October 5, 2022

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5 Factors to Look for When Buying a Property in Arizona

3 min read
reasons to move to arizona

Arizona, the Great Canyon State, is located in the southwestern region of the United States. While most of the area is primarily made of desert, the capital city of Phoenix has a population of about 7.3 million people.

Phoenix’s rising economy by the transportation and financial sectors has increased the real estate value in the location. If you have enough reasons to move to Arizona, you have reached the right place.

Here are five essential factors you must consider while buying a property in Arizona.

Find the Right Location and Home

According to a recent statistic by Realtor, around 45,900 active homes are available for sale in Arizona. The top cities preferred by most buyers are Phoenix, Tucson, Mesa, Scottsdale, and Chandler.

Each city has its own zoning restrictions. For example, if the property is zoned as commercial, you may not build your home in that location. Hence, it is imperative to check the zoning locations in these places before you buy a house in Arizona.

Similarly, you must check the type of home before you strike a deal. 

Among the main reasons to move to Arizona, finding different homes in the US state is essential. It includes condos, single-family homes, townhomes, farms, or open land available for construction. 

You can choose to get a virtual tour of the home and the neighborhood. You must check the nearby amenities like school, shopping centers, and recreational facilities for friends and families.

Understand the Real Estate Market

The Arizona Department of Real Estate (ADRE) rules the real estate market in this area. The website provides the best information for both the public and people working in the real estate industry.

It is essential to do your research and find the areas which are eligible for future development. It is the best choice for increasing your property value and getting the maximum return on investment.

According to the State of ADRE, every home buyer in Arizona must get the Purchase Disclosure Report. It includes details like:

  • Information on the drainage system.
  • Taxes and assessments.
  • Other amenities like garbage services, hospitals, public transportation, and shopping facilities.
  • Details about the property owners association.

Approach a Real Estate Agent

The Arizona Real Estate Law book governs the licensing of the real estate profession in Arizona.

According to a US news report, there are more than 27,000 real estate agents in Phoenix. When you approach a real estate agent in Arizona, your chances of getting a home based on your budget or even at a lesser cost are higher.

A licensed real estate agent is well-informed about the current market trends in the area. They can help negotiate with the landlord and get you your dream home at the best price.

Evaluate Your Financial Status

When you decide to buy a property in Arizona, you must first calculate your financial status. Some essential financial factors you must consider are:

  • Your current credit scores.
  • Ownership and maintenance costs.
  • Down payment amount.

Find the Best Lender for Mortgage

Once you have inspected and finalized your home, the next step is to find the right lender for the mortgage. The buyer should submit the loan application to the lender. 

You will receive a piece of rough information regarding the closing costs for the property. You may then need to submit documents like:

  • Bank statements.
  • Tax returns for up to two years.
  • Information on current loans and debts.

Once all the documents are checked thoroughly, the lender will send the final documents to the escrow agent, and the closing date is scheduled for the property.

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