Are you making a property offer? Consider these points first
- by Peter Thomas
- 1 month ago
The most important step to take is to make a money offer for the house you want to buy. If you are not aware of the proper procedure of offering then it will become difficult to go ahead. Another thing to focus on is the right price that you have to offer; to successfully buy the house of your dreams.
Points to consider before making a property offer
Many buyers complaint that they failed to make a deal of the house despite following all of the steps correctly. There are two things that they might have done wrong; one is not considering stop renting and start buying and the other that the price offer they made was not appropriate. Here are a few points that you have to consider before making a property offer.
Will the offer be accepted?
Think over and over again about the amount you will offer the seller. Place yourself in the shoes of the seller and think of the amount you will offer. Is the seller going to accept the price given to him/ her? The price offered should not below that the seller rejects the offer.
Arrange for the Finances
There are several things that buyers must keep in mind when arranging for the finances. When doing this you have to arrange the money for the down payment, closing cost, monthly payments, and utility bills, the fee of the real estate agent, lawyer and home inspector. This has to be a rough estimation but you must have the amount higher than estimated.
Set the Contract
All points of the deal that is made between the seller and buyer have to be in written form. This is no ordinary writing; a proper contract has to be made. This contract has to be read out in the presence of both the parties; so that no changes can be made afterward.
Know the condition of the house
Although visiting the house a few times before setting the price is done by all buyers. But at times there is no time for it. It will be a big mistake not to know the condition of the house at all. At least once you have to go and check the house.
Look out for the facilities nearby
Not all locations give you everything; there are different areas where various facilities are available. Select that location which has the maximum number of amenities and the price will be set accordingly. There are various professionals like Stop Renting Perth that can assist you in finding the location with the most facilities.
A house buying inspection
Overall checking the house is one thing but you can’t find the weaknesses and limitations of the structure of the house. A well-qualified and educated house inspector is the person for this job because he/ she has the keen eyes to look for damages in the house. This can lower the price of the house.
Approach the neighbours
The neighbourhood is also important to look into because the people living there can tell a totally different story. Also, talk to the neighbours about the worth of the surrounding properties. At times the seller is requesting a higher price for the house. It will be easy for you to bargain the price.
Search for the Crime rate in the area
You don’t want a property that is in the middle of a high crime area or the house is related to offence against the law. You can search for different news that can reveal any disturbance in the area. Never make an offer of the house that has a disturbing past history.
Have the loan pre-approved
Many buyers wait till the end to have their loans approved and when the time comes for it; either it takes too long to get approved or the application gets rejected. To avoid these situations; the pre-approval of the loan is vital. This will save you the time of the process and you will be prepared with the loan at the time of the deposit.
Hire a property lawyer
Several of the terms and conditions that are mentioned in the contract use specific kinds of jargons. To understand them the advice of an expert and most importantly a lawyer. He/ she know the legal aspects of buying a house and making an offer. The property lawyer can assist you with appropriate negotiation for the property offer.
Know the right time to buy
Before you are making an offer don’t forget to check at what time of the year the prices are at the lowest level. The winter and autumn season is the ideal time because sellers want to sell their old house and spend the holidays with their family in the new home.
Look into other houses as well
If you have your heart set on a particular house and you are determined to buy it, but it is essential that you look into other houses as well. It may happen that the other house has the particulars in the other houses.
Stop renting and start buying
Before making an offer you can consider Stop renting and start buying. Through this you can live in the house you want to buy and when you are satisfied then make the final offer of the property.