Checklist For Purchasing Real Estate

Now that you are embarking on a journey that will require you to make an investment in your future

, you want to make sure that you are getting a good piece of property for a great price. In order to avoid buying real estate that is in need of some serious work and requires more money on your part, you need to utilize a checklist for purchasing real estate. If this is your first foray into the real estate market, it is only natural for you to feel a bit apprehensive. There are risks associated with any type of investment, but you can minimize them by acting as a very thorough and diligent buyer. It does take some time, however. So do not rush, or you may end up an unhappy owner.

You need to know what to expect during the purchasing process. You should take a look at any contracts and know how to look for the perfect property. You should also be familiar with making offers, appraisals, mortgages and financing among other things.

If you are buying investment property such as housing, you need to start putting down on paper what type of deal you are looking for. Calculate the amount of money you will need to invest and what you expect to earn as a return on your investment.

Know what you intend to do in your immediate and long-term future. If you want to avoid a long-term mortgage and plan to own a home outright in five years or less, then you may be better off renting. This way, you are not wasting any money on a property that you don't intend to keep and are not putting yourself under unnecessary stress. If you decide that in five years or more from now you may want to become a homeowner, you need to find a property that you love, enjoy and still feel is the perfect fit for you further down the road.

Be prepared at all times. In the real estate business, it is always best if you are prepared for anything that might happen when you are dealing with a purchase. Instead of wasting your time trying to score a deal on auctions and foreclosures, you would be wise to explore more traditional properties that can be found on listings and through property brokers.

Learn all you can about what having a mortgage entails. Depending on your personal credit situation, it may be quick and easy or painfully difficult for you to be approved for financing. Thus, you need to be aware of what is considered a good deal for you. It is in your best interest to screen and interview several different lenders so you can find one or several willing to give you a fair deal. This will keep you from getting in over your head and will help you to make a good decision about which lender and GFE (Good Faith Estimate) you should accept.

by: Anders Abadie

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