5 Common Mistakes When Buying Property

Have you reached the time you are interested in buying residential property or a yielding property to invest in? Before you hurry and sign all the different documents and choose the perfect property for you, we have prepared a document which specifies the five most common mistakes people make when they buy property. We recommend reading the article carefully, taking it all in and avoiding mistakes that could cost you a fortune.

Do Not Rush Buying the Property, Particularly If It Is the First One You See

Lots of couples are very excited during the process of buying property. More than once we accompanied couples interested in buying the property which will become their wonderful home and we have witnessed the initial excitement the couple shares over the first property. In the process of buying property, it is advisable to see a number of property alternatives, and here are a few rules that will help you not rush into buying the first property you see:

-       Have a few property options lined up- try and see as many properties which suits your needs as you can before deciding which one is the best one for you (particularly if it is an investment property or the first property you buy).

-       Examine the area well- when it is intended to be a home for you, check the education in the area, shopping areas, different attractions and the surrounding population. Before rushing to buy, conduct a comprehensive examination of the living area and the neighborhood you wish to buy a property in. Among other things, check the transportation routes in the area and the public transportation in case you might need it.

Try and Avoid Buying Property Your Initial Budget Cannot Afford

A wide variety of couples who come to examine their future property tend to deviate from their initial budget and the limit they set for their home. A deviation in the budget can lead you to financial complications, and so it is advisable to first see only property within your budget limits in order to avoid temptations and different obligations you might not be able to handle in the future.

“I don’t Need a Realtor Agent”

Many times we have encountered people who are interested in buying property without the help of a realtor. Other than the precious time you lose searching for a property, there are many benefits to buying property with the help of a realtor: a professional agent can present you with important details regarding the area, help you with the negotiation process opposite the property seller and guide you through different actions. Of course, if you have decided to use the services of a realtor, check their professional knowledge thoroughly, as well as their reputation and experience in the field, and it is advisable to choose an agent from a professional, well known real estate company.

Do Not Skip the Services of a Lawyer

It is clear to all of us that the process of buying property is not a cheap one, but there are some expenses you just cannot opt against even though they are considered a recommendation, not laws. The services of a lawyer are highly necessary in the process of buying property, a lawyer has to accompany you throughout the process of closing a deal with the other side and the lawyer should protect you with a contract he or she prepares, which protects you from different loopholes in the law. Furthermore, as part of the lawyer’s services, he should help you in the professional aspect and provide professional guidance and comprehensive advice regarding the process.

Skipping Financial Advice

Particularly if this is your first property, it is advisable and is even a “requirement” to be accompanied by a professional financial consultant. Many times couple deviate from their budget and do not take the advice of the financial consultant and find themselves in financial difficulties later on in their lives. The financial advisor’s role is to present you with your financial information and your buying options within that budget.

You are invited to familiarize yourself with the services of iltam real estate, operating since 1987 in the field of property and investments, and offering a wide variety of prestigious property in Tel Aviv, Herzliya Pituach, Kfar Shmariyahu, Rishpon and Arsuf.