When buying property for the first time, the lengthy process of saving up for a deposit has left you feeling practically intoxicated with excitement and more than ready to sign on that dotted line. At CC&A Insurance Brokers we have heard all the problems homeowners have faced with the new home. That’s why we’ve put together a number of factors to consider and watch out for when buying your first, or even third or fourth property.
Many buyers and sellers are hesitant to use estate agents because they receive a cut of the profit as commission for their service. A trusted realtor will make sure that everything is done in the best interest of their client and will also be able to guide you through the process to ensure that there are no hidden surprises at the end. They will also be able to negotiate your offer with the seller on your behalf.
Determine your budget before you begin the house hunt and stick to it. This is sometimes less than the price your mortgage company thinks you can afford. When buying property, the general rule of thumb is 1/3 of your combined household salary but you can always discuss with your mortgage broker.
A lick of paint here and there would certainly make a big difference but don’t focus only on cosmetic fixes. The property may need repairs that go more than paint deep. Plumbing problems such as those with a septic tank can be a nightmare if unexpected. Make sure to take your time testing lights, plug points and examining ceilings for any signs of mould or water damage. This is another situation where a realtor will be useful, as they will know exactly what to look for.
If you are thinking of buying property, be sure to contact CC&A Insurance Brokers to insure your new property and your household contents. Our brokers will be able to assist you with protecting your assets.
The article should not be considered legal or financial advice and is for information purposes only. You should consult with a professional financial advisor to determine what may be best for your individual needs.