Image Credits: Pixabay
So, you’ve decided to get your own place? Purchasing a property is a great idea, but it can be a tough decision to make. This is exactly why you need to conduct due diligence of the property you’ve chosen, to see if it’s worth the investment.
Here are the top 7 things you need to keep your eyes peeled for when considering purchasing an apartment:
- Average sale price that’s too high/low for the neighborhood
If the average sale price of the properties in your chosen neighborhood is $50,000, but the seller is quoting much lesser or much higher than the average property price, it’s important to understand why they are doing so.Doing the right research can help you protect yourself from making sour deals.
- Inadequate property documents
Sellers should always present the title deeds, land registration forms, and a host of other important property documents to buyers before finalizing the sale. However, if your seller doesn’t do this, then chances are there could be something fishy about the property.
- Damages and defective installations
Creaky floorboards, cracked wall tiles, and discolored paint are some obvious signs that the property being sold hasn’t been maintained with care. Defective installations are other signs that the seller may be dumping a dead-end investment on you.
- Property-related controversies and contentions
Have you heard that the land on which your chosen property is built is under contention? Is there a lawsuit regarding the ownership status of the property? If yes, your chosen property could be highly contentious.It’s best practice to check with the local authorities before finalizing your purchase.
- Seller with a questionable history
If the seller indulges in suspicious behavior regarding the property, it’s a sign that something’s amiss. It’s best to have the property and the seller investigated by professionals.Other signs to look for when judging the seller are– neighborhood rumors regarding the owner and negative reviews online about the property.
- A sketchy locality
A neighborhood that’s renowned for antisocial behavior should definitely not even be worth considering for property purchase. Check for current crime rate and concentration of areas where suspect activities happen, before signing the deal.
- Unfriendly payment requests
Is the owner asking you to make a down payment higher than necessary? Well, this is a clear indication that things aren’t being done by the book. If this happens to you (and you don’t want to lose the property), it’s important to speak to your mortgage broker for assistance.
At Total Mortgages, we provide housing loans to interested buyers and we will help you create a loan repayment schedule that will help you make the required payments with ease. Contact us for more information.