When Buying A Property - What Should You Consider And How Much Should You Offer?

Although, there are other things you will need to consider when buying a property, these are some of the important points that need serious consideration:

How much do you really want the home? Are you emotionally attached to buying it?

It is usually advisable to arrange for a professional home inspection either before or shortly after you make your offer. The offer could be subject to the findings of the inspection.

How does the asking price compare with prices of similar homes in the neighborhood? The closer you are to the asking price, the more likely your offer will be accepted. If other buyers are competing to buy the property, are you prepared to increase your offer and perhaps even offer above the asking price? Again, this comes back to how much you really want the property and how much you can afford.

How long has the home been on the market? If it's been for sale for a while, then why has it not sold. Is the seller asking too much? Is there something wrong with the property? If the property has been on the market for some time without selling, then maybe the seller would accept a lower offer.

Is the property in good condition, or money need to be spent to bring the property to the standard or style you want?

How much mortgage finance will be required to purchase the property? Will you be able to meet the mortgage repayments and interest payments on the property?

Have you got the appropriate legal advice from a real estate attorney? Is the real estate contract worded correctly with the appropiate clauses included?