Thinking about investing in a residential property? Here’s everything you need to know about such an investment:
The first step is to find a real estate agent who can provide you with access to various residential properties. You should check multiple options and shortlist those properties which fall under your budget and meet your requirements. If you like a particular property that is shown to you by the agent, you can make an offer for it to the seller by conveying through your agent.
The next step is to get the property surveyed and evaluated to find out its real worth. You need to hire professionals for this purpose. After inspecting the survey results you can renegotiate the price and make a new offer.
The seller counters the offer with a new one and the negotiation process begins. Only when there is an agreement between both the parties regarding the price of the property and the terms of purchase, the deal moves to the next stage.
A contract of sale is prepared by the seller’s attorney. He reviews the title, deed, mortgage documents, property survey report, tax bills, a permits and certificates of occupancy. When you receive the contract, you should read every word and check with your agent whether all the terms and details are accurate or not.
The last step requires you to make a down payment for the property and setup a mortgage account to pay for the remaining value of the property in installments if you are not buying the property with your own money. You need to pay your agent and lawyer. Other related expenses need to be cleared to get acquisition of the property as soon as possible.
Tips to keep in mind:
- You should do your research regarding the different property types and select an option to streamline your home search.
- It is a good idea to make a list of the features that you want your residential property to have.
- Getting a pre-approval for a loan is advisable so that you come to know the amount you are eligible for.
- Before applying for a loan, you should check your credit report for errors and to know your score. If the score is not good enough, you should wait for sometime and work on improving the score.
- Selecting an exclusive buyer’s broker or agent is better than settling for a regular buyer’s agent to ensure that your interests are protected.
Keeping these tips in mind can help you to become a residential property owner in a short time.
For assistance in residential property purchase in Connecticut, contact Connecticut Real Estate & Investment.