7 Things You Need To Know Before Buying Property

Buying a property is the biggest investment for all. Owning a Property gives various benefits, but it comes with some duties. Basically, you have to discover the profit and loss of having a home to make a great decision for you and your family.

Purchasing your own property is a big financial liability for which you need to make a lot of preparations. It is the largest investment people will ever make. Everybody wants to have their own home to live or houses for sale in Thailand. Do not neglect the small things before buying a house. Furthermore, a property can be either tangible or intangible. There are various things that you need to keep in mind. Some of them mentioned below. so, let’s have look:

1. Table of Contents

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   Environment Around Property

When you go house hunting, do not forget that you only buy a house. You are buying environment around property and neighbor too. If the land is contaminated, its value can be greatly decreased. You just need to walk around the property and see the environment.  Check to see that the schools in the area are good or not. Even if you do not have children, a good school district can increase property values when it comes time to sell your home in the future.  A good property investment Melbourne agent will have all information about all the properties that suit your requirements.

2. Cost

Cost plays a big role when you are thinking about buying a property. Buying a property will have a significant impact on your finance, so make sure you can manage it. It includes upfront costs such as new furniture, closing cost, moving expenses. Therefore, you must think about the cost which you can easily afford. There is a need to consult with Thai real estate agents if you are buying a property in Thailand. They will suggest the best property in Bangkok available at affordable costs.

3. Paperwork

It is most imperative for you to complete all the paperwork legally before buying a property. You need various important documents to buy a property, such as a sale deed, mother deed, Building approval plan, commencement certificate, conversion certificate, tax information on seller property, Appraisal, financial record, etc.

Before making an offer on a property have a solicitor look over the Contract of Sale or Section 32 and justify anything to you that you don’t completely get it. Wouldn’t you avoid buying a property and plan on extending it, just to discover out there is an easement running straight through your backyard or there is a planning overlay that doesn’t permit it?

4. Electricity System

Now building codes require modern electric wire. Some old homes utilize knob and tube wiring, which can be expansive to bring up the code. Do not forget that a large number of agents and insurance organizations will not work with a buyer if the home has knob and tube wiring due to the dangers it creates. In case, if the electricity system is not proper on your property, it may arise various problems. So, you need to consider the electricity system in your house.

5. Check All Information In The Listing

You have to confirm all the information given about the house is correct. Sometimes,  real estate agents place things in the listing that they not have verified or maybe not aware of the facts. Some of the more general issues that can crop up in the real estate transaction are understanding what remains with a home and what does not. Numerous purchasers, dealers and even some real estate agents do not have an idea of what is considered a fixture and what is personal property.

6. Examine The Water-related Issue

A house in better condition will keep water where it belongs. Outside moisture should not be making its way inside. Water flowing through the pipes should be staying in those pipes. Any rain that falls on and nearby the property should be directed towards protected areas, like away from your foundation. Your roof should be functioning as intended. Buying somebody’s water issues is not what you want. If there is a water issue in newly buy property, it may impact the market value of the plot.

7. Road Access

Road access might sound like a no barrier, but it is a surprisingly complex issue when you buying a vacant lot. If the land is not truly available through public roadways, it may not have access to city water or sewage.

Moreover, you could end up needing a septic system and a well to handle those basic utilities, which will add to the construction costs. In the event that your property is landlocked, the common solution is to make an arrangement with a neighbor for guaranteed access via a private road through their land, known as an easement.

Final Words

Everyone’s idea of a dream home is different. So, these all are the imperative things you need to consider while purchasing a property. Simply follow the above-mentioned detail surely, this will provide you an idea about what to keep in mind while buying a property.

Author bio –

This post is written by David Lane who was born and raised in Thailand. He is a Realtor for Thailand-property, offering the best Thailand property for their clients. David is praised most frequently by clients for his enthusiasm, patient approach, and unwavering loyalty. Apart from this, David loves fly fishing, sporting clays and playing golf.