6 Clever Tips to Keep in Mind Before Purchasing Your First Real Estate Property.

Buying your first real estate property, whether it’s a residential or commercial property, is a major milestone in life. Also, you’ve probably allocated a fortune for this big move, which means you wouldn’t want to lose any of your hard-earned cash.

To make sure you are making the right decision, here are important tips to follow:

1. Determine how much to spend for your purchase.

Wise buyers always know what they want, specifically the size, type and cost of the property they want to invest in. To avoid going overboard with your budget, plan out how much you’re willing to shell out for the property. Think about how much you can compromise or negotiate before taking the big leap.

2. Seek help from a real estate agent.

If you think you can’t handle the whole buying process on your own, it’s better to work closely with a real estate agent. A real estate agent can help you choose the right property, especially in consideration of the location, neighborhood, and house plans.

3. Research, research, research.

Although you may have enlisted the help of an agent, it’s still a good move to do your own research. Search online for the best locations. iBuildNew is the site you might like to visit if you’re looking to just buy a piece of lot and build a home after. iBuildNew is Australia’s leading provider of home designs and prototypes. The company’s comprehensive array of models might serve as your inspiration in choosing your kind of home, property or land.

4. Get the right financing.

Money is a crucial part of buying a property. To get this off your table, try talking with a lot of banks and financing providers. Negotiate the credit limit you’re allowed to borrow to purchase your dream real estate property.

5. Partner with a Cost Segregation study expert.

Property tax and mortgage is one of the hidden devils of purchasing a property. Fail to consider this and you’ll spend the rest of your life paying off excessive tax. Good thing Titan Echo, a cost segregation software solution, is here to the rescue.

Titan Echo's cost segregation services can help you audit and analyze the cost of each aspect of your property from the cost of the structure, the land and any other parts profitable. Remember, the role of a Cost Segregation specialist is very different from that of a CPA. While the latter audits and balances your books, the former makes sure that you’ll be able to separate your profitable properties from those for residential purposes. This will matter a lot during the calculation of your tax remittances and other government mandated fees for property owners.

Want more information on cost segregation services? Check out our pricing page

6. Ask guidance from a reliable real estate lawyer.

Land ownership transfer and titling are merely two of the main process you need to prepare by the time you’ve successfully bought the property. However, these two tasks can become very taxing and time-consuming if you don’t know what to do and where to start. Hence, enlisting the help of a real estate lawyer can be a great help to ensure you’re newly purchased commercial or residential space is under your name. A good lawyer can speed up the transfer process, and, at the same time, guide you through the fine print. With his or her help, you’ll know whether you’re about to pay for additional, hidden fees or not.

Purchasing a real estate property might be an exciting one, but it is also a decision that needs thorough contemplation. Fail even slightly and you’re bound to spend your succeeding paychecks on hidden charges, too-steep mortgage, and unnecessary taxes. With the steps mentioned above, rest assured that you have the basics on real estate buying covered.

Source: Jeff Hobbs