A home is a place of residence or refuge and comfort. It is usually a place where an individual or usually a family can rest and relax, communicate, share, feast and be able to collect and store their personal properties. Therefore it is important that when you consider a place to call your home, it must be a safe and pleasant place to be in.
Buying a house is more often than not, the single largest investment most people ever make; yet all too often it’s a decision made in rush without adequate thought and preparation. In this article we will explore some of the house-buying mistakes to watch out for in your property hunt.
One Man Shows
Buying a house is a complex transaction and should not be undertaken alone. You need to enlist the help of these individuals early in the buying process: Real Estate Agent, Banker, Lawyer and Property Inspector. It is also wise to get referrals and advice or tips from family and friends. When assembling your team, select rightly. Lack of experience in the person who does suppose to be your guide can make your property hunt a frustrating experience.
While properties can make you a lot of money; they are often the source of many problems as well. Thousands of property investors have found this out the hard way. Instead of generating income, the property is generating them endless problems: tenants problems, vacancy problems, maintenance problems, broken promises by the developer and perhaps the worst problem of all, uncompleted and abandoned properties.
So yes, property investment is a tricky business. To be successful in it, there are numerous factors that one must consider. One obvious factor is the financial aspect: the price, down payment, financing, interest rate, etc.
Is the right time of rising interest in property stocks a sign that the worst in the economy and the local property market is behind us? A number of research houses and property analysts are beginning to think so.
For one, looking into 2010, local research unit banker research institute believes that inflation or asset reflation could gradually emerge as a catalyst for the greater local stock market performance, given the existence of ample liquidity with prolonged low interest rates, prospects of a further weakening in the US dollar as well as rising commodity prices.
Under such circumstances, it points out that sectors that could benefit are oil and gas, plantation and property. According to the research unit, this is particularly true for the local property market, which it sees as being in the early stages of a recovery cycle and likely to gain further strength in 2010, given the ample liquidity, prolonged low interest rates, rising consumer confidence and a recovering economy. According to banker research, this is reflected in improving developers’ property sales since 2Q09, thanks to their aggressive marketing strategies (such as the 5-95 scheme) and improving property demand.