Buyer’s Guide
Discover essential steps and tips for navigating the property purchasing process in Sri Lanka—from defining your budget and needs to negotiating offers and completing the purchase. Ensure a smooth transition into your new home with expert guidance on Sri Lanka properties, including houses in Sri Lanka and lands Sri Lanka
1. Set Budget
- Check your finances by reviewing your credit score, budget, and ability to afford a down payment, closing costs, and a mortgage.
2. Mortgage
- A mortgage is a home loan from a bank or lender. Your home is security, and missed payments can lead to repossession. Two types: repayment or interest-only, with monthly payments.
3. Specificity
- Keep some flexibility, but aim to match your needs and wants. List key factors like location, size, and details like bathroom layout. Use real estate websites to research fitting properties.
4. Finances
- Before house hunting, check how much a lender might offer based on your debt, income, and job stability. Get preapproved for a loan before making an offer on a home.
5. Help and Support
- A real estate agent helps find homes in your budget, arranges viewings, and assists with offers, loans, and paperwork. Their expertise prevents issues, and their commission comes from the seller.
6. Research
- Explore neighborhoods and property types to understand market prices and trends. Consider factors like property appreciation and resale value when buying.
7. Secure Financing
- Qualifying for a loan doesn’t guarantee funding. Underwriting guidelines and lender risks can change, sometimes leading to last-minute funding freezes before closing. So make sure your finances are in order
8. Offer
- Your agent will help you determine your offer and any conditions, like closing costs. They’ll present it to the seller’s agent, who may accept or counteroffer.
9. Inspection
- Even if a home seems perfect, always hire a professional inspector to check its quality and safety. Serious defects may allow you to rescind your offer and get your deposit back.
10. Purchase Agreement
- Negotiate with the seller on price and terms. Once both parties agree, review and sign the purchase agreement to finalize the purchase.
11. Close the deal
- Finalize your mortgage financing and prepare for closing. Sign necessary documents and transfer funds to complete the purchase of your new home.
12. Moving
- Coordinate your move, set up utilities, change your address, and enjoy settling into your new home. Celebrate this exciting milestone!
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