Buying a property is a challenge but it can be even more complicated if you do not know the area. Make the wrong decision and you could end up with a home that is difficult, if not impossible, to resell. In order to avoid this we will explore a few ways to help you make the best possible investment.
The first stage is to do a little background research on the local by-laws and anything special that effects buying a property in that specific area. Your best resource for this is most likely going to be a local real estate agent. Go to open houses in the area and speak with the agents to find out things like the property tax rates and any other types of costs that are associated with buying a home in that neighbourhood.
The safety of a neighbourhood, as well as access to services, is a very important factor in your buying decision. Here is where the internet is going to be a great tool. You can look up the crime rate in the area or do a news related search for stories about crime in the community. You will also be able to visit the websites of local schools boards and plot the locations of nearby schools. While you are at it do not forget to check-out how easy it is to access public transportation.
The key to getting a good real estate deal is the price you pay for the home. While you can easily find out how much sellers are asking for their properties on the MLS you will need to speak with a real estate professional to find how much the home actually sold for. You can also find out how long it typically takes for a home to sell which can be useful when it is time to negotiate.
If you have not already done so now would be a good time to hire a local realtor that specializes in the area you are interested in. Their expertise will be invaluable and because they get paid from the commission the seller pays you will get their services for free.
Homes in areas of higher demand usually sell very quickly so you will need to be prepared. This means getting your mortgage sorted out ahead of time. You can contact a local bank or mortgage broker and get a pre approval letter that will tell how much you can afford to buy and guarantee your interest rate for a specific length of time while you search for a home.
If at all possible try to buy a property before you need to move. This will help to eliminate some of the stress involved in be pressed to purchase a property because you need something right away. It will also help you to save money on a short-term rental.
No matter what moving to a new city or state is far from easy. You can, however, make things run a little smoother simply by following these steps and making sure you are as prepared as possible.