Checklist before Buying Property

The Perfect Checklist before Buying Property

Audrey White Head Blue Ridge Real Estate

Do you picture yourself barbequing in your garden with your family or friends? Are you working hard to achieve that goal? If you plan to buy your own dream house, you may think of blue ridge GA real estate as a viable option. But if you have decided to invest, you should make a checklist before buying property.

The considerations while buying residential, rental, or commercial property are different. Moving from owning a property to live to purchasing property for investment purposes is a huge jump. But for that, you will need a separate checklist for buying a rental property. And even if you are an experienced buyer, you still might need buying a commercial property checklist. 

But if you are a first-time buyer, buying property can be a daunting task, be it residential or commercial. But you need to be very careful before making that precious investment. Buying new property checklist would help you have things in place while you are shopping for a property. Here is a list you can refer to.

  1. Check Your Finances
    First, see how much you can afford. And then calculate how much you will need to borrow to buy the house of your dreams. If you can save and pay 20% of the total price as a down payment, it will help you borrow. Moreover, check your FICO score and try to improve it because that’s what the mortgage company will look at before giving you a loan. If your score is bad, they might refuse your application. FICO score is measured between 300 and 850. A score above 750 will get you a good deal, but with a lower score, you will end up paying a higher rate of interest or not get a loan at all. So this is the first and most crucial part of thebuying new property checklist.

  2. Decide a budget
    After seeing your finances and FICO credit score, decide on your budget. You will be able to take a loan and fix the instalments depending on your monthly expenditures. You can’t ask for a $500,00 loan when you can afford to repay only half of it. This would also mean cutting down on your expenses and saving as much as you can. After all, buying a house is not child’s play.

  3. Look for a good mortgage option
    Banks, Mortgage companies, etc., all offer different borrowing options. So you need to know which will be best for you. They will be able to guide you on the types of loans you will qualify for. Make a list of questions, like terms of the mortgage, interest rates, etc., before you talk to any company and get their clarification. Moreover, many real estate companies might require a mortgage pre-approval. Ask your lender about it.

  4. Look for a real estate agent
    It’s best to hire a reliable real estate agent and tell him or her your requirements and budget. They will be able to find you the best property in your budget. You may look for property online or via a friend or colleague. But a real estate agent will also keep you abreast with the market fluctuations and help you compare with other sales. In North Georgia, buy blue ridge real estate to get the best deal.An agent will also show you several houses which you should go and check out.

  5. Make an offer
    Before making an offer, you will need to know all the details about the house. Your realtor will take your offer to the seller or their agent, who will then decide if they want to sell or not. There will always be a scope for negotiation. Once done, the property is yours!