subject: Buying An Ideal Property In Edinburgh For Rental Purposes [print this page] Buying an Ideal Property In Edinburgh For Rental Purposes
Once you find a suitable property, you should take steps to find out as much as you can about that particular property. For this purpose you should use photos, floor plans, online brochures, virtual tours as well as local information. After studying all this, you are still interested in the property and think that it has potential then you should move on to the next step, which is arranging for a viewing of the property. Whenever going for a viewing you must always take a camera and a measuring tape with you. This will help you in keeping a record of all the properties you have seen. Hence you can decide the ones you like. You should also take a notebook with you when going for a viewing. You must carefully examine the property; take note of things you like in the property and ones which you dont approve of.
It is important to remember that investing in a property is not an emotional purchase. You should have in mind the purpose for which you are buying it and see if it is suitable for that particular purpose. So for example, if it is suppose to serve the purpose of a buy-to-let property, then you should consider the requirement of the rental market and not of yourself. Only then you can come to a rational decision.
Making an offer:
When you approve a particular property after its viewing, the next step is to make an offer for it. This figure will be dependent on various factors.
Firstly you need to have a clear view of your budget. What is your maximum limit? You should do your math properly and be aware of your investment potential. If the seller is not willing to sell the property at the offer you made than you should carefully examine if the property is worth spending extra money. Secondly, you should also consider the sellers position, i.e. if he is in a hurry to sell the property or has been trying to do so for a long while. If that is the case then he may even accept a lower price for the property. On the other hand if he is not in a hurry then he might refuse to budge. Thirdly, making the seller aware of your position will also help you. This means that if you have a per-arranged mortgage then you will be in a favorable negotiating position. Lastly, it also depends on the market. If there are fewer buyers then the seller will be more willing to negotiate.
by: Salome Camastro
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