Although the housing market has performed well over the long term, some insist that real estate should not be seen as an investment. Whether you're purchasing a home to live in or are simply trying to flip real estate for a profit, you should tread carefully because even with bricks and mortar there are no guarantees.
If you find the right property, do not hesitate to move forward. Many buyers spend time wondering if there might be something better or if they have made the right decisions. Not making a move on the right property can result in someone else purchasing before you can get the deal done.
Do not be a victim of buyer's remorse in your property purchase. If the price is not right, the terms are not agreeable or the condition of the home is not to your specifications, you can be left with property that you will always see as inadequate. This is hard to overcome even with time. If you have doubts, do not close the deal.
In order to buy a new home wisely, you should carefully inspect the property you wish to purchase this is when it pays to employ the services of an experienced chartered surveyor. If you notice any problems, make note of them and discuss them with the seller. The more things you can get them to fix prior to the sale, the better. This will add value to the home and save you from costly repairs down the road.
Your surveyor will undertake a special report which will detail the properties good and bad points meaning you have all the information needed to decide if you want to proceed or not.
If you want to purchase a brand-new house an independent survey may not be required because the house will have its own 10 year house-builders warranty so a structural survey report for instance should not be necessary. Builders often mark d provide this gaurentee themselves or it can be under-written by an insurance company.
When considering a piece of property you feel you may want to buy, talk to the owners of neighbouring properties if you can as estate agents and mortgage providers, and sellers have their own interests and biases when they tell you about the neighborhood. The people who live and work right next to your potential property have first-hand experience with the area. Pick their brains if you can as they will probably know if there is a problem with the property or the location itself.
So is property a good investment or just somewhere to live? That will all depend on what you buy and what you pay for it. Using the information you have just learned from reading this article, you are now in a better position to make up your mind, whether you just want to live in a home or use as a buy to let investment.
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