When it comes to the decision of whether to buy or rent a property, many would prefer the former over the latter; that is if they have the means. Buying a property is, after all, a big investment. It is full of small and large elements that need to be done or keep track. For example, you need to pay a number of additional fees along with the property price. That is why you every home buyer should have a checklist to make sure they are ticking every box along their property buyer’s journey. To that end, we have made a home buying checklist so you don’t have to! So without further ado, let’s take a look.
Property Hunt Phase
This is the preliminary phase, which begins after you’ve decided on buying a property and lasts until serious talks begin.
1. List Your Preferences
The first thing on every home buying checklist should be a list of your requirements and preferences in a property. Just as you shouldn’t begin a journey without setting a goal, you shouldn’t begin to look for a property without deciding on what you want. From a number of rooms, sizes, and floor to the location of the property fix a set of preferences that you desire.
2. Set a Budget
After you are done with your preferences, set a budget. Unless you are sure how much you are able to spend on a property, you shouldn’t move forward. Set a realistic budget that takes into account your requirements, the current market scenario, and additional costs of transferring ownership. This additional cost varies for the primary property, secondary property, and land.
3. Review Proximity to Essentials
Once you have found a property to your liking, review its proximity to important locations. Finding the right kind of property at a very accessible location might not always be possible. So try to answer questions like ‘how far is the nearest grocery shop’; ‘are there any good schools nearby’. By asking and answering these questions, you’ll be able to better analyze the practicality of the property.
4. Check Noise Level and Ventilation
Checking the outside noise level and ventilation of the property is a ‘Must’ in any home buying checklist. A property beside the main road is bound to have a lot of outside noise. Visit the property during peak traffic hours to see the noise level. And as for ventilation, checking the property during daylight is a good idea to see if it receives ample natural light & air from the outside.
5. Survey the Property
Surveying is one of the primary ‘to-do’ items when buying property, especially land. It will help you identify the condition and integrity of the property and help you decide whether the property is investable or not. For such an important aspect, it is best to not rely on own understanding and take help from experts.
6. Verify Utility Connection
Not every location and property receives all the necessary utility connections. For example, new building across doesn’t receive gas connection anymore, and residence there have to rely on LPG to meet their needs. Even though this kind of information is disclosed outright, do ask them if they forget to mention.
This part of the phase begins when you’ve pretty much selected a property that matches all your criteria and want to start the final discussion.
7. Research Property Prices in the Area
It’s true that two similar properties in the same area can have different prices, especially when it comes to popular residential areas. However, researching will give you a general idea of properties there. You can use this as a base to negotiate further with the owner.
8. Source Financial Assistance
As we mentioned, property purchase is a big investment, and it is not always possible to finance it with savings. If that’s the case, you need to find an alternative source for the required fund. The most common such source for home financing is banks and financial institutions that offer home loan for a particular interest.
9. Inspect Legal Documents
There are plenty of legal documents that need to be checked when buying a property, and you need to do it thoroughly. It would be very unwise to overlook or take it very lightly as many of the real estate scams take advantage of legal loopholes. Getting a legal expert to help you out is the best course of action.
10. Negotiate the Price
Accepting the sticker price is always difficult for Bangladeshi people. We have a habit of negotiating prices when we can, and the listed or asking price of a property is no exception. So once everything else is in order, it’s time to negotiate the price of the property. Keep in mind that the price of a property depends on a lot of factors. As a result, the asking price can sometimes be above or even below your set budget.
11. Submit Documents for Transfer of Ownership
Last, but not least, in our home buying checklist is the submission of documents for transferring ownership. This includes property mutation, registration, and several other legal documents. This needs to be done carefully so you submit all necessary documents to the right offices.
Buying a property is a big step for anyone and is made up of many elements. That is why this home buying checklist will help you keep track of all the essential aspects and make your real estate transaction hassle free.