First timers guide to buying a house cheap and selling it for a killing

Friday, January 16, 2015, 6:00 AM | Leave Comment

For a first timer, buying a house can be intimidating especially when you realize that it can be a big commitment on your finances and your time.

The good news is that it doesn’t have to be. Learn from other people’s experiences and leverage on the skills you have and the resources around you and you will wonder why you didn’t do this earlier.

Here are a few things for you to consider when buying a house that will also make it easy to sell it at a killing;

  • Make lists

    These lists can include buying and selling due diligence lists. What are your house needs? What will you need to consider when selling the house in future? What professionals will you need? What costs are you likely to incur?

  • The neighborhood

    Walk around the neighborhood and get a feel of what the area is like. What are the house designs in the area like? Is the security good? Is there public transport?

  • Gather as much data as possible and use professionals for advice

    You can either go online or go physically and find out more about the properties you are considering. Once you do so it is best to get some professional advice.

    If, for example, you get a good house agent, ask them what the best location is. What are the general prices on offer for sale and for rent? Are there property disputes in the area? Which shops and amenities are available in the area? What about local council fees charged in the area? Are houses often available for rent or sale in the area?

    Ask lots of questions – nothing is too silly to ask – and take notes.

    Do the same with your lawyer and banker or any other professional that you may need.

  • What’s the true cost of buying and how can you make it a cheaper buy

    Consider the total cost of buying the house. This may include mortgage fees, legal fees, surveys, furniture and so on.

    Also, consider getting a house with a spare room and rent it out. If you do your math right, you could reduce the cost of buying your house by having someone else pay for a guest room/wing of your house.

  • The devil is in the details

    Are there repairs needed when buying the house? Note them all down and factor them in as a condition for buying the house. You can then either have the house repaired before you buy or have the cost of the house reduced so that you can do the repairs on your own.

The proposition for you here is that, if you buy your house for less than its value then it will become easier to sell because you can be more flexible on the selling price.

If you do all the necessary due diligence before buying the house vis-à-vis selling it as well, it will be easier and faster to sell the house.

About the author

Ambuja Griham Nigan are experts in building and construction and offer their solutions to 2nd tier cities in India. They offer consulting in building aspects such as house designs, how to manage your projects, and how to calculate your building budget. Visit their site to read more.

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