Buying A New Home: Tips & Tricks
To buy home first time is an exciting & a little confusing as well. You are
to under go physical, mental and financial exercise before buying home. To avoid disappointments, there are some key points you are to keep in mind before coming to property scene.
Home Purchase Loan
While buying home - You are to consider your budget first. How much you have
as bank deposit and how much your lender is willing to give you? Your lending
amount will be entirely upon your income, debts, savings etc. Before lender
gives finance to you he will definitely see how much your income is stable?
Changing jobs frequently in the past will give negative impact upon your credit
history. If you are to buy some car also, postpone this idea for some time, as
your debts for car will effect upon your amount of lending for house. Because
buying house is a big investment. There are different types of mortgages
available in the market : fixed interest, variable rate, 25 year duration, 35
year duration etc. If you are not sure about which is suitable for you, ask your
independent financial adviser. He will help you to come out from this problem.
Survey the area before buying home
Now after setting your budget, you are to survey the area suitable to you to
buy a house with this budget as well. As rates in some areas may not be up to
your reach. So start hunting with real estate agents, newspapers & of course
directly go to the signboards “For Sale” where owner wants to sell directly.
While selecting your dream home, many things you are to keep in mind:
- - Legal Formalities of your new home
Checking legal documents of the house is very important to avoid getting
cheated. If you are unaware of these formalities, take help of real estate
agent or any legal advisor.
- - Home location should be near to your workplace
Don’t take house very far from your work place. Ask neighbors also about
purchasing that house. Drive yourself to that place and see what is happening
in night (means any loud sounds or music which may be disturbing). See views
from front back, left right and of course in night and daylight.
- - Sewerage system of new home
Daylight in the house, sewerage system and rainwater outlets are of utmost
importance while surveying any house to purchase. See if rooms are well
lighted, gutters & sewerage system is maintained. Provision of rainwater
outlets are outwards from house. Any pits in back yard or front yards. - - Building standards of your home
Make sure that your dream house meets building standards and there is not
any nasty or hidden expenses in the brickwork. See roofs also, if all are
intact. Doors & windows are in good condition. Paint of the house is not
chipped. Flooring of the house, if wooden, it may not be stained, sometimes
stains are covered under the bed or carpets. So visit to a vacant house is
necessary. - - Resale value of your home
You are not going to live in this house for rest of your life. If you want
to sell it in future, what may be the outcome. Everybody wants some plus after
some time. If it can be sold without any hitch. If there are any negative
points for reselling that house. Otherwise you will be struck with that house
for long time. - - Repair expenses of your home
If some major repairs are to be done, who is going to bear the expenses?
Seller or buyer. Settle down all these things on paper to avoid any
disappointments. - - Renovation costs of your home
Your prospective house meets your requirements? Are you able to change it
according to your needs? Suppose any tree is there and can you cut it if
required. You can get a Home Improvement loan too to cover up renovation
costs. - - Make an Offer
Imagine yourself in that house after making your necessary changes. How
you would feel? If you think it fits into your budget and your needs, go
ahead, make an offer and settle all papers legally.
Marc Sylvester is a freelance writer and a
House Loan expert. Visit
MyhomeAdvise.com to get tips and
tricks on how to get equity home loan at lowest rate.
