Buying an apartment has been one of your life-long dreams and now that you finally get to have your own house, you can’t seem to keep down the excitement. However, there’s more to a home purchase than picking your favorite listing and moving in. Here are three important things you must check off your list before you make a purchase.
How much do I have? Understanding your budget will help you know the kind of house you want to buy, and what location to buy in. Prices of houses differ due to location factors, construction details and finishing, title and other features. Having a real estate agent with a full grasp of the local market is inevitable. The goal is to get you your desired property within your budget range and equally provide good options out of the many pools of properties.
Does the property have a good title? The beauty of a home goes beyond excellent finishing and landscaping, for the safety of your hard earned money, you’ll need to verify and authenticate the underlining title and legitimacy of the property. You can’t afford to stake your life savings on a property whose title is subject to litigation and all kinds of hindrances. A sound due diligence is therefore expected to be carried out before making payment for the house of your dream, your agent must investigate and ensure the property is not subject to compulsory acquisition, demolitions or any third party claim.
Does the house have the necessary development approvals? There are statutory bodies and regulatory agencies saddled with the responsibility of granting building approvals and enforcing compliance to statutory requirements. As a prospective buyer, you don’t want to buy a property without the necessary approval.