If you are a first-time home buyer or just looking to upgrade, the process of buying property can be daunting. It is a huge investment and due diligence on your part can go a long way.
Gumtree has collated valuable tips from real estate agents and homeowners on what to look out for before buying property:
Gumtree has collated valuable tips from real estate agents and homeowners on what to look out for before buying property:
- The first essential factor to consider is the location. Determine which school your children will be attending and your commute time to work.
- Buying property is a long-term investment. So, if you have chosen a home, we recommend living there for five years at least.
- As it is popularly said ‘the first impression is the last impression’. Real estate agents are experts at what they do and are able to disguise little defects during the viewing process. As a buyer, it is important to stay alert and look out for any issues such as dampness, structural cracks, wear and tear, uneven floors and the like.
- Avoid looking at homes that are beyond your budget. There is nothing worse than finding a dream home and not being able to afford it. This can lead to frustration and colour your opinion on any subsequent homes you see. On the other hand, buying a home beyond your means can mean a huge financial crunch for years.
- Once you have zeroed down on a property, do your research and find out how long it has been on the market, what other properties in the area are priced at, how the complex is etc.
- Finally, begin saving up for a deposit even before you have found your dream home. Remember, the higher the deposit, the lower your monthly installments.
