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Purchasing residential estate is always a tricky affair as there are a bunch of factors you need to consider. An individual’s first purchase of a home will probably be that individual’s biggest ever purchase so it imperative that all factors are considered and understood before a purchase is made.

 

Financial readiness

 

This is obviously the biggest factor. Don’t buy a home just because people are around you are buying or because you are being advised to invest in the market. If you aren’t financially stable at the time of purchase, it can end being a very costly market. Don’t be swayed by people that tell you that housing is always stable as the 2008 recession proved otherwise.

 

Location

 

Considering the nature of the potential neighbourhood and the distance of it from your place workplace is important. Ideally, you don’t want something too far away as the costs required for daily travel/time spent in traffic will outweigh the higher cost of a closer property.

 

Size

 

Most builders might try to hide the size of the carpet area, the area between the walls, from you and only mention the built-up area, which is a plot’s total area. It’s advisable to thoroughly examine multiple plots of the same area to determine which plot has the biggest carpet area.

 

Quality

 

Many cheaply built structures will try to sway you with low prices when compared to the average prices in an area. Find a source you can trust to give you an accurate representation of a structure’s quality or try to learn enough about buildings to do it yourself in an efficient manner.

Builder/seller

Before getting into bed with a builder or a seller, conduct a thorough background check to see how other customers have reacted to them in the past and if they have had any subsequent problems.

 

Patience

 

Don’t be pressed into making a decision by a seller and take your time while purchasing real estate. Don’t be swayed by seller lines such as ‘This is being sold out’, ‘This is the best price ever’ etc. After all, this will be your home and you cannot afford to mess up or miss out a vital detail.

 

Buying real estate is an extensive process and rightly so. Better to be safe rather than sorry.

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