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.
Before you go out looking for properties you need to decide what you are looking for. Write down a list of necessities and desires; necessities being factors such as the proximity of a property to public transport links, workplaces and schools, plus the number of bedrooms and other things. Your desires are things that can be compromised on, in case you are unable to find a property to meet your every requirement.
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.
So you have checked, and double checked, and this is the right property for you, or at least it looks like it. You now need to check whether there are any faults with the structural condition of the property by commissioning a structural survey to be carried out. While a structural survey may not point out certain faults, it can flag up potential issues with the property that will need to be further researched by specialists. At this point you can choose a homebuyer's survey or a full structural survey depending on budget and preference.
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.
Before you go out looking for properties you need to decide what you are looking for. Write down a list of necessities and desires; necessities being factors such as the proximity of a property to public transport links, workplaces and schools, plus the number of bedrooms and other things. Your desires are things that can be compromised on, in case you are unable to find a property to meet your every requirement.
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.
So you have checked, and double checked, and this is the right property for you, or at least it looks like it. You now need to check whether there are any faults with the structural condition of the property by commissioning a structural survey to be carried out. While a structural survey may not point out certain faults, it can flag up potential issues with the property that will need to be further researched by specialists. At this point you can choose a homebuyer's survey or a full structural survey depending on budget and preference.
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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