Home General Important Questions to Consider When Buying, Selling or Renting a Property

Important Questions to Consider When Buying, Selling or Renting a Property

by Olufisayo
Property Important Questions

Buying a choice property goes beyond making a deposit or taking possession of the keys. It covers the whole gamut of the transaction to how the new homeowner will live in the property ever after.

There are however certain things that must be considered before buying, selling or even renting a residential or commercial property. Knowing these tips will prevent a closed deal from going wrong with everyone losing their investments.

Some of the helpful tips to know are –

Is the advertised property legally up for sale?

An advertised property may not constitute a legal problem in the US, UK, Canada or other developed countries, but it in Africa and most developing countries.

It is a common sight to see an occupied house marked “This house is not for sale” in developing nations, this is largely because fraudsters are known to sell a house they do not have the rights to, even when it is currently occupied without the due knowledge of the occupants.

       

If you are scammed into buying such a property, you will lose your investment and still lose out on the house, and you won’t like this to happen to you if you took out a bondsexpress.com loan.

Does the property require extensive renovations?

It does not make economic sense to spend double the cost of a house on renovations. Although the guys at https://www.bciworldwide.com/services/  – BCI Worldwide among other building contractors will help with cheaper and more quality repairs, it may be best to buy a property that requires little to no repairs.

If you have to change the roofing, reconstruct a section of the house, tear down the fencing, refit the plumbing, repaint after remodeling and other major repairs, then you might want to reconsider the asking price of the property.

Is the property listed or unlisted?

Although it is always best to buy a listed house, buying an unlisted property might be cheaper. It is easier to find a listed property online and in real estate magazines, but they are often pricier than unlisted property.

You must, however, exercise due diligence if you are buying an unlisted property. This is to protect you from purchasing a house with an existing legal tussle or falling into the hands of fraudsters or even paying more than is necessary for the property.

       

Is your real estate agent licensed and accredited?

It is true that you can search directories to buy desired houses by yourself, but licensed and accredited agents can be of immense help if you want Better Homes and Gardens MCR Bahamas Old Fort Bay Bahamas.

An agent will save you thousands of hours that could otherwise have been spent scouring magazines or browsing property websites. An agent will also provide you with numerous options for your considerations and help out with all the necessary paperwork.

A reputable agent will also provide you with guidance and information related to your purchase in desired cities, states, and even countries.

Is the asking price relative to prevailing market rates?

You must ensure that you are not paying above the market rates for any property of your choice in any given city or state. It may be wise to consult two or three agents if you have the money for the fees, but you will recoup your investment from the lower price you will eventually pay for the property of your choice in your desired destination.

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