Buying a property is not a small deal for anyone, these are the points you must consider before dive into real estate market in Nepal
The challenge of buying a home for the first time can seem so daunting that it's tempting to either just go with the first house that falls in your price range or continue to rent. To help you demystify the process and get the most out of the purchase, we'll examine what you'll need to consider before you buy, what you can expect from the buying process itself, and some handy tips to make life easier after you purchase your first home.
You need to know how much money you will have each month to meet your expenses. Remember that your first property will seldom be your final property, so search after your present property getting needs first, and let the long term take care of itself. You should guarantee that the property you are getting will satisfy your present needs and be within your budget. As a property buyer, understanding your family’s present major needs will help you make the right decision.
2. Use your head, not your heart
Don't be afraid to walk away from a bad deal. There will be other properties, maybe even better ones. Remember that this is a financial transaction and that your terms must be met.
3. Take the time to sniff out any issues with the property
Smell for mould, and animal-related odours. Knock on walls to see if they sound hollow. Open the dryer and the dishwasher – you never know if pests are living in there. Does the toilet flush properly? Does the heating/air-conditioning work? Is the flue functioning above the fireplace? Is the water pressure okay?
4. Work with experienced professionals
Hire the most thorough, licensed home inspector you can find to pinpoint any issues that could potentially end up becoming costly repairs. To avoid conflict, make sure your lawyer is not also representing the seller.
5. Neighborhood Amenities
When searching for a new home, there are the usual considerations of location, price, and layout. Neighborhood amenities is one of the important things you should consider before investing in a property. While making the list of amenities, include the proximity to schools, hospitals, banks, shopping centers, restaurants, entertainment facilities and parks.
6. Negotiate as much as you can
You can use an agent to do the negotiating for you, but you can't be sure how hard they will push for you. As a buyer, you should feel in control and as though you have nothing to lose through robust negotiation.
7. Don't let yourself feel pressured
Real estate agents are expert salespeople. They may get you to rush over to the 'perfect' property and urge you to make an offer before someone else snatches it up. If you feel rushed at all, then back away. Time is on your side.
Take a good look at the location and the locality. It is better to try a place adjacent to the prime location of your city so that the price is not that high. Location will also have a large impact on the resale value of your home. Choose wisely and your home may be your best investment.
9. Rental rates in the area
If you are are planning about investing in a rental property, homes in high-rent or highly populated areas are ideal. Knowing the rental rate in the area helps you to choose the right property and location.
10. Gardens and yards are work
Almost everyone likes the idea of having a garden, but if you're not used to maintaining one, you might want to think twice about whether you want to spend your weekends weeding and mowing the lawn.
11. Water supply and sewage systems
If you are buying property, you need to consider your water supply, particularly in areas, towns etc where excessive development has taken place. The affect on the local water supply and the additional sewage and waste disposal problems has, in many areas, been deplorable and will most likely, in the near future escalate the cost of providing quality drinking water. Before investing on property, ensure that your property will get quality drinking water throughout the year and that the civic body provides good sewage systems.
12. Buy a property you can afford now, not later
Even if you're pretty certain that you'll be earning more in a year or two, you might also find that circumstances increase the other expenses in your life. Children, schools, new cars and travel plans are substantial costs. Make sure there will be room in your budget for you to live the life you want.
14. Select an agent carefully
Prepare questions in advance of a meeting. Find out what kind of experience they have, how many buyers they are representing and if they can share any references. Speak to a few different agents before deciding on one.
15. The search can take longer than you think
Don't operate on someone else's timeline and don't make commitments that will make things challenging if your property hunt takes a few months longer than you anticipated. If you're renting, stay on a month-to-month agreement so that you are able to move without penalty.