Buying properties is probably one of the biggest and most important financial purchases of your life. There are a few things you need to keep in consideration when buying properties: firstly is buying a property cut out for you? Many people fear the idea of being under contract and having to immerse themselves into such a huge commitment. Rather do your research before hand with an estate agent to see what the different options are for you and your potential property. You may find out that renting a property far outweighs buying one.
Secondly, if you do decide to buy, there are some perks to look forward to. Knowing that it is you who has ownership of the property and the appreciation value and further determine how amazing your property buy was, your mortgage interest can be deducted off of your tax return, most first time buyers’ homes and their vacation homes tax may also be fully deductable for income tax purposes and if you have lived in your home for the past two out of five years you may also be able to exclude profit from capital gains.
Thirdly, many prospective buyers unfortunately don’t have the time to research and stipulate what areas, size and features they would like ultimately in their property. Estate Agents are the next best thing, as they enjoy looking at properties and finding one that will satisfy their client.
And lastly, due to the recession which has hit and which we are slowly coming out of. It is also a great idea to speak to your estate agent about possibly looking into repossessions from the banks. If you look in your weekly news paper you will find hoards of wonderful and well priced properties which are up for auction.
Most importantly though, make sure that you have an electrician and plumber do a home inspection or make sure that your estate agent demands a certificate from the sellers. Once you have signed the contract all problems from there on even if they were there prior to your arrival fall on your shoulders, with or without your consent.
