Tips To Buy A Property In East Coast

December 08, 2014  //  Posted by: Property Owner  //  Category: Real Estate

east coast propertyThinking about buying real estate in East Coast? Know all the aspects before taking a decision.

 

Why buy a house of your dreams?

There are several advantages of buying a coastal home. Some of the pros are:

  • Beach itself is an amazing reason itself
  •  The soft sound of water and the picture perfect view
  • Escape from the city
  • Calm soothing relaxing environment
  • Oceans effects the weather
  • More oxygen
  • Therapeutic effects of salt water
  • Make your family happy

Or it better to think again?

But, remember it is not all good. There are a lot of cons in buying a coastal property as well. Some of them are:

  • Way more expensive
  • Insurance is even more costly
  • Crowded during seasons
  • Home maintenance is just too much
  • Completely empty in off season
  • During winter, no shops are open
  • If you are investing, then it’s an on and off source of income
  • Also, difficult to find a tenant
  • Higher risks for natural hazards like floods, storms etc.

Advices:

General tips:

• Reason

Is it an investment or a permanent home or a vacation home? Keep a clear idea about this.

• Location

Check out the popular locations in your desired areas. Also, never be rigid about which area you want. There is a possibility that a better prospective comes up

• Buying capacity

Always remember, never starve yourself just because a costlier purchase. Always keep your price range fixed and find houses accordingly

• Buyer for your own house

If you are thinking of shifting permanently, don’t buy anything until you have sold you own house.

• Legal aspects

Appoint a solicitor, who can explain all the legal aspects to you.

• 10% deposit

Make arrangements for the deposit as this money isn’t covered by the home loan

• Settlement time

Always understand, that settlement time is the time between settlement date and transaction period. Make sure you enquire about it.

Bank evaluation

While making such huge purchases, it is wise to take a loan from bank and then buy even if you have assets. Bank loans save you from the legal issues of giving records.

Remember that you should choose a bank for mortgage with minimum tax. Also, you should understand all possible aspects of taking loans

Buying

Finally while making a purchase, try not giving yourself away. You can get a better price

• Auction

Buying in an auction is good as you can get a well inspected fully furnished house in your price range

• Good market

If buying it from a seller, make sure to be safe. Approach 2 3 people before making a decision

Understanding contract

Understand each and every aspect of the contract and make changes accordingly

Pre-settlement inspection

Make sure before you make the purchase, you get your house inspected properly to avoid house repair expenses.

• New is better

Always try choosing a new home rather than an old one. It is more long-lasting.

• Excess of anything is bad

Don’t buy a 4 bedroom house or a very big house. Instead go for a nice penthouse apartment with 2 bedrooms only.

• Pests and building

Make sure the base of the house is good. Also, there shouldn’t be any infestations.

Your house is a big commitment. So choose wisely.