Article written by House Hunter HQ
Most property buyers may be nervous when it comes a real estate market that is constantly changing. However, buying property at this time is a very good idea because mortgage interest rates are low. Here are five tips for property buyers that will get you the right property at the right price.
It’s all about location – In terms of property, it is good to buy in the best locations as this will mean that your investment will appreciate. For example buying a small house in a good location can sometimes be a better investment, than buying a large house in a less preferred location. Look for safe neighborhoods that are close to public transport and schools.
Think about a condo – A condo is a good investment for 2nd homebuyers who are looking to lease their investment and then sell. Once you purchase your condo, you will have to lease it for at least 5 to 6 years, before deciding to sell it.
Know your credit rating – To avoid surprises before meeting your lender, check your rating before hand. This way you can fix your rating, before meeting your lender.
Know your price range – Meet your lender and obtain a pre-approved mortgage, so that you know your price range. This way you can contact a real estate agent and clearly, state your budget.
Head out of the city – Look at locations out of busy city areas as they are often affordable and have good resale value.