Buying Tips

Buying a property can be one of the most important decisions you will ever make. Therefore, it is essential to make a systematic effort to avoid making mistakes.

Here are some guidelines:

Define Your Budget

Write down a detailed and realistic budget of your expected needs for the coming years. Keep in mind all the things you need to fill a house. At the same time do not forget all the things that are not directly related to the home, but are equally important, such as a car for example. After adding these things together you should end up with two numbers; a preferred budget for the purchase of your apartment or villa and your absolute maximum monetary limit. This way you do not let yourself get tempted with a luxury property that is out of your reach.

Choose the Neighborhood

Many criteria are applicable when choosing the right neighborhood. Depending on your own particular property needs and taste some of the following factors may be more important considerations than others:

• Local atmosphere
• Infrastructure (traffic, public transportation, proximity to freeways, airports and so on)
• Proximity to the workplace.
• Proximity to service centers like kindergarten, schools, and hospitals. And the quality of these!
• Proximity to recreational areas like parks, beaches, cultural points of interest shopping areas, etc..
• The location as a point of investment. (Future expectations and property values in area.
• The chance of finding your dream home within your price range in this particular neighborhood.

The experience and opinion of friends and family can help you a long way. However, do not rely on second hand information alone. In stead you should investigate local conditions by yourself. And remember that you have to imagine the place in the future as much as today.

Define Your Criteria

The criteria for a home are extremely numerous. And they may often change as you are inspired when exposed to different kind of homes.

The most common first consideration for a buyer is the number of bedrooms. However, there are many more things to consider. Like size, garden, balconies and other amenities.

Some people prefer their home in a brand new building or an organized compound. Others do not mind that the place needs some work as long as this fact is reflected in the price.

Once you have decided on your criteria you should try to rank them in importance and write them down.

Decision Time

When after careful consideration of all the pros and cons you reach a decision, you should act upon it without further hesitation.

After all, the home of your choice is for sale on the open market. And chances are that others have the very same home on their wish list.

Going through the difficult process of choosing your future home just to find that someone else is going to live there can be a very unpleasant surprise.

Very often the doubt and hesitation that some people have origins from not going through the search process in a systematic way similar to what we just described. By not being systematic about it they may feel that some stones are left unturned. So do yourself a favor and do it the right way from the beginning.

Real Estate as an Investment

Whether you are buying to invest or just like to make sure that your property will not lose value, you should consider certain aspects.

However, estimating real estate as an investment takes an effort. You should keep yourself posted on any news or development in the market as you should in any investment opportunity.

The best approach is to ally with a good trustworthy real estate company.

Here are some hints:

• Look for communities that are likely to become "hot neighborhoods" in the coming years, but may not yet be recognized by the large public. Things to look for are the attractiveness of the area, the infrastructure and the planned projects in the area.
• Look for the overall price level of the area and the expected development in prices. High prices do not mean that they will continue to rise! And low prices are not a guarantee for higher prices in the future either.
• Look for property that has a general appeal to many people and therefore will be easy to resell.

Post Purchase Remorse?

Second thoughts after buying your property are a very normal reaction. If you have not already weighed the pros and cons in a logical way, now is the time to do so.

Simply take out a pen and paper and write down all the possible advantages and disadvantages of your purchase on each side of the paper.

This simple process is how many professional decision makers weigh tough decisions.

Hopefully you will find that you made the right decision. Nevertheless the process alone will help ease your mind. But keep in mind that buying your future home is not an entirely rational decision. Emotions are and should be a factor too and often warm emotions weigh much more than cold facts.