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5 Tips for Buying Real Estate

Written by Posted On Saturday, 20 January 2018 07:39

Maybe you're looking for a bigger house. Maybe you're thinking of investing in a commercial office space or vacation rental. Whatever your reasons for poking around the real estate market, there are a few things that you can do to weed through the duds and find the gems. Here are just five tips for buying your next piece of real estate!


1. Know What You Want

First things first: What kind of real estate are you hoping to buy? Don't just say "house" or "office." Think about your specific needs. For example, if you're raising a family, you'll want a residence with multiple bedrooms and bathrooms. If you're starting your own company, you'll want affordable office space within commuting distance from your house. The more specific that you can be, the higher your chances of finding exactly what you need.


2. Evaluate the Area

Where are the best neighborhoods? Which communities have ready access to schools, banks, playgrounds, grocery stores and libraries? What's the local crime rate? Where are the streets kept in good repair? Whether you're looking at Calgary real estate or something else entirely, make sure that you've done your homework on the area. You don't want to be unpleasantly surprised by something after you've already become a homeowner that will have to deal with it.


3. Talk to the Professionals

There's a reason why property sales go through trained realtors and not just Craiglist ads. Between price negotiations, loan applications and closing documents, there's a lot to keep track of when you're buying or selling a home, and a real estate agent can help you manage it all. Some sellers won't even do business with a buyer who isn't represented by an agent! It's in your best interests to find a realtor who knows what they're doing.


4. Consider the Costs

The listed price of the house may or may not be negotiable, but it never hurts to ask. It's part of your realtor's job to get you the best price possible. Don't forget to think about mortgaging issues either; while you might understand basic concepts like down payments, it will take a little more dedication to educate yourself on the ins and outs of fixed-rate loans. However, the hard work will be worth it if you can save a few thousands dollars on your real estate purchase.


5. Think About Long-Term Value

You might not want to think about this when you're first moving in, but unless you're buying a forever home, it's a prudent measure. How much will the land be worth in 10 or 20 years? Will you need to make extensive renovations on outdated counters and fixtures? What kind of resale value are you looking at, and will it allow you to break even? If you're willing to think about these things today, you won't be blindsided by them tomorrow.


Whether you're looking for a dream home or a shared office space, these are just a few tips when considering your next property purchase. The most important thing is that you feel confident in your decision, so don't rush it. Take your time. Figure out what you really want from your next slice of real estate, and make sure that your purchase meets all of these requirements.

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