Top 5 Things To Do When Preparing To Purchase A Property
Buying a home is one of the most important decisions you may make and certainly one of the most significant investments of your life. We at Rego Sotheby’s International Realty are pleased to provide these simple tips to help you understand what to expect when purchasing your home:
1. Get your finances prepared: Enlist the help of your bank’s financial advisory services to determine your buying capacity. Schedule an appointment with your bank to speak with a mortgage loan officer who will guide you through what you need to submit for your loan for pre-approval. Your bank will also assist you in determining additional costs you may not have thought of that are associated with a home purchase – appraisal fees, land taxes, structural survey fees, property insurance, legal fees, services charges, bank (mortgage) finder’s fees, etc.
2. Choose a Real Estate Agent: You will be working closely with your Agent on your home purchase, so it is important to choose a Real Estate Agent you are comfortable with, who listens to you and helps you define your needs (‘must haves’) versus your wants (‘wish list’). An informed agent will know the market, arrange viewings of suitable properties and will be among the first to hear of new properties coming onto the market. Generally, the seller pays the Agent fee.
3. Ask Questions: Be an informed purchaser. Check with your Agent about zoning restrictions, rules and regulations and neighbourhood facts.
4. Know the Government Regulations and Tax Structure: For example, if you are Bermudian or a Bermudian with a non-Bermudian spouse, first-time home buyer, and purchasing a property for $750,000 or under, the Government has provided a stamp duty exemption on the conveyance of the property you purchase, which may save you as much as $12,000.
5. Understand the Process and the Costs: Your Agent will guide you through the process, from Offer and Acceptance to Sales and Purchase Agreement and the documentation required throughout. Costs associated with the conveyance of a property are usually shared equally between the Vendor and the Purchaser. These costs are legal fees for preparation of Conveyance and Stamp Duty payable on the Deed of Transfer. The Purchaser is liable to their own attorney for costs incurred for legal advice.
If you have any questions, our qualified team of experts are ready to assist you and help address any queries you may have.
Contact Rego Sotheby’s International Realty today to get started.
The Sotheby’s International Realty network currently has approximately over 21,000 affiliated independent sales associates located in over 930 offices in 69 countries and territories worldwide. Each office is independently owned and operated.
For additional information visit the Rego Sotheby’s International Realty website, call
1-(441)-292-3921, email firstname.lastname@example.org, or visit us at our office located at 83-85 Front Street, City of Hamilton, Bermuda.