There are many ways and means by which individuals can buy real estate properties. On the one hand there are many state sponsored real estate projects that are available for sale quite regularly. These are essentially low cost housing projects aimed at the lower and middle income groups. On the other hand there are literally thousands of homes and apartments that are up for sale both in the private and public sectors. In this article we will be having a look at the points to be kept in mind while buying a real estate property from a private seller.
Buying from a private seller can be done through many ways. You could take the help of a real estate agent or could look up the internet. There is no doubt that the internet is a big ocean of information and one can identify scores of private properties that are up for sale. The biggest advantage in looking up private properties is that you can look for variety in terms of price, size, location, construction types and styles just to name a few. However, when buying a property from a private entity one has to be careful and go through the entire due diligence process in full without rushing through it.
First and foremost identifying the right private property is very important. Once this has been done it is important to be sure that it fits your budget and also is located as per your specific needs and requirements. Once these basics are in place, the next important task is to employ some professionals and get to know more about the property in terms of its rightful owner, and most important its fair market value. It is quite likely that the seller will quote a price which may or may not be in line with the fair market price.
The onus lies on you as a buyer to take the services of a good property valuer. A good property appraiser will take the trouble of valuing the property based on some important inputs. In most cases the valuer will manually examine the property and ensure that the specifications are the same as is available in the property documents. Once this process is through, he will come out with the valuation report using various tools and methods. He will also take in to account other factors such as the locality, infrastructure development, availability of amenities and facilities just to name a few.