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A real estate is a piece of land that owner has a legal right over. Your property plays a very significant role in your life. To elaborate the whole progression or the essential steps of 'planning-to-buy-property-process', it is compulsory to know why the property is imperative.
The major gain of the property is it's high liquid rate, meaning easy conversion in cash whenever you want. Legal protection is also a key factor of the property that nobody can claim on it. Selling price is always better than the price you paid for it, very low hammering ratio in other words. However, exceptions are always there, property has a reason for decreasing worth for example economic recession or inflation rate impact.
Now it is the trend of the world to investment in every country because it is a way to safe and secure personal savings. As we know that nowadays, there is an economic recession throughout the world so it implies low rates for properties. Primarily there are two types of properties: 'Tangible' and 'Intangible'. Tangible property is either 'Commercial property' or 'Domestic property'. Commercial property is useful in the businesses for profit maximisation while residential property is safe to keep as an asset for the lifetime. There are steps to save time and money while searching for a property.
When you are thinking or interested for investment in the property then do not take a hasty decision. Search the property in your free time and deal after your working hours. Initially, try to search and deal through telecommunication to save time. You should utilise your contacts in your office or business circle.
Prefer making the decision without the influence a property agent, however, it is time consuming. Property consultants prove helpful. Stay in contact with two or three property consultants at a time. You should gather information about that particular property and consultant's firm as well.
Discuss your targeted property's rate with the neighbours. Evaluate the rates and try to match them with current market rates. After evaluating, consult the property agent and discuss his/her commission.
Financial decision-making process is very important. Avail the best option after going through all the opportunities for example personal savings, bank loans, house financing and business loan. If you are interested in domestic property, you should focus on the housing societies, built houses, plots, and flats according to the location and geographical importance as well. The area that interests you is a very important key factor.
Documentation is a final and crucial step, which involves in following steps. Legal obligations are mandatory. Recording all the transaction to keep record of the activities will save your time. For security purpose, involve a legal advisor or lawyer to handle all the legal requirements.
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