How to Buy a Residential Property

This is a very important article for everyone who interested in Investing in a Residential Property, this article very well on what are we should do when come to buying a property.


A) Affordability level
B) Determine the location you like. 
C) Determine the type of property you want.

D) Sourcing for the properties. How? >Go through all alternatives and the most common manner is of course to call your friendly Real Estate Agent or referring to the Classifieds in the local News Papers. Do call the numbers listed and the most important questions to ask are as follows:

1. Tenure i.e. Freehold or Leasehold (if leasehold, how many years left)
2. How old is the property?
3. Land Area
4. Built Up Area
5. Number of Rooms and bathrooms
6. Why is the owner selling
7. Who was the occupant
8. Condition of house (best is for you to see it yourself)
9. What does the sale price include
10. Is it with vacant possession?
11. Is there built ins and kitchen cabinets?

Then arrange for a viewing (please make sure it is during the day or with a bit of natural lighting) and see it for yourself and with another party.

Things to look out for (and ask):

1. If there are major renovations, inquire on whether approvals were obtained
2. How recent were the changes done to the wiring and plumbing (for homes more than 15 years)
3. Observe for leaks and any broken items
4. Observe window panes and door frames for termite infestation (good to also ask on Pest Control Contracts)
5. How recent was the roof changed (for really old houses i.e. more than 20 years)
6. Quality of fittings
7. Observe what you would like to change in the house to suit your lifestyle
8. How long its been on the market?
9. Is the price negotiable?

E) Determine whether the micro location suits you, whether you like the property and how much it will costs you to do it up to suit your liking. Also remember you might not be able to do all the renovations at one go, so focus on the main ones i.e. wiring, plumbing, painting, built ins. Put a weight age to your decision making process so you will not be bogged down by just one reason. Make sure the decision is based on what is your liking and compatibility with your lifestyle. The decision is yours and your partners only. (Article taken from Zerin Properties website, 2010)