Choosing a house or apartment is one of the most important decisions in the life of any person. After all, a house or an apartment is a huge investment and you need to make sure that you are making the best decision possible.
That is why the real estate investor, Shalom Drizin, Head Officer of Fieldbridge Associates LLC, wants to help you make the best decision. So, here he presents four tips which are crucial for choosing a property:
1. Drizin indicates that the most important point to consider when choosing a house or apartment is the budget. You should review the maximum amount of the loan that you will be authorized or the total savings that you can generate. However, it does not mean that you can buy a property with this amount. This is because in addition to the commercial value of the property, you must set aside between 8% and 12% for deed expenses.
2. Once you have resolved the financial aspect, you must choose where to live. According to Drizin, the location of the property is essential to determine its commercial price. “For example, if you decide to buy in an area with increasing demand, in a few months or years, you will be able to sell it at a higher price and make a profit on this investment,” says the experienced real estate investor Shalom Drizin. ”Telling you in which area of the city you must live is practically impossible, because each person has different needs,” continues the Head Officer of Fieldbridge Associates LLC.
The real estate investor indicates that you must consider: proximity to work, distance to health and education centers, main roads in the area, security of the neighborhood, and other social and geographical aspects that directly influence the property.
3. Compare property prices in the area. Take a few days to visit all the properties that you like, it is also important that you ask all your questions and write down the characteristics of all of the properties. “Do not trust your memory! Compare price-characteristics of at least ten properties,” says Drizn.
4. Check that all property documents are in order. The deed must have the seal of the Public Registry of Property and the name of the person who is selling must appear in the clauses. Drizin warns that there are many sellers who advertise properties without having the deeds in their name, but they will not be able to carry out any purchase-sale process until the property is adjudged to them.
Last tip from the real estate expert, Shalom Drizin: Remember to ask the owner to show you proof of service and tax payments to make sure you don't have any debts!