Buying your first property is a big step to take into the cut-throat world of real estate, and depending on what you are going to use it for, it can be a difficult process to go through. If you are looking for your first property to move into, there is a huge amount of considerations that you must be aware of when viewing potential properties, and then when you think you have decided on a place, there is even more to consider when going through the purchase process. As explaining in detail all of these considerations will be difficult to fit in this short article, only some of the more important pieces of advice for first time property investors have been condensed and explained below.
To begin with, before starting out on the viewing process, you need to write a list of exactly what you need from a new property and also what you want. The 'want' list must contain things that you can compromise on, as finding the perfect property to suit you or (even harder) you and your partner, is next to impossible. Consider factors such as proximity to local services such as hospitals and schools, supermarkets and public transport systems, as well as the details of the actual property.
After you think you have found the right place, you need to go away and think about it for a few days, then schedule another viewing. With this second viewing you need to take a more critical view of the property and do a bit more research in terms of the local area and also the repair and renovation history of the property. You should speak with the previous owner as well as neighbors to find out as much as you can to better understand the property and its local environment.
At this point, if you are certain that the property is for you, it would be sensible to organize a structural survey of the property to check for potential structural issues. There are two main types of structural survey available in this situation, a homebuyer's survey and a full structural survey. Most people opt for homebuyer's surveys as they give a report on the most common issues and are relatively inexpensive. If, however, you have noticed damp or substantial cracks in areas of the property, it would be sensible to commission a full structural survey.
Now that you have found the house of your dreams, the hard work begins. In most countries the length of time between offer acceptance and completion of sale is around 6 weeks, though in the UK this process is drawn out to around 12 weeks. You will probably need the help of a solicitor for the conveyancing process, as although it is possible to do it yourself, it is a time consuming and confusing procedure. For more information on the order of events have a search on the internet.
To begin with, before starting out on the viewing process, you need to write a list of exactly what you need from a new property and also what you want. The 'want' list must contain things that you can compromise on, as finding the perfect property to suit you or (even harder) you and your partner, is next to impossible. Consider factors such as proximity to local services such as hospitals and schools, supermarkets and public transport systems, as well as the details of the actual property.
After you think you have found the right place, you need to go away and think about it for a few days, then schedule another viewing. With this second viewing you need to take a more critical view of the property and do a bit more research in terms of the local area and also the repair and renovation history of the property. You should speak with the previous owner as well as neighbors to find out as much as you can to better understand the property and its local environment.
At this point, if you are certain that the property is for you, it would be sensible to organize a structural survey of the property to check for potential structural issues. There are two main types of structural survey available in this situation, a homebuyer's survey and a full structural survey. Most people opt for homebuyer's surveys as they give a report on the most common issues and are relatively inexpensive. If, however, you have noticed damp or substantial cracks in areas of the property, it would be sensible to commission a full structural survey.
Now that you have found the house of your dreams, the hard work begins. In most countries the length of time between offer acceptance and completion of sale is around 6 weeks, though in the UK this process is drawn out to around 12 weeks. You will probably need the help of a solicitor for the conveyancing process, as although it is possible to do it yourself, it is a time consuming and confusing procedure. For more information on the order of events have a search on the internet.
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