How to Buy Real Estate

There are many things you will want to consider when you think about buying real estate. This is a massive financial transaction will likely involve a certain amount of stress, so you’ll want to do a lot of research and planning.

Firstly, we recommend finding a great realtor. Our article How To Find a Real Estate Agent As a Buyer should help with this! If you’re buying a house in Florida, you may also want to read How To Buy a House in Florida.

Firstly, you’ll be thinking about what you can afford, the area you’re interested in, and your list of ‘must-haves’. Set a realistic budget and have a reasonable idea of neighborhoods that you’d prefer. Then compile a list of things you need, things you want, and things you DO NOT want in a property! Even if you need to buy real estate fast, it’s important that you don’t stray too far from what you really want and need. For many people, this is not a purchase to be made lightly.

One of the main things you’ll be probably be doing in the process of buying Real Estate is viewing various properties. There are many things you’ll want to consider, and questions you can ask when looking for the perfect property.

HOW LONG HAS THE PROPERTY BEEN ON THE MARKET / HOW MANY SHOWINGS HAVE THERE BEEN?

This information is important. You might wonder why the house has been on the market for a long time without selling. Is there a problem that isn’t immediately obvious? If the property has been on the market for some time, there may also be some more room to negotiate with the price. It’s also great to know how many showings there has been – you can get an idea of how many people may be interested in the property, or if there have been a lot of offers that have fallen through. Again, this helps to inform your decision and next moves.

WHAT ARE THE NEIGHBORS LIKE AND HOW LONG HAVE THEY LIVED THERE?

This is important – regardless of whether you intend to live in the property or are buying it as an investment to rent out. You will want to make sure that you think you’ll be able to get on with your neighbors. Are they quiet? Are they friendly? Do you like to keep to yourself or are you looking for a close relationship with them? It’s also important to think about whether the owners of the homes around you take care of their properties. How long they’ve lived there gives you an indication of what the neighborhood and community is like.

HAVE THERE BEEN ANY RENOVATIONS?

Make sure you get an inspection of the property so that you can check for any renovations and make sure that everything is up to code.

IS THE HOME IN A CONSERVATION AREA/ ARE THERE ANY BUILDING RESTRICTIONS

Sometimes homes built in conservation areas have special rules for improvement approvals. Make sure you know the rules ahead of time so that you’re not disappointed down the line.

WHAT’S THE WATER PRESSURE LIKE?

This is so important! Don’t be afraid to turn on the showers and tubs and check the water pressure.

WHAT UTILITIES IS THE HOME CONNECTED TO?

For example, some people don’t want to be hooked up to an underground septic system that you are responsible for cleaning out and maintaining. If that’s the case, you want to look at homes connected to city sewer systems only. Make sure you’re happy with the current setup.

WHAT ARE THE BILLS LIKE?

Find out what an average power bill looks like in the summer and in the winter. Look at the energy certification of the home. The bills are a constant outgoing and you need to be sure they are affordable. You’ll also want to ask about community HOA / Condominium fees.

WHAT IS INCLUDED IN THE PURCHASE PRICE?

Does the property come furnished, or with appliances included? Find out what’s included in the purchase price, including fixtures and items like the washer and dryer. Sometimes these items are negotiable.

ARE THE SELLERS READY TO MOVE?

It’s important to know if the sellers are ready to move out, so you can be confident the sale will move smoothly and quickly.

Once you’ve found the perfect property, you’ll be ready to start the buying process. Let us help you with that! Find out more information here!