Buying a new home can be exciting, but also exhausting. There are so many things that you need to consider, that it is important to be prepared for the task ahead. One of the first things to realise is that buying a new home requires effort and sacrifice on your part. Being properly prepared can reduce the resulting stress, and help you end up with the house of your dreams.
Here are 5 basic things you need to consider when buying a home.
Decide on your budget
Your first step towards buying your new home involves a little sincerity with yourself. Take a look at your finances, your prospects for the future, and calculate how much you can afford to pay. When calculating the total expenditures involved, remember to consider moving costs, transfer payments, whether you have to pay occupational rent or not, and rates and taxes. Also take into account ongoing costs, such as electricity, water and refuse removal; and other costs involved in the purchase and maintenance of the property.
Research and compare home loans before you decide
Most countries present some great opportunities when it comes to choosing home loans. And nowadays, with the possibility of doing your initial research online, the process can be quite easy. If you are not sure on how to start your research, check websites that publish the advice of experts. They can contain useful tips on how to compare different loans, what are the pre-requisites and more.
Focus your research on how home loans work in your local area. Local banks and other lending institutions are easier to reach, and for them, it is easier to know you.
Keep in mind that the more you know about the loan-market, the better your negotiation skills will be, once you have decided to apply for a loan.
Be completely familiar with the whole house, both inside and out
Take your time to know the property thoroughly. Check the size of the front garden and the backyard, whether it has a swimming pool or other extra facilities. It is nice to enjoy them, but remember that they also imply maintenance time and cost. Ask yourself whether you are prepared to spend the weekends cleaning the pool or mowing the lawn, or whether you can afford to have it done by a professional service.
A proper assessment of the property conditions may present an opportunity for you to modify or renovate parts of it. Also, research the surroundings: do they have all the amenities that you need? Proper knowledge of these aspects will help you to calculate the total costs that you will face, in the event that you decide to buy the property.
Plan your questions to the agents
When talking to agents you can do some research about the property. Questions like: “Why are the owners selling the property?” can help you understand how eager the present owner is to sell the house. For example, a person emigrating will probably prefer to negotiate a lower price and sell it fast.
Check for how long the property has been for sale, as the period that a property has been on the market may influence its price. Besides, if the contract with the agent is close to expiration, it may be an opportunity to offer a lower price, as the agent may be pressured to clinch the deal.
Agents can also give you an indication of the lowest price the owner is prepared to accept. It is important to know this value, as it will allow you to know whether you can afford the property or not.
Know the details of a contract of sale
When buying a house it’s important to familiarize yourself with all the necessary documents. One of them is the sales contract and the details that it should include. A sales contract is usually prepared by a qualified conveyancer or solicitor. When a home is sold privately, it may be the real estate agent who drafts it up, so it is ready for a potential buyer to make an offer. After an offer is made, find out if the contract must be checked and approved by the conveyancers representing both sides.
While the required information may differ in different countries, in general, a contract of sale must include every aspect of the transaction, such as: the complete address of the property, the complete legal names of the seller and buyer, the name of the agent, the conditions of the transaction, the initial deposit, the total selling price, and any inclusions and exclusions agreed by the parties. Also, make sure that all the necessary attachments are included, such as zoning and property certificates, sewage plans, plans of the land if the property is within a subdivision, and home warranty insurance certification.
Finally, remember to take the whole learning process with fun and patience. Buying a house, where you may spend the rest of your years, is an important step that deserves your full attention.
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