Key Points to Purchasing a Property
Purchasing real estate can be a frustrating, and overwhelming experience. With so many points to take care of, it can become a daunting task. Therefore, we are giving you a checklist that you may refer to in order to alleviate the frustration and confusion associated with purchasing a home.
- First, make sure that the property you are buying includes all the features you are looking for in your dream home.
- Discuss the terms of property’s mortgage, such as terms of loan, interest rate, payments, early repayment penalty, private mortgage insurance etc.
- Check the documents of the property, and make sure that it is free from any legal proceeding such as foreclosure.
Now that you have found the property of your choice, check out some other aspects of the home too before making your final decision:
FOUNDATION: Foundation is the root of a property. In the absence of proper strength and planning, your property may be put at risk for the entire lifetime. In case of a weak foundation, you may notice water logging, cracks in walls and micro-fractures on tiles. If you see any of these, you need to call an expert to check its foundation and call for his approval.
ELECTRICAL: It is frequently seen that people buy real estate and then face problems every now and then because of the way electrical circuits and wiring is done. Many times, electrical work is done in an incorrect manner in properties. Therefore, before buying a home, do a thorough inspection of the property and look into every nook & corner. It's highly recommended you hire a professional home inspector.
PLUMBING: Live-ability largely depends on the property’s plumbing. You may not be able to spot the areas easily, but improper plumbing can lead to expensive repairs. Most of the plumbing issues in properties go undetected and they never go away. This makes it even more important to take care of plumbing issues in a property before buying it.