LIFESTYLE WEBSITE FOR OVERSEAS PROPERTIES

Avoid These If You’re A First Time Overseas Property Home Buyer

Home > News > Avoid These If You’re A First Time Overseas Property Home Buyer

Avoid These If You’re A First Time Overseas Property Home Buyer

September 13, 2017 0 comments

Whether you want to buy overseas property for a business or for personal use, make sure you avoid these common mistakes that first time home buyers commit.

Avoid These If You’re A First Time Overseas Property Home Buyer | Asia Property | Yazhou Property

Going over your budget

This is one of the biggest mistakes a first time buyer can commit. Never go over your budget. If anything, you should make sure you spend less than your budget so there will still be an allocated amount for house repair or redecoration if needed. Keep in mind that there are also many other costs such as homeowner dues, property taxes, and home insurance.

Not hiring or consulting a real estate agent

Real estate agents are there to help you through the tiring effort of searching for the perfect overseas property investment. Moreover, if it’s the first time you’re buying property overseas; local real estate agents can inform you of real estate trends in the area that the internet might not know of. They can also help you get the best price of the property and help you through the buying process.

Avoid These If You’re A First Time Overseas Property Home Buyer | Asia Property | Yazhou Property

Don’t just assume your mortgage will get approved

Don’t assume, get preapproved. To clarify, prequalification is not the same as preapproval. Prequalification is merely an estimate from the lenders of what they can offer you. Preapproval is an actual loan approval that you get after meeting the requirements according to an underwriter.

Not looking at all the possible options there are

It is not easy to find overseas property but it can be very exciting. As a first time buyer, you may get fixated on an overseas real estate that meets your standards or even exceeds them. Make sure to still properly inspect other options so you can get the best property for the best price.

Avoid These If You’re A First Time Overseas Property Home Buyer | Asia Property | Yazhou Property

Passing up home inspection

It’s a thousand times better to get your cash out for a home inspection before officially transacting rather than to find something wrong with your property after you’ve bought it. Home inspections can also reveal issues of the property which you can use to bargain for the asking price.

Looking for Asia properties? Check out our Facebook page and blog to find Asia property news and updates!

Related posts:

  1. 10 Space-Saving Home Décor Ideas For Your Asia Properties
Footer background image