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.
