Monday, January 9, 2017

Practicing Caution When Buying a Brand New Property

Another year has passed and we’re now welcoming a new year in hope of improving our lives better than the last.

To many, this means settling down on a personally owned property like those in High Park and provide their families a comfortable and safe haven. Owning our dream house is an accomplishment, and frankly, who doesn’t want to have their own?

With the variety of real estate available for purchase, it shouldn’t be that difficult to find a home that fits your budget and lifestyle. However, it’s also important to keep in mind that buying a new home requires a huge amount of money, something you might not necessarily be able to pay in cash on the spot.

There are loans and other installment options you can avail, but generally, you’ll need to double-check every decision you make including the people you deal with to ensure you’re not wasting money or falling into a scam.

Credibility of a real estate agent

Real estate agents help you a lot when choosing a good property. They have a wide connection of people who can make recommendations and can negotiate on your behalf. However, just like any other professionals, not all of them are created equal. Some perform better than the others.



Also, hiring an agent is optional, and you’ll need to pay them separately. If added fee is an issue on your part, you may want to do the scouting yourself. Should you decide to ask the help of one, make sure he or she has the necessary credentials.

Documents for ownership

Buying a new property has a lot of procedures than you initially thought. There are specific documents that need to be signed and papers you must submit. All of these hassles can be taken care of by the agent, which is another reason why you must choose them well.

Even if you hire an agent, you’re still responsible for double-checking the documents that have your signature. The last thing you want is to sign on a document that doesn’t have something to do with the property.

Mode of payment

Can you pay in cash or will you settle for installment? There are various rules that govern different modes of payment so make sure you understand the details of your choice. In case you are unsure of your chosen payment method, you could ask a consultant, preferably from the company selling the property, to advise you on the best method.



Terms and conditions

Aside from the necessary documents and the paying method, it’s also important to have a clear view of the responsibilities you are expected to comply once the property is transferred to your name.

This includes the fines and penalties you will pay in case you fail to comply with certain ownership requirements.

Loans

For those who plan on purchasing a new property using borrowed money, it’s good to know that there are already several open options available. Among the most popular are bank loans. Of course, banks woudn’t just let anyone borrow money without a certain collateral.

When choosing the option to loan, make sure you understand the conditions and policy details stated by the money provider. This way, you wouldn't be surprised for any unexpected fee you will be asked to pay.



The idea of finally owning a property can get us very excited. However, you must keep in mind that huge money is involved in the transaction. It is your responsibility to know the details of the deal and ensure that you have all the necessities covered before signing everything. If you are doubtful of any move, take some time to consult experts or real estate consultants who could provide answers to your questions.  

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