Thursday, June 01, 2017

Think You Can Buy A Property Alone? Think Again!



Buying a property, any property can seem like an individual experience. After all, it’s your money and it will (hopefully) be your house. However, investing in real estate is a team game, one you can’t win without certain people by your side. Quite simply, the process is too fast and too furious to go it alone. You need a team of experts with knowledge, experience, and zero bias. What you need are the following people to ensure that everything goes smoothly.

Realtor

The first person on your list is a real estate broker. Shock horror! Yep, this shouldn’t come as a surprise because real estate agents have been around since property became a viable business. But, just because you understand that you need one doesn’t mean you’ll choose wisely. Unfortunately, there are some bad apples out there that have no interest in you or your family. All they want is a quick sale and a nice slice of the commission. To avoid these people, it’s essential that you do research. Go online and look on forums, comparison websites and any blog that mentions people by name. Also, don’t forget to ask friends and family for recommendations.


Financial Advisor

Another staple of real estate is a mortgage. Hopefully, you’ll have the money you need to buy the property outright, but the signs aren’t good. A vast majority of people need a mortgage, which means they need to deal with a bank. Now, seeing as you aren’t an expert in finances, you shouldn’t sign on the dotted line without a consultation. Sure, the bank will provide one for you, but they are untrustworthy. Instead, hire an external company to outline and explain your options. That way, you will know what you can and can’t afford.

Surveyor

Before you buy a house, the buyer, seller, and the bank all need a copy of the surveyor’s report. Quite simply, everyone wants to know what they’re getting into before they invest, which is smart.  The issue, again, is biased. The seller will want to use their guy, as will the bank, yet you clearly won’t trust these people one hundred percent. So, by hiring a third party surveyor, you can tell whether the building has any serious problems. If the owner has any issues with this, you should tread carefully. You never know when they’re trying to hide something to get you to sign.


Lawyer

During all of this, you will need to seek legal advice. The process is too complicated to attempt it alone, so an attorney is imperative. A word of warning, though: don’t pick the first one you see. The trick to finding a great lawyer is to analyze their expertise in the industry firstly. Law is varied, and you don’t want to hire a criminal attorney to oversee your investment. Next, you need to focus on the money. Of course, you need someone you can afford, but you shouldn’t go too low. Try and use the Goldilocks method for the best results.

Finally, make sure they have a fine eye for detail because there’s going to be a lot of paperwork.


Pin It now! Share on Tumblr

No comments:

Post a Comment