Planning to buy a house privately? Buying a house from a private seller is probably a good choice. This means, you can purchase your dream home without the assistance of the real estate agent. However, before jumping into this kind of project, be sure to understand the real estate world. You can read books or eBooks like home buying guide and other great resources that could help you in your journey.
In fact, there are lots of informative reading materials on the internet and bookstores. By widening your knowledge, you can understand and realise that buying a house from a private seller seems a bit complicated without the use of an agent.
Tactic #1 – Find a Price that is Affordable
This might sound obvious but you need to stick with your calculated budget. You will realise that buying a property can be difficult as it may seem especially paying the mortgage. Remember you may need cash to renovate your property.
Before buying your dream home, plan your budget properly and evaluate your mortgage from the lending institutions or banks. Getting a pre-approved loan can help you understand where you stand and can help minimise disappointments later.
Bear in mind that the total amount will have to cover the taxes, transaction fees, purchase price, and other things you need to do before moving in.
Tactic #2 – Find a Good Location
Find a good location in areas available. One way to find a good place for your home is through the internet. Online browsing can be an easy option to find properties.
Plan a property visit to be sure the location is good and close to amenities. These include schools, malls, hospitals, police station, and more.
Tactic #3 – Look for Properties that You Like
The best and easy way to find properties that could catch your interest is online. Sign up for the notification service so you can receive automatic email of the property that suits your choice. If you cannot find the property that you want online, read through the classified ads of the newspaper.
Tactic #4 – Schedule Property Viewing with Owner
Once you have found the property, contact the owners and asks about the property. Then choose the best property you like and arrange a property viewing . However, before the property inspection, come up first with a checklist to know more about the property.
Important Questions To Ask
• Age of property
• How long has the owner stayed in the property
• Reasons why the property is for sale
• Asks about the community fees
• What are the laws and acts of the owners community
• The distance and location of any services
• Is there any permission for renovation and other services
• Asks if the furniture is included in home buying
Tactic #5 – Hire a Real Estate Surveyor
This is optional but it is recommended that you hire a real estate surveyor to help. The real estate surveyor can provide a property appraisal by determining if the property is overpriced or not.
Tactic #6 – Negotiate the Terms and Price of the Property
Price negotiation depends on 3 things;
• How long has the property been on the real estate market
• How soon does the seller want to market the property
• Is the property attractive to home buyers
Tactic #7 – Meet the Prospective Seller
If your legal representative has done the property research and provided clearance for the sale. Then arrange an appointment with the seller prior to the notary and sign the deed of the property transfer.
Tactic #8 – Have the Property Registered to the Land Registry
After signing the Title of the Deed, it is now time to celebrate. However, another important thing to consider is to register the property with the Land Registry. Registering the said property in your own name can prevent future complications.
Tactic #9 – Transfer all the Utilities to your Name
You need to agree with your seller to go to the different utility firms to transfer to your name. The utilities include water bill, electricity bill, telephone bill, and more.
These are the possibilities when buying a home on the private seller.