When buying a new home and want it to be perfect, you need to understand that finding such a home depends on you. If your needs are modest, you can easily find a suitable apartment. On the other hand, a large family or a picky customer can spend a lot of time and nerves on finding an apartment.
Buying a flat or a house, for many, is the biggest investment they will have in their lives and on that side, it is understandable why customers are often picky. Customers are often impatient when buying a property, and when you react in a tight time frame you must be willing to accept the one property that according to you is not ideal.
If the buyer may be able to easily buy property, they should think twice before they even make an offer for a property.
Avoid bad location – Value of real estate largely depends on the location. Make sure that you, in addition to the property, do the complete evaluation of the neighborhood and surrounding areas.
Inquire about the common fees – If you buy an apartment in a building or in a settlement that was built by an investor, it can easily happen that this real estate carries with the additional costs of maintenance, sharing of common areas. In some cases, apartment owners have to pay common expenses. Additional expenses may cause financial pressure on the new owner and have the effect that this property is harder to sell in the future.
Bathrooms – Whenever possible, avoid buying an apartment or a house with only one bathroom. Homes that include at least two bathrooms are much easier to sell.
Without air conditioning – Some older properties do not have air conditioning. If the seller of the property you want is ready to give you a discount, the savings may not be enough for you to upgrade heating and cooling. Lack of an adequate system of cooling and heating can make it difficult for your to sell the property in the future.
It is located on a busy street – If the house is located on a busy street, be prepared to deal with the noise of traffic jams every day. Besides parking in front of the apartment, attempt to reach the apartment or house in such a busy street can be a nightmare.
Low value of real estate in the neighborhood – Buying Property in an area where prices are falling or are at a standstill is not a smart move. In this way, the property will lose value and you will loose money.
The area prone to flooding – Although today insurance covers almost all kinds of accidents and even a flood, so the repair of a damaged apartment or house can be extremely stressful.
What To Do, What To Avoid:
Buying an apartment is a big step in life. When it comes to his real estate purchases and resolving life problems, you should consider several things such as, credit or debit, and the rest of the torment that accompanies this dilemma.
Buying a real estate has always been an appealing investment, but with the rising prices comes the question, is this the right moment for that kind of investment? On the other hand, low-interest rates are still attracting buyers and providing them possibility to secure their first real estate.
But, how to get a good deal on real estate loan?
Secure down payment
Every lending company will seek from you to provide at least 20% of down payment, if you put down 30%, you may receive better interest rate. Otherwise, if you don’t secure down payment, the chances are small for your loan to be approved. You may try to obtain the second mortgage, but it will be a hard battle.
Be reliable borrower
Before approving your loan, every creditor will review your credit history and score. If you have a score below 740, you will be required to pay additional fees, so your interest rate remains the same. This can vary from one quarter up to two points to keep the same interest rate.
On the other hand, you can refuse this option, but in that case, you won’t have the right on reduction of interest rate. Your personal and investment bank records will have to be clean, for at least six months prior.
Choose local bank
If your bank records haven’t been so clean, or if you don’t have required money to set up a down payment, it may be the best solution to avoid big banks and go to a local one. They will be more flexible towards your current situation. They will know local market better and it’s in their interest to invest locally. Mortgage brokers might be another good solution, but you should research about this subject more before you engage yourself in it. Recommendations from friends can be very helpful, but you also should research your potential lender and find about their credentials.
This option is used to make potential buyers very suspicious to the sellers because almost anyone was eligible for a bank loan, but now it is becoming more acceptable, because credits require a lot of effort. But, if you decide to use this option, you should prepare a plan. You have to state that you would like to make an owner financing, with a certain amount of money and under certain conditions.
Think in advance
If you are looking to buy a good property, that has a potential for profit, you will need to consider additional cost for renovating and to put them in your credit loan. You can finance your property through private loans, which can be found on various web pages. They connect investors with individual lenders. You will need to be extra careful with this option and research it thoroughly.
For example, some central park south real estate companies offer their buyers advice on how to get best possible loans and in the same time make a good deal. This might be another option you will need to explore.