Category Archives: Buying Property

Checklist for Mindful Analysis Before Buying Property

Buying Property

Mindfulness means focusing one’s awareness on the present moment that is fully present in the moment and aware of where we are and what we are doing. This also means not overly reactive or overwhelmed by what’s going on around us.

Mindfulness is the buzzword of the moment, but can it be applied to buying or selling a property? Yes, it can be as it is very important to be in the moment both as a property buyer and as a vendor.

Here is the checklist for mindful analysis of buying a property.

Choose the location

Be very mindful of your location and not only mindful of the actual property. This means don’t try to get the best looking house although it is an important aspect but consider the area you are buying in. You will want to pick the house in the area that closely fits your lifestyle and personality, a place where you will feel comfortable and where you are likely to get along with the neighbours. Apart from this, also look into the ability of the area to have your house price appreciate phenomenally.

Know the financial status

People looking to buy a property, first need to know how much they can actually spend. The best way to do that is to get prequalified for a mortgage. For this, you will need to provide some financial information to your mortgage banker such as your income and the amount of savings and investments you have. The lender will review the information provided by you and then tell how much they can lend you. This will tell you the price range of the homes you should be looking at. You need to be mindful that a personal loan collects far higher interest rates than anything else.

Get a home inspection

When purchasing a property, be mindful of getting it inspected before you sign on the dotted line. Although property development in Melbourne is done according to the standard development protocol so that the residents do not have to suffer from the issues, but it will be beneficial that you get the property checked for any structural damage, pest infestation or any leakages that may become a bigger issue later on. The real estate agent will help you arrange to have an inspection conducted within a few days of your offer being accepted by the seller.

Coordinate the paperwork

The process of property conveyancing in Melbourne and buying a property involves a lot of paperwork can become a complicated process if you are not mindful. So, hire a property conveyancing lawyer to help you out arrange for the signing the agreement and transferring the ownership from the seller to your name. This also helps ensure that the seller is the rightful owner of the property you are buying.

The above-mentioned is the checklist to help you buy the property.