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How to find the right property to buy

Pulse 2018-10-10 13:01:13

Fund the right property and become a happy homeowner with these 5 tips.

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A lot of people are not fortunate to have a plan to help them find the right property. This is important because without a plan you may be walking into a risky venture that could swallow up all your money.

Fund the right property and become a happy homeowner with these 5 tips.

Know what you want

The first step to finding the right property is to know precisely what fits your needs. If you are fresh from college, then a small unit would be ideal for you. Unless you are looking to start a family soon which would require you getting a house. Once you have a fair idea of what you are looking for, you are guaranteed to get the best deals.

Do not limit yourself to the present

Buying a house and maintaining one isn’t done in a day. And of course, if you hope to live in one this could take several years. Finding the right property requires that you look beyond and into the future. Find out what plans are in the pipeline for that area if there are going to be any major developmental projects like schools, malls, office buildings etc. Make enquiries from the local council and be sure the property you are about to acquire is safe and genuine.

Have a look at foreclosed properties

There’s no joy when someone loses their house because they couldn’t afford their mortgage. But you might as well take advantage of the situation to find the right property. Once the bank closes on the deed, they are eager to rid themselves of the property since they are not in the business of managing properties.  Thus they are quick to offer discounts on such properties.  Especially if the foreclosure took several years and the property is in need of repairs. Foreclosed properties can be some of the deals you will find.

Aim for low maintenance properties

A foreclosed property may seem like a great deal before you find out the ton of maintenance it requires. Always be on the lookout for low maintenance unless you are ready to be a renovations whiz. The right property is usually the one which you can rent out or moved into immediately. It isn’t right if you have to deplete your funds to maintain.

Widen your options

To find the right property you need to have a lot of options available. Don’t limit yourself to a few property deals otherwise how would you know if you really got the best deal. Increase your search and narrow it down as you keep moving towards a purchase. Keep at it until you find the One.

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