This is the second part of a 3-part series on vital things to look out for before buying any property. I really do hope people would put these tips to good use.
4. Check for current market value. What you feel a property is worth is absolutely inconsequential to the reality on ground. It takes the expertise of a property valuation expert or real estate professional to determine the actual price of the property in relation to its location and present economic realities. You can also check online to get a good estimation of the true value of that type of property. Until you embark on either of these approaches, never assume the value of a property and pay ignorantly.
5. Check for government policies. If you are truly interested in the property, take time to see government policies about property purchase in the area. You can get these facts from the City Council or its website. Also check to see if the property is subject to a compulsory purchase order.
7. See zoning policies. Check whether there’s a zoning policy in the town or area that may affect the property now or in the future. These checks are quite important and may turn out to save you from unnecessary litigations against the Council or the seller. Note that litigations of this nature are often lost by the buyer because ignorance of the law does not in any way exempt you from its resultant outcomes.
8. Get the right permits. Make it a point of duty to ensure that the building was built in accordance with the permits and plans obtained at the very beginning. Also ensure that any modification plans to adjust the property are assented to by the City Council. Failure to get clearance from the land registry would spell trouble for you.
…to be continued!
