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Buying a house in Guyana, Georgetown

Posted by admin on January 30, 2022
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Buying a home is often the largest purchase you will make in your lifetime. In this regard, It is really important you have the right information, at the right time, to ensure you make informed decisions. Where in Guyana would you like to purchse a house? Georgetown is the capital city in Guyana and may people gravitate to the capital because of work or the greenery of the place. Georgetown is known as the garden city. Linden, New Amsterdam, Vreed-en-Hoop, Rosehall and Corriverton are also good areas you may wish to consider for your real estate purchase in Guyana.
You can avoid stress and speed up the process by knowing which questions to ask, what your rights are, and what responsibilities you have as a home buyer


Who can help me?
During the home buying process a number of specialists can offer you advice or assistance:
Banks – able to lend you money to purchase the property
Insurer – able to provide the building insurance policy you need in order to purchase a property and the contents cover to protect your belongings
Legal representative/conveyancer – able to carry out the legal work needed to buy a property
Surveyor – able to assess the physical condition of the property and can give an independent valuation. Our article How to obtain a property valuation in Guyana may be helpful.
Specialist professional or tradesperson – able to advise on any maintenance or building works that are identified in the survey
Real Estate Agent in Guyana – The estate agent will help guide you through the buying process and work with other parties to help the sale progress. But remember – their primary role is to help the seller sell their property at the best price possible


Affordability
Before you start looking for a new home, you should have an idea of how much you can afford to spend on a property. Most buyers will require a mortgage/ or cash in order to purchase a home.
You can typically borrow a multiple of your household income and this amount will be influenced by your credit history. Have you managed credit well in the past? You will need to approach the banks in Guyana, to assess your affordability and establish exactly how much you can borrow. You will also need to make a contribution towards the purchase of the house as the banks will not provide 100% mortgage.
The larger your deposit or contribution , the more favourable the mortgage deals you are likely to be able to access.

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