For many becoming a homeowner is a lifelong dream. While buying a ready property is much faster, though there are several factors one needs to consider.
It is important to understand if the property has been regularly maintained and also finding out any major upgrades that have been made.
If there is an existing tenant in the property it is important to understand the tenancy contract and the exact vacating details.
It is important to consider if the buyer is paying cash or applying for a mortgage, or whether the seller has an existing mortgage on the property. If the property is already mortgaged, the buyer needs to be able to discharge the seller’s mortgage before collecting the title deed at the land department.
Areas linked with good transport links have higher rental potential. Proximity to restaurants, hotels, shopping malls, grocery shops, utility centers, schools, medical facilities, beaches, and parks should be taken into consideration before you make your purchase.
Beyond the purchase price, there are other areas where costs could be incurred during the buying process. A recurring cost like a service charge should be ascertained early on, as it can greatly impact the total cost of ownership of a property.