When a person decides to buying a house, it can be done through a property agent or developer. As it’s a big investment, it’s important to have both experience and knowledge in dealing on property purchases.
Purchased a property from a good property development company can reduce the problems on purchasing process. However, should you purchase a property from a property agent and you will need to be aware of some matters in order to prevent yourself from scams.
Today, we will sharing some tips for newbie (first time home buyers) and even existing property investor to protect yourself from terrible estate agents and purchase property wisely;
1. Separate Property Agent And Lawyer
The moment when you’re buying a property from a property agent, they might claim themselves able to handle the legal affairs for you. Do always remember in your mind that property agent is not a lawyer, they are not the right person to handle legal stuff for you, unless they possess a legal lawyer license. To avoid unhappy issues happened, always hire a property agent and lawyer separately.
2. Never Pay For Downpayment Before Loan Approved
When you deciding to buy a property, first thing you need to do is assess your financial condition, you may enquiry a bank to help you to check on it and clearly understand the loan procedure. Bank will estimate the amount of loan by inspect your personal details, occupation, number of property that under your name, personal credit score and etc. (To read more about personal credit score, Click Here). Besides, do always remember, never pay downpayment for a property before your loan application is approved as you’re not be able to take back your downpayment if there is any issues.
3. One Property Agent Is Enough To You
Don’t waste your money to hire multiple property agent to help you find your dream house with lower price because it is simply not that case. Since each property have fixed and market prices, and the price will change from time to time. In general, a good property is never cheap and a cheap property is never have good conditions (location and environment). When you comes to purchase a property, be clear of what type of property you are looking for (a cheap or good property for investment).
4. Property Insurance Is Important Too
Before purchasing a property, you should study the details of property insurance. The fire insurance (basic property insurance) is not enough to gives you a protection. If you need a full protection against explosion, natural disaster such as flood, earthquake and other possible risk, you’ll need to invest in good property insurance as well. (Click here to read more about property insurance)