Buying property is no easy investment. There are a lot of things you need to map out and prepare in advance, starting from your budget and finances, if you don’t want to end up in debt. The average age for buying a house in the U.S. is around 33. But buying property can be stressful for all ages, regardless of your background. Luckily, there are some things you always need to keep in mind no matter your age or background. Here are five tips you should keep in mind if you’re thinking of getting into real estate.
1. Do your research
The internet is a vast place of free resources and guides. When it comes to real estate, you need as much info as you can gather. From the information about the specific place to your overall life situation (e.g. in terms of finances). First off, you need to know what you can afford and what’s inside your price range and what isn’t. Secondly, once you find a place you like, be sure to go over their website and see what kind of content they offer. Phuket Property, for example, has a separate investor’s guide page for first-time users. Know what you’re getting yourself into.
2. Make a list of non-negotiables
If you want to save a lot of time and headache when going through different websites and properties, write up a list of non-negotiables that are essential to you. This helps you find better real estate deals as well because straightaway, you’re cutting down on the number of properties you have to go through. Before you start shopping, consider your lifestyle and values. What are some things you can’t live without? For some people, it’s the view, for others the location. Be sure to reevaluate your list before you go property hunting and know what you’re looking for in advance.
3. Find someone you trust
Whether you’re going to hire a realtor or a real estate agent, it’s just as important you find someone you trust. Your realtor can make or break your buying experience. If you’re new and they want to take advantage of you – they can probably do that easily. If you know where you want to live, try to get a referral or a word-of-mouth reference from someone close to you. Or, preferably, someone who already lives there and went through the process.
4. Cross-reference other prices
Before parting ways with your hard earned money, take your time to cross-reference the cost one last time. Look at a comparable property in the area you want to live, there’s no excuse not to research what homes in your area you’re looking at sold for recently. If you’re looking at a particular apartment building, for example, try to get a sense of what other properties in the building sold for or are being sold for currently. Be sure to also take into consideration the cost of moving, in addition to buying the place.
5. Negotiate and get ready to move
Finally, after all, is said and done, you like the place and want to move in – the next step is to negotiate and get ready to move. First, ask the realtors about the expected closing costs (which can vary widely). Be realistic and flexible, when trying to close the deal. If everything goes well, try to close it as soon as possible. Once you do that, the next step is to finally move in. Be sure to organize and plan everything ahead, moving can be stressful too sometimes but remember – the hard part is now behind you.
This content is sponsored by Jim Bevin.