Are you planning on buying a new home or property? Whether it’s a residential or commercial real estate investment, completing a transaction could prove to be daunting. A purchase this major could affect not just your finances but even your emotional and psychological states. While you’d be optimistic to think this move would go with few issues or troubles, the best you can do is to hope it’d be as easy and as smooth as possible.
How To Make Your Transaction Easy And Smooth
When you think of a transaction as easy and smooth, what comes to your mind first? Is it how you’d pay for the property? Will you categorize a purchase as easy and smooth if it took incredibly faster to accomplish compared to what you were hoping it would be? If you think about it, calling a transaction easy and smooth largely depends on how both the buyer and seller look at it.
For example, suppose you find it challenging to meet your broker or agent in person each time you need to sign something. What can make it easier is to just attach an electronic signature to all documents instead of meeting physically to sign for it. In this same essence, you can consider a transaction smooth if all the licenses and permits are completed promptly without difficulties.
But if you’re looking for broader tips on how you can have an easy and smooth real estate transaction, these might be of help:
Most often than not, home buyers find themselves in a bind simply because they forget to consider the different costs and fees involved in buying a property. Aside from the building itself, you need to factor in other fees and expenses such as lawyer fees, closing costs, and property taxes. If you’re buying a second-hand property, you may also need to look into repair expenses, especially if you’re getting a house that’s been around for decades.
You’d be better positioned if you prepared for whatever financial hurdle you may face along the way. Even when you plan on getting a mortgage or loan for the property, there’ll be expenses that the loan won’t cover.
By a real estate team, it means hiring professional and skilled people to work with you in accomplishing your goal. Some people you may need to include are a real estate attorney, a broker, and even a house inspector who’ll check the property before you close the contract. A powerhouse team by your side would significantly help in anticipating potential issues, avoiding common pitfalls as you ease your way into the transition.
Mortgage loans can take a while to process, especially if you’re getting them from reputable banks and lenders. To make the process faster, you can get a list of the documents you need to prepare and have them ready from the get-go. That way, you can anticipate if there’ll be anything wrong with the papers you have and do something right away to fix it.
Some of the most typical requirements you need to prepare would be bank statements from at least the last 60 days, your credit score, pay stubs from work, federal tax returns, business permits (if you have one), securities documents such as life insurance policies, bonds or stocks, and a purchase agreement with signatures. There may be additional requirements that the bank will ask from you, and you’ll need to make sure to accomplish all those as well.
Another thing that could stress you is the amount of down payment you need to pay for the property. Sometimes, it can also be a reason to not push through with the transaction as easy and smooth as planned. To avoid such an occurrence, make sure you’ve prepared the money ahead of time. That way, when it’s time to settle the down payment, you can pay it right away and move forward with the process.
A Dream Purchase Should Not Be Your Worst Nightmare
Real estate purchases can be tricky. It involves long processes that could wear you down and even make you feel emotional at some point. However, you shouldn’t let that get the best of you.
Keep in mind that while buying a new home is stressful and tedious, it shouldn’t be a nightmare that could affect your life in more ways than one. It’s an exciting experience, and you should feel happy while going through it. The key is to know how to make the transaction easy and smooth. You can follow the tips mentioned above to achieve your goal with as little stress and worries as possible.
Photo by Kelly Sikkema on Unsplash