Purchasing a property is not just limited to find out your dream house. It is more than that! As you are going to make one of the biggest investments in your life, therefore, you should be careful while choosing your new house.
You should invest in those properties that do not create any risk in the future. The real estate investors who say “we buy houses” should read the following checklist that can make the entire house purchasing process smoother.
Here, in this article, we are going to provide a complete checklist:
Ensure Clear Title
You should make sure that the property you are going to purchase a property that has a clear title. The properties with an ambiguous title can create problems in the future. You should not invest in properties whose title is not clear or marketable.
Moreover, most banks and other financial institutes do not approve your loan applications. You can hire a lawyer or take the help of financial institutions to find out whether the property title is clear or not.
Check All Necessary Documents
You should ask the seller of a property to show all related documents of the property. If it is possible, then you should collect the copies of the original document. The take these copies to your legal advisors. The legal advisor can check these certificates and verify them. This will prevent you from any future trouble.
Find Out Total Financial Expenditure
You should consider your financial condition first and after that search for those properties that fall inside the upper budget limit. You should consider the price of the property where you are going to invest along with various other expenditures for owing it.
The price of the property is not the total expenditure. It also includes various other costs such as fees of a lawyer, a real estate agent brokerage, registration and notary fees, etc.
Apply For House Insurance
The house insurance helps you to mitigate unexpected loss or destruction in your house. You home insurance also help you in a various situation such as theft, fire, and various other natural calamities. You should apply for home insurance and start searching for those companies who are ready to provide home insurance at less premium rate.
Go For Title Insurance
This type of insurance is very important while purchasing a new house. The title insurance will protect the buyers from any unwanted loss. This type of insurance help property buyers from investing in property with an ambiguous title. Therefore, if you do not want to face any unexpected trouble in the future, then go for title insurance.
Get Copy Of Approved layout
You should ask for a copy of the approved layout of the property that you are going to purchase. You can ask this document from the builder or property seller.
You should make sure that the entire building plan is approved or not. All building structures should be first approved by related authorities and it should be listed in the government database.
Hire A Realtor
Taking the help of a real estate agent is a good idea but you should choose the best realtor. The real estate agents can help you to invest in the right property. You should find out good local real estate agents because they know well about that area.
But, keep in mind, you should invest in any property if you are satisfied and feel comfortable. For instance, if you want to purchase housing in Cleveland Ohio, then you should hire a local realtor in Cleveland.
Make Sure House is Free From Liabilities
You should make sure that you are going to invest in a property that is free from any kind of debt or liabilities. If a property seller has taken any home loan, then it should be paid off.
Otherwise, when you buy this house, then you will be responsible for the due amount. You can ensure that property is from any debt by asking for documents that show this house is debt-free.
Intimation of disapproval (IOD)
It is a set of instructions that are provided by related authorities for the building construction. These instructions are usually valid for one year. If the property is not constructed within the specified time frame, then it is mandatory to reissue IOD.
Water and Power Supply
You should make sure that the house you are going to purchase has proper water and electric supply. You should call a home inspector who will check all these required things.
If there is fluctuation in power or voltage, then it can be a big problem, then fluctuating voltage can damage your electric appliances. Water supply should be appropriate, otherwise, it can be the reason for frustration.
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