Real estate refers to land in addition to all stationary improvements made on the land such as houses, fountains, garden store, green houses, perimeter wall etc permanently affixed on a particularly defined location. On further expansion, real estate could still include anything of a permanent nature such as trees, surface or subsurface minerals, and the interest, benefits, and inherent rights as already established.
In other to adequately benefit from your real estate investment property, one must ensure before the point of closure that some mistakes are well avoided since real estate actually involves a lot more than the building or the land it sits on. You must also be concerned with the following under listed facts:
1. Make sure that the agent represents your interest. Most individuals are often rushed into closing on a deal for the fact that the presentation of the agent was flawless! Your priority should remain on your own interests.
2. Get iron-clad referrals as regards the agent of choice. All good agents should have a history and should have been heard off and should have assisted someone else in acquiring a similar property of choice within the locality of interest to you.
3. Ensure that your equity is adequate to purchase the property of choice before engaging an agent; at least have an affordable price range in mind.
4. Exhaust all mandatory and speculator legal procedures before you close the deal. It surely wouldn’t hurt you now or in the future if it can be discovered that the property being desired presently attracts an above normal tax regime.
5. Do well to purchase property at the lowest price possible. The whole idea is to eventually grow the value of the property to an appreciable level in the near future say in five (5) years time; and not to buy at the high price being offered.
6. Ensure that the property so desired will accommodate future improvement that you can afford.
7. Investigate to know the history of the property before you close the deal. This may include having a firsthand knowledge of the past owners, how long they held the property, reasons for the sale and the relativity of the property with respect to its socio-economical environment.
Real estate is actually profitable to any individual. It is also a potential means of improving the standard of living of the individual. Wishing you the best of luck as you venture into the realm of real estate investment.
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