Finding the property that you have always dreamed of is life changing. It’s also an exciting adventure as you get to discover the place that you will live in and create memories with your family for a lifetime. At the same time, it is a task that shouldn’t be taken lightly. A single mistake during the process can easily turn the excitement into a nightmare that can take a long time to get through. It’s crucial that you plan the process well before embarking on the journey of seeking your dream property.
Here are our five top tips to guide you in the property finding adventure.
Step 1: Paint a picture of your dream property
You need to have an idea of what you’re looking for before you start searching, which is why the first step should be to create a picture of what your dream property looks like. Start by listing the things that you wouldn’t be willing to compromise on. For example, if you have a family, you would probably need a property that is near amenities such as schools and hospitals.
After listing the must-haves, move to the list of preferences; these are things that would make a property stand out for you, but you can do without. For example,, a home with a study would probably be special to you, but you can compromise if need be.
It is important that you involve your whole family in this step so that you can find a property where everyone feels at home.
Step 2: Check your finances
Having your finances in order is crucial to making sure the process rungs smoothly. You will need to have a significant amount of cash for a down payment and closing costs. It is also important that you are preapproved for a mortgage before you start looking at properties. This way, you will know how much you can borrow before you start looking. This is why you need to start putting your finances together early in advance.
To start with, get your credit report and credit score sent to you, so that you can start working on them if you need some improvements. Lenders will use your credit score to determine how much they lend you. In addition to working on your credit score, start saving for a down payment as soon as you can, as the more cash you are able to put down, the less money you will need to borrow.
Step 3: Compare neighbourhoods
When thinking of your ideal property, you can’t afford to ignore the neighbourhood. Remember, you’re not only buying the house, but all it comes with; the noises, sights, smells, inconveniences, and conveniences among others. When you’re making your final decision, it’s only fair that you are comfortable with all there is in the local community.
Start by making a list of the neighbourhoods that you prefer. Consider their proximity to your work, schools, hospitals, recreational areas, stores, and restaurants among other amenities that you require. Do a quick search on the internet or use apps to see the layout of the maps. You should also visit the locations in person to see how it feels. Consider going a few more times at different times of the day to get a clearer picture.
Step 4: Find a real estate company or home builder
Now is the point when you can bring in a professional to help make the process smoother. Real estate companies are very knowledgeable of the market and can help you fine-tune your wish list as well as land a property that fits your requirements. It is important that you work with a company that has a track record of performing in the area that you are buying. In this case, make sure that you get several of them and discuss the fees beforehand.
A great starting point is to research online, there are countless property websites and aggregators which condense a lot of information for your convenience to find the perfect real estate agent or home builder. An example is Lotmix- house and land platform if you are looking in to build in Australia or Zillow if you are seeking to buy an established property in the USA.
Step 5: Compare homes and make a choice
This step is fun and exciting, but is also equally confusing, exhausting, and heart-wrenching. You need to keep the list you made in step 1 closer to make your decision-making smoother. See several houses to avoid falling for the love at first sight trick that mostly turns awful shortly after you commit. It is good to take notes of the houses that you see so you can do a comparison of the pros and cons in your own time. Don’t be hasty with the decision, but keep in mind that there are other buyers interested as well.
Buying a property is a major decision and step in your life. It is important that you are well prepared for the whole process. Plan, prepare and do your homework. Most importantly, don’t rush into any decision until you are sure of it.
Article is written by Nile Carlson
