Are you a new to the real estate world? First time buyer? Maybe you’ve never even seen a house in the building process, well not to worry. Here are a few things to remember when purchasing a bare property or a house.
Personally I feel like this is the most important thing to keep in mind. Location is key. How close you are to your workplace, kids’ school, grocery store and of course to your favorite place for take-out.
If you have kids in the family, nurturing them in the right environment will do wonders in their upbringing. Your neighborhood will reflect on your life. Nobody wants to share a road with those who litter their lanes or crank up the music too loud at 3 am hindering you of a good night’s sleep. But too quite is also not good. You’ll want your kids to be able to make friends too.
Condition of the land/house
Do not pick the house with the cracked up foundation because when is cracked foundation ever a good sign? If you’re not looking to make many changes in the house then a fixer-upper is definitely not a right type for you. You could do a home valuation and see if it is worth moving into though but that’s up to the buyer. If it’s a bare land you’re buying then the texture of the soil has to be tested. You know, not too clay-like and no too soft. Nutritious soil for grass and other trees to grow, no methane emissions, thing like that will have to be taken into account as you plan on building something on the land. Check this link http://propertyvaluation.melbourne/ to find out more reviews regarding home valuation.
Of course price is the wavering factor when it comes to purchasing anything. One tip though is maybe getting a second opinion of the price of the house/ land. You can hire someone to do an independent house valuation ask for his/her quotation and then compare the price placed by the seller. You want to be sure you don’t pay too much for a house that isn’t worth its value.
Other thing to keep in mind is commitment, if you can’t commit to the house, don’t get it. Ed Conarchy from Mortgage Co. states that short-tern ownership doesn’t make sense as there’s a risk of the market and selling it after 2-3 years after purchasing will not make you break even, especially if you have made a considerable amount of changes to the structure.Hope you find it a good read, happy shopping!