The decision to purchase real estate is one of the most important that you will make in your lifetime. Although it can be an exciting process, there are a few things that new purchases should know about ahead of time in order to save time, money and possible disasters.

First, enough cannot be said about knowing beforehand what your credit score and track record is. It is a buyer\’s market right now because of the economic slump so that dictates that there are plenty of residential, commercial and foreclosed properties on the market, some of which buyers can get at an all time amazing rate. However, a slowed economy also means banks are not loaning out money as readily as they once did. Most banks have experienced major setbacks and losses in the past few years and are gun shy about dolling out their money to people who may not be able to pay them back. As a guideline, they are more apt to loaning money to those whose credit score is 650 or higher and who have remarkable credit histories of making payments to other lenders on time. The government offers a once per year free credit report which can be viewed and downloaded online as do other companies. Know where you rate. This will not only give you an idea if you will quality for a loan, but also approximate what kind of interest rate you may qualify for.

Another key to successfully purchasing a property for the first time is to buy a property that is not risky. Particularly for first time buyers, playing it safe in case you need to resell in a short amount of time is the best way to go. Look at properties that do not need a lot of refurbishing or costly fixes. Many things are factored into what makes a property positive or negative and will either raise or lower the resale value. Properties, if they aren\’t commercial, on busy streets, with minimal upkeep pertaining to roads and landscaping often are considered lower in value. Other things to consider are whether the area has a Home Owners Association, has land attached to the property, and that are in good school zones are considered higher in value. These factors, as well as others will increase the value of the property you are considering.

It is also helpful to seek help from a real estate professional regarding zoning laws within the region. Things like environmental considerations and possible commercial development can quickly increase or decrease property value. Some laws are difficult to understand but professionals can explain them in layman\’s terms.

If you\’re purchasing commercial property also ask about land developing costs and utility companies nearby. Some land is not well developed and areas often times are far from utility companies, both of can be expensive and wreck havoc on your budget.

Finally, once you find your dream property, invest the time and money into a certified property inspector. These inspectors can go through the property you have chosen with a fine tooth comb both internally and externally and will alert you to any property malfunctions or improvements that will be required prior to buying. While most properties will have a defeat here and there, some may be in need of involved repairs that could cost a lot of time and money to fix or replace. What may seem like a quick fix to a novice real estate purchaser could end up breaking the bank and your budget. Some home remedies are just not worth the time and money.

Additionally don\’t be shy about talking to neighbors and locals. They are a wealth of knowledge regarding community safety, local property values and damages and conveniences like stores, doctors and schools nearby.

Find out more about luxury real estate and mega constructions at Glam Valley

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Category: Real Estate
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