Dos and Don’ts of Purchasing a New House
Nov 12, 2016 Home Trading Steps
Real estate market is very tricky. Therefore, this article will share with you some important tips that you need to know when you are in the real estate market.
First of all, consider yourself lucky if you have a smart real estate agent who would inform you when the market rates are down so that you may consider making further investments. Who knows, you might plan to switch to a bigger house from an apartment! Even if that is not the case, you may refer him/her to a friend who is willing to invest. But be careful before selecting your agent. It is advisable to have an agent who has been living in the neighbourhood for at least for 10 years. Then only, s/he would be familiar with the neighbourhood, roads and restrictions of a particular community.
Do cross check multiple times before you purchase a new house and do not be swayed by impulse. Before buying a property it is very important to minutely investigate the neighbourhood and the crime rate in the area. Also, make a financial estimation of the repairs that are needed to be done. Many times it so happens that you may have to compromise on the design and size of your house because of your preferred location and ambience. Vice versa may happen as well. But it is always advisable to live in a good environment with your family because that leads to a healthy life.
Keep a decent amount of liquid fund ready with you in order to meet unforeseen expenses. Although the closing costs are finalised by adding down payment, prorated taxes and bank points, yet additional expenses like appraisals, surveys or home association fees might sprout any moment.
When you are seriously planning to buy a particular house, you can always request your seller to help you with closing costs or providing some sort of financial incentives. Asking the seller to accept “buy down” interest rates for a couple of years is a common practice. But it is up to the seller to give you the price break for the property when you ask for financial perks.
If you are planning to buy a foreclosed home, keep some finances aside for renovation. As the house had been out of use for quite some time, it might get infested by pests. It may also require a new HVAC system.
It is always advisable to purchase a warranty for your home. You can either get a brand new one from the builder or one from the seller of the pre-owned house. Owners of the pre-owned homes should let you buy a warranty so that they might help you with any unforeseen repair works.
Last but not the least, if you are planning to purchase a large property, it would be easier for you to get a loan if you have a reliable partner.
Hopefully, all these information has wizened you in matters related to purchasing a new house.
First of all, consider yourself lucky if you have a smart real estate agent who would inform you when the market rates are down so that you may consider making further investments. Who knows, you might plan to switch to a bigger house from an apartment! Even if that is not the case, you may refer him/her to a friend who is willing to invest. But be careful before selecting your agent. It is advisable to have an agent who has been living in the neighbourhood for at least for 10 years. Then only, s/he would be familiar with the neighbourhood, roads and restrictions of a particular community.
Do cross check multiple times before you purchase a new house and do not be swayed by impulse. Before buying a property it is very important to minutely investigate the neighbourhood and the crime rate in the area. Also, make a financial estimation of the repairs that are needed to be done. Many times it so happens that you may have to compromise on the design and size of your house because of your preferred location and ambience. Vice versa may happen as well. But it is always advisable to live in a good environment with your family because that leads to a healthy life.
Keep a decent amount of liquid fund ready with you in order to meet unforeseen expenses. Although the closing costs are finalised by adding down payment, prorated taxes and bank points, yet additional expenses like appraisals, surveys or home association fees might sprout any moment.
When you are seriously planning to buy a particular house, you can always request your seller to help you with closing costs or providing some sort of financial incentives. Asking the seller to accept “buy down” interest rates for a couple of years is a common practice. But it is up to the seller to give you the price break for the property when you ask for financial perks.
If you are planning to buy a foreclosed home, keep some finances aside for renovation. As the house had been out of use for quite some time, it might get infested by pests. It may also require a new HVAC system.
It is always advisable to purchase a warranty for your home. You can either get a brand new one from the builder or one from the seller of the pre-owned house. Owners of the pre-owned homes should let you buy a warranty so that they might help you with any unforeseen repair works.
Last but not the least, if you are planning to purchase a large property, it would be easier for you to get a loan if you have a reliable partner.
Hopefully, all these information has wizened you in matters related to purchasing a new house.
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