The excitement and anticipation that comes with buying the first house is overwhelming. When you start earning, you feel that you need a separate place to stay. Staying with your parents seems restricting. You crave for freedom and experimentation in life. And being with parents doesn’t always allow you to do this. But, buying a house is a difficult deal.Being a first-time buyer will show your naiveté in front of the seller who may then take advantage of that. So, display your sharpness and caution when dealing with the sellers. 

There are a number of factors to be considered while buying a house for the first time. If you don’t go by these rules, you end up getting ditched.

Ten Guiding Tips for First-time Home Buyers:

1.Fix a Budget: Since this is your first house, your budget would be rather small. So, look for houses in that range. Don’t go overboard with your budget. You could be lured by a very attractive and large apartment, but never diverge from your budget. And if you do, make sure you can avail of loan and repay it with regular installments. Only consider blowing your budget if you have a regular source of income that is more than your routine needs (expenses). 

2.Space Needs: Gauge your space needs accurately. Are you the only one going to stay here, or is your girlfriend moving in with you? Are you going to invite your friends over for a party every now and then? Consider these factors and buy a house accordingly. Remember not to overspend.

3.Neighborhood: If you are looking for peace, check if your neighbors are not the notorious type. Similarly, if you are the wild type, purchasing a house nearby somebody who would complain about your noisy atmosphere will be a problem. 

4. Proximity: Buying a stand-alone house that is far away from the hustle and bustle of the city is
so boring unless you are a loner. Check if the house is not very fair from transportation points like trains, buses, or cabs, and whether the market and shopping areas are easily accessible. If you have to travel daily for an hour to buy your basic needs like meat, fruits, milk, eggs, and veggies, then the plot is definitely a bad option. 

5. Property Appraisal: If you are unsure whether the piece of property that you are willing to buy is worth the price the seller is quoting, call for the help of property appraiser. Getting a residential real estate appraisal done by a certified, legal appraiser is worth it. This will help you present your case and negotiate with the seller confidently. Moreover, if you are buying a house in order to turn it into an office for your new venture, then seek the help of commercial real estate valuation services. 

6. Ask the Experienced: In order to save yourself from getting cheated or paying more, ask your parents,
friends, or acquaintances to help you with the whole process. They could help you with finding a good real estate agent. And if you want to skip an intermediary, you can search online for property options. DIY search is smart, but many youngsters lack the wisdom in property dealings that comes only with age. So, even if you are moving out of your parent’s house, do enlist their help. Remember, you are still a child for them. Taking an experienced person along on property dealings will alert the seller and will deter him from duping you for your ignorance. 

7. Have an Eye for Detail: Don’t be trapped by the outer beauty, décor, and ambience of a house. Check if the foundation is strong, the walls are sturdy, and there are no major loopholes that make living there impossible. 

8. Pleasant View: Choose a house with a view that is pleasant to your eyes. If you are getting married soon or going to have children, buy a house that will suit them too. Ask whether your girlfriend would like to live there once she is hitched to you. You can’t buy another house so soon on her insistence.

Commercial properties have their worth in billions. Commercial properties can be offices, factories, warehouses, shops, malls, or any others that are meant for trade and business. The prices of commercial estates vary as per market fluctuations and various internal factors. 

Commercial Property Appraiser – Inevitable 
Evaluating a piece of commercial property is much tougher than finding out the price of a residential apartment. Moreover, at times, you could do without a professional appraisal for your residential property, but doing the same to your commercial land is a grave mistake. Thinking of selling your
business without involving a commercial real estate  appraiser is a risky proposition. You could get into legal hassles and further problems with your client to whom you sell your property. Selling off a commercial piece of property or the whole of a business is a decision not done based on mere likes and dislikes unlike residential property dealings wherein the emotional factors play a prime role. You don’t decide to pay a certain price for a piece if it is located opposite to sea just for the love of sea breeze. Similarly, you cannot buy a business for the love of its brand name and popularity in the industry. You could do these things in case of a property dealing of a personal nature, but commercial real estate dealings go much beyond that. 

Appraisal Parameters
Factors like the state of bankruptcy, condemnation, insurancevaluation, machine and equipment assets, and partnership disputes contribute tothe overall valuation of a commercial piece of property. Even if you are a small or mid-sized company, you must go for a Commercial Real Estate Appraisal carried out by legally certified professionals. There are many legal aspects attached to many commercial estates which need to be resolved before selling them off. 

Pointers to Note:

1. Time - A commercial real estate appraiser will inspect your property thoroughly before noting down his findings. This is the 1st step toward evaluating a piece of commercial property. The complete appraisal process may take several weeks. 
2. Honesty - If you have hired an appraiser for your property’s evaluation, be honest with him on every single detail. Lying to him could land you in a ligation hassle where the only winner will be the appraiser. Keep in mind that he is an expert at legal matters and not you.
3. Transparency - Provide all the necessary documents to the appraiser if you want him to come to a sound and real valuation price for your property. Withholding certain information may not give a complete picture of the value of your property.
4. Breach of Ethics - If you feel that an appraiser is being biased on a certain matter, you could drag him to the court for breaching the laws set down by the Canadian Uniform Standards of Professional Appraisal Practices. Appraisers are bound by laws to follow certain standard rules and ethics
5. Intentions - Communicate clearly to the appraiser about your underlying interest in getting the property appraised. Whether you need to sell off the property, lease it, or buy it, be clear on your intentions with the appraiser.
6. Confidentiality - The appraiser report shouldn’t be shared with any random party. Only the one (client) who got the appraisal done, the opposite party (to whom the property will be sold), and the local property tax appeal board are authorized to refer and use the report. The appraiser is supposed to maintain confidentiality with his client’s valuation report and not spill the results without the latter’s permission to any other party.
7. Appraisal Date - The date of appraisal could be the date of inspection, past date (retrospective), or future date (prospective). Analyse your needs and get it done accordingly.

If you are planning to sell off commercial property to a party, make sure you know the real market value before you finalise the deal. With a professional property appraisal done, you will ensure that you do not quote a selling price that is less than the actual value of your property. I’m sure you don’t want to incur losses!

Evaluating a commercial real estate is complex for many, which is why I call it an art – an art of science and virtue. The responsibility of appraisers is to collect data and analyze them before assessing the value of the said property. There are different approaches such as cost, income, and sales comparison followed by appraisers and these depend on the features of the establishment. A plethora of companies can be found offering commercial real estate valuation. Regardless of whether yours is a small-, medium- or large-scale business, they offer assistance of all forms. But who’s to say whether or not they are reliable?

Thorough Research Essential

To learn about a company’s reliability, you can talk to people who have sought their assistance firsthand. If this fails, you can always rely on the internet to acquire information. A plain research can make you subject to the list of companies offering appraisal services. See to it that you visit different websites and learn about the range of services offered and whether or not a company offers help in evaluation of commercial estates. More often than not, testimonials play a key role in deciding a potential service provider for help. Based on the comments, you can arrive to a conclusion.

Purpose of Property Appraisal

The valuation process follows a definite set of procedures which often depend on the different inconsistencies. The main purpose of property assessment is to reflect the important features that decide its value in the market. The above mentioned approaches are interconnected and can be incorrect if not analyzed correctly. Appraisers are professionals at commercial real estate valuation and can help you get the maximum price and the absolute value for your money based on whether you are selling the property or buying a property, respectively.

Different Areas of Appraiser Services

Some of the areas with which the companies associate their appraisers include bankruptcy, condemnation, foreclosure, partnership dispute and insurance valuation, to name a few. The experience possessed by the appraisers allows them to assess the quality and quantity of data for all approaches while deciding the final value of a property.

It is important that you know the distinction between an appraiser and an inspector. The appraiser is the one who looks for areas that need correction or even replacement. They are well versed about the laws of the state and accordingly examine a property before offering accurate estimation.