Two Tips for Buying Real Estate

Posted on: 14 November 2016

There are few investments that you can make that are larger than purchasing real estate. Sadly, many homebuyers will not have the experience to be able to confidently go through this process without making oversights. In order to help you avoid making these potentially serious mistakes when buying real estate, you need to be aware of a couple of simple tips to help make sound choices during this purchase.

Know the Benefits and Disadvantages of Homeowners Associations

There are many homes under the jurisdiction of homeowners associations. These organizations can have fairly expansive powers over the member homes. For example, these organizations can dictate the cosmetic modifications that can be made to homes, the minimum condition for the lawn, as well as rules governing the placement of swimming pools.

Some individuals may be concerned about these potential restrictions. However, it must be noted that these rules can provide an important benefit. These rules are designed to preserve the value of the properties in the community by preventing homeowners from allowing their properties to fall into disrepair. Fortunately, the rules of these associations can vary greatly, which makes it likely that you can find one that will allow you to use your property the way you want while still enjoying the benefits of these organizations.

Have the Property Surveyed

Prior to making a binding offer for a property, you should make sure to have the property professionally surveyed. These surveys will confirm the location of the boundary lines for the property, which can be important for making sure that you understand the exact boundaries of the property. This can be particularly important if you're considering making upgrades or changes to the property, such as installing a fence. If you are concerned about the property selling prior to the survey being completed, many home sellers will allow you to place a bid pending a successful property survey. With this type of arrangement, the seller can confidently reserve the property for you, and the selling process will continue once the survey confirms the property boundary lines. If a serious discrepancy is discovered, you will be able to reevaluate whether you want the bid to stand.

There are few purchases that can be more complicated than buying real estate. Due to this, it can be easy for individuals to feel overwhelmed when it comes to this process. By understanding the benefits and limitations of homeowners associations as well as the need to have the property surveyed, you may be able to make better choices as you buy property.