before must stay on the property afterwards.

  1. Foundation of the Property:

The point is irrelevant if you’re willing to purchase a newly-constructed property. Yet, having a fixed budget might have you seeking property for several decades. To your surprise, older homes have a unique personality and appeal that’s hard to find otherwise. A few tears and wear are possible, yet as long as it’s fixable, so what’s the rush? However, having an inclination and time to enjoy the maintenance of these projects will be necessary.  

  1. Consider the neighbourhood:

Last but not least, considering the neighbourhood while visiting the property can save you from suffering through an unreasonably longer commute. While some buyers love urbanity, others wish to stay away from city traffic and environmental noises. So, owners will probably seek the closest lot available if there’s a kid’s park nearby or a recreation sport. Road networking and transportation are equally significant and are a major part of the selection for location.

Final Wordings:

Purchasing a property is like a ritual that almost everyone has to perform in their lives at least once. And when you finally feel like owning one, it’s imperative to pinpoint the essentials. As mentioned, understanding factors like your readiness, local market conditions, and infrastructure guarantees mindfulness as you delve into the realm of ownership. So, whether you’re researching to find properties in Dubai or anywhere else, the above guide will certainly come in handy.
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