There are a few important considerations to note down before you start to scan websites looking for your perfect pad. This pre-purchase checklist will have you well on your way to picking the right pad.
Checklist
- Deciding where to purchase property is not a straightforward task. You need to consider your life stage and current situation i.e. are you:
- single?
- in a relationship?
- contemplating children?
- coping with your commuting distance to work?
- Other important aspects to consider include:
- your preferences for inner city living versus suburb and the open spaces.
- your proximity to retail outlets and other services.
- your desire for closeness to family and friends.
- assessing your hobbies and interests and where they are located.
- Your interest in suburban aesthetics is also important - you may love the house you are looking at, but does the rest of the street measure up as part of the ideal location?
- Make sure you go for a drive around the areas you’re planning to buy in. You might see a number of For Sale signs and you can use sellers/ vendor contact details for further search information.
- realestatebazaar.com.bd’s search for a home feature lets you view properties listed on the internet as per your specified search criteria.
- Don’t be shy in telling the seller/ vendor what you’re really looking for - once you’re known to them, they will keep you at the forefront for the properties which match your search criteria.
- It is in your best interests to arrange for building and pest inspections before you unconditionally purchase a property.
- It saves time to pre-approve your finance before you begin hunting for a property. While 100 per cent mortgages are possible, saved deposits of 5 - 10 per cent of a property’s value are normally expected.
- Consider how you would like to structure your mortgage and exactly what type of financial product you are seeking to finance your property purchase.
- Think about fixed interest, variable interest or a combination of the two - as well as the term of the mortgage you are looking for.
- How will your loan repayments impact on the rest of your lifestyle?
- You need to formally apply to a financial institution to pre-approve your finance; generally the more information you provide to them at the start - such as income and expenditure figures, the quicker your finance will be approved.
- Financial institutions will approve your finance in writing.
- Your finance pre-approval normally lasts for three months.
