Buying real estate in Mauritius: Today about 80% of all home searches begin on the Internet. With just a few clicks of the mouse, home buyers can search through hundreds of online listings, watch virtual tours, and sort through dozens of photographs and aerial shots of neighborhoods and homes.
You have probably defined your goals and have a good idea of the type of home and neighborhood you want. By the time you arrive at your real estate agent’s office, you are halfway to the homeowner.
How long does it take to buy your first home?
In seller’s markets, often we only show one house. After all, how many houses does a family need? Some buyers will look for years, but buyers who are not motivated. A motivated buyer will get a house within two weeks.
Good real estate agents will listen to your wants and needs and arrange to show only those homes that fit your particular criteria. Your agent should preview the houses before showing them to you.
How many homes will a home buyer see?
Studies show that after eating carbs your memory improves dramatically and sugar intake slows down. So, drink soft drinks and have a savory meal of carbs before taking a walk home.
The average number of homes a buyer shows in a day is seven. More than this and the mind is overloaded. Therefore, do not expect to see 20 or 30 houses. Although it is physically possible to do so, you will not remember any specific details about any of them.
Women will relate to this. You go to the mall At the first shoe store, you find a great pair of red shoes. You try them on. They fit perfectly. They are glamorous. Pride is also correct. Are you not buying them?
You go to every other store in the mall until you are ready to drop from exhaustion. Then you return to the first shop and buy those red shoes. Do not shop for a home like this. When you find the right house, buy it.
Look at the top options for the second time before buying a home for the first time.
After visiting the houses for a few days, you will probably be able to easily know which one or two houses you want to buy. Ask them to watch it again. You will see them with different eyes and notice elements that were previously ignored by the go-around.
At this point, your agent should call the listing agents to learn more about the sellers’ motivations and see that no offers have arrived, ensuring that these homes are still available to purchase.
Buying real estate in Mauritius
I’ll let you in on a little secret. I usually know which house to choose, and I suspect that most other agents operate in the same way. This is intuition. But I practice not driving it to buyers, and I insist that buyers choose a home without interfering with me. This is not my choice.
However, real estate agents are required to point out defects and should help assure buyers that the selected home meets the buyer’s search criteria.
List to Examine Before Buying a Home.
1. Don’t buy if you can’t keep up.
If you can’t commit to staying in one place for at least a few years, then the boss is probably not for you, at least not yet. With the cost of buying and selling a home, if you sell any sooner, you can lose money – even in a growing market. When prices are falling, this is an even worse proposition.
2. Start by submitting your credit.
Since you will need to mortgage to buy a home, you need to make sure that your credit history is as clean as possible. A few months before starting home hunting, get copies of your credit report. Make sure the facts of any problem you discover are true and correct.
3. Aiming for a house may cost you dearly.
The rule of thumb is that you can buy housing which is about two and a half times your annual salary. But you would be better off using one of the many calculators available online to better handle your income, debts, and expenses, which may affect the expenses you can afford.
4. If you cannot keep the normal 20 percent down, you can still qualify for the loan.
There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a small payment.
5. Seek professional help.
Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many experienced people) are better off using a professional agent. If possible look for a specialized buyer agent who will consider your interests and can assist you with strategies during the bidding process.
6. Choose carefully between points and rate.
When choosing a mortgage, you usually have the option of paying extra points – a portion of the interest you pay at closing – in return for a lower interest rate. If you stay in the house for a long time – say three to five years or more – it is usually a better deal to take the points. A lower interest rate will save you more in the long run.
7. Before home hunting, get pre-approved.
Being pre-approved allows you to avoid seeing homes that you cannot afford and puts you in a better position to make a serious offer when you find the right home.
8. Do your homework before bidding.
Your initial bid should be based on the tendency to sell similar homes in the neighborhood. So before building it, consider selling similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should place a bid that is about eight to 10 percent less than what the seller is asking.
9. Hire a home inspector
Of course, your lender will require a home appraisal anyway. But this is only the way to determine if the house is worth the price you agree to pay.
Separately, you should appoint your home inspector, preferably an engineer with experience in conducting home surveys in the area you are purchasing. Their job will be to pinpoint potential problems that may require costly repairs on the road.
