The Best Advice of 2021: 21 Real Estate Tips to Carry Into the New Year
The real estate market is very exciting right now, so we thought it would be fun to share some of our favorite tips for buying property in Pakistan. The following advice was compiled by a team of realtors at our company and should help you get started on your new journey into the world of real estate.
- Find out what you can afford
When deciding how much money you want to spend on your first house, ask yourself these questions:
- How much do I need to live comfortably?
- What will my monthly expenses be after I buy a home?
- How long do I plan to stay in this house before moving on?
- Do I have enough saved up to cover a down payment?
2. Choose an area that meets your needs
A lot of people think they know where they want to live, but it’s important to take time to really consider your options. Ask yourself the following questions:
- Is there something special about the neighborhood I’m interested in?
- Does the location meet my daily commute needs?
- Will I have access to good schools for my children?
- Are there any amenities nearby (golf courses, parks, etc.) that are within walking distance?
3. Get pre-approved
If you’re going to buy a house, make sure you find out how much you can borrow from a bank or mortgage lender. This information can be used as part of your offer when you go to sell the house later. You’ll also need this information if you decide to refinance your existing loan.
- Get multiple bids
If you’re looking to buy a house, make sure you get several offers. The more competition you have, the better chance you have of getting the best price. Also, you can use this extra data to help you negotiate with the seller.
- Hire a professional inspector
Hiring a professional inspector can save you a lot of headaches when buying a house. They can look over the property and tell you if anything is wrong or missing. This could save you thousands of dollars in repair costs.
- Don’t rush
Take your time when choosing a house. A lot of people buy homes because they like them, but then end up regretting their decision. If you don’t love the house, wait until you do.
- Take your time when shopping for a home
Shopping for a house can be stressful, so try not to make too many decisions at once. Try to focus on one room at a time. Start by thinking about what kind of space you want in the room (e.g., kitchen, dining room, living room). Then think about the style of furniture you’d like to put in the room (e.g., traditional, modern, rustic). Finally, think about the layout of the room (e.g., open floor plan, closed off).
- Consider the cost of maintenance
When buying a house, make sure you factor in the cost of maintaining the property. Even if the property seems great, it may turn out to be less than ideal in practice. For example, if the property has old appliances, it might not work as well as you expect. It’s always important to keep in mind that you’re buying a home, not just a piece of land.
- Make sure you understand all the terms of the contract
When you buy a house, you’ll probably need to sign a contract. Read through the contract carefully and make sure you understand everything. If you don’t understand something, ask someone who does.
- Don’t forget to update your will
Buying a house can be a big financial investment, so make sure you take the time to prepare a will. You never know when you might pass away unexpectedly, so it’s smart to make sure your heirs know what to do with your property.
- Remember to include a provision for pets
Make sure you add a clause in your will that allows for your pet to be taken care of in case of your death. This way, your family won’t have to worry about taking care of your dog or cat.
- Make sure you have a contingency fund
It’s important to have a reserve of cash available in case something unexpected happens. For example, if you need to replace a faucet or fix a broken window, you can pay for those repairs without worrying about the money.
- Keep track of your receipts
When you buy a house, make sure you keep track of your receipts. You’ll need these to submit to the government when selling the property.
- Be careful when purchasing a vacant house
Vacant houses often come with hidden problems. When buying a house, make sure you check it out thoroughly before signing a contract.
- Don’t let your emotions cloud your judgment
If you’re looking to buy a house, make sure you keep your head cool. If you start to feel emotional, take a break. Let your feelings calm down before making any decisions.
- Never buy a foreclosure
Foreclosures are often expensive and difficult to manage. Foreclosure properties usually have a lot of deferred maintenance, so they can be dangerous.
- Don’t get caught up in the excitement of a bidding war
Bidding wars can be fun, but they rarely lead to a good deal. Make sure you compare apples to apples when comparing two offers.
- Don’t accept the first offer
You may be tempted to take the first offer you receive, but that could mean you’re paying too much. Always take your time and compare similar properties.
- Know the difference between a “Fixer Upper” and a “Turn Key Property”
Some sellers advertise their house as being a “fixer upper,” which means it’s in need of some minor repairs. These houses tend to be cheaper than turn key properties, but you should still make sure the house is structurally sound before buying it.
- Don’t neglect the landscaping
Landscaping plays a big role in determining the value of a property. Good landscaping can increase the value of your property by hundreds of thousands of dollars.
- Don’t overlook the garage
Most people think garages are just storage spaces, but they can also be very valuable. If you don’t have a garage, you may want to build one. You can add an attached garage to almost any type of property.
Final Words
Buying a house is an exciting experience, but it can also be stressful. Hopefully, these tips will help you avoid common mistakes and make the process easier in 2022!
