WHAT YOU NEED TO KNOW WHEN BUYING A HOUSE --Part 2

WHAT YOU NEED TO KNOW WHEN BUYING A HOUSE --Part 2

FINANCE

CONSOLIDATION

Is taking one loan to pay off other loans, this combines all loans into one loan. In an instance where the buyer has a Personal loan or a Car loan and they want to buy a house, they can consolidate their loan by buying a property that has a higher equity or with a higher Open Market Value.

EQUITY RELEASE

This is a way of releasing money from your property without having to sell it. The buyer can revalue their property and release the amount between the Open market value and the outstanding loan amount. This helps to give the buyer ready cash that can pay off another house or cover other debts.

PRODUCT

It is very crucial for any buyer to know why they are buying the property. One can buy for investment, family home, buy and rent, buy and sell. Therefore, the features in these properties will never be the same. Once the buyer highlights why they want to buy the property they can now approach their resident agent for help. The buyer needs to be precise on why they want to buy the property because the usage of the property will determine the capital that need to be invested on it.

RESEARCH

Before one looks for the property they need to research first on other property website and print media, to make a comparison of how much properties cost per location, specifications and sizes to avoid the delay of adjusting the mind-set when looking.

To be continued...