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Useful Tips Before Purchasing A Landed Property by ugalah: 1:03pm On Oct 11, 2013 |
There’s a lot to think about when it comes to buying a property. There’s nothing quite like a face-to-face chat with an expert, but here’s a quick summary of useful tips and reminders for you buyers. Follow this steps: YOUR FINANCES SHOULD BE IN OTHER. Before you do anything else, we say do your research and find how much you can actually afford to spend on a property. Take into account any available cash you have for a deposit and then speak to a mortgage broker, or a selection of providers and find out what they’d be willing to lend you. Make sure they put their ‘in principle’ offers in writing.Don’t forget, you’ll need to put money aside for the stamp duty land tax, too. LOOKING AT PROPERTIES So, you’ve scoured the estate agents’ websites and windows, poured over the property portals and pounded the streets figuring out where you might like to buy. Time to book in some viewings.When looking around a property, use the estate agent and ask questions. You might want to think about things like: 1 )The number of years left on any lease (if it’s a leasehold property. 2)Does the property have things like gas central heating, modern insulation and double glazing? If not, these are big ticket items to get fitted. 3)Where the property falls in 4)Any service charge 5)Local transport links 6)Outdoor space If you like a property, be sure to get in a couple of viewings at different times of the day and invite friends and family along for a second opinion MAKING AN OFFER You’ve found a property you’re sure you want to buy. Call the estate agent and let them know how much you’re willing to offer. Don’t be surprised if your first offer is declined – that’s the name of the game and buying a property is all about negotiation.If there are a number of people keen to buy the property, you might be invited to take part in a sealed bid. EVERYTHING IN OTHER? When your offer is accepted, you’ll need to employ a lawyer. This legal specialist will manage any negotiations to do with the purchase of the property on your behalf. They’ll check all the paperwork is in order and look after the details of the contract for you.Most people hire an estate surveyor and valuer,too.The surveyor will do a full survey of the property, highlighting any possible problems that might need looking at. There are two types of survey you can buy; a homebuyer’s report and a building survey. MONEY MONEY MONEY Buying a property costs money; a lot of money. You’ll be asked to hand over your hard-earned cash throughout the process. i)Mortgage arrangement fee ii)Mortgage indemnity fee iii)Lender’s valuation fee iv)Conveyancing/Legal fee v)Land Registry fee vi)Surveys vii)Stamp duty land tax viii)Removals ix)Contingency fund (there are always unexpected costs along the way) x)Building and contents insurance. Reference: shortlet.gnbo.com.ng |
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