So you are buying your first own property, after saving up all your money for a long time and working really hard to achieve your goal. Living in your own four walls. A place to call home.
I can understand that it may seem daunting, after all it’s a very big decision that you are about to take. But trust me, a veteran of the trade, that it can be quite easy.
First of all, set yourself a budget and clear your finances. This step is really important, you cannot do anything if you don’t know if you can afford it, so speak to your bank or your financial advisor in order to determine what you should be spending on this purchase. If you should buy outright or if you should take up a financing option. If the latter is the case then start shopping around for a good financing deal. Because you don’t want to be stuck in a bad deal for the next 20 years.
Now that financing is sorted, you can go shopping with your estate agent. Or even start lining up your own viewings. Make a list of all the properties that you like, and leave some space on the sheet next to every property. Also pack a camera. Setup all the viewings and make a schedule.
Once you are at the properties I would personally suggest that you stay humble and even if the property is the exact one that you have dreamt off, stay cool and don’t show too much eagerness or you may later regret it if you cannot bring the price down a little bit. Take as many pictures as you need to remember the property once you are done with viewings. And take notes of up and downsides of each property.
Now that you are done viewing properties, sit down with your favourite drink and go through the list and the pictures and make a decision. I know that a lot of you will already decide on your viewing schedule which one you like.
Once you have decided which property it should be you can open the negotiations, this is usually done by putting in an opening offer via your agent or solicitor. If they approve your offer, then hurrah, you may now close the deal and progressively work your way through all the paperwork. If they do not approve your bid, then you may have to negotiate a little harder. A real estate consultant will gladly help you with this.
I hope my post has helped you build up the courage to start venturing towards your first real estate purchase.
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