Six Key Factors to Keep In Mind When Buying a Home

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Buying a home at any stage in life is generally a very difficult process. Equipped with the right knowledge and a basic understanding of what you are actually seeking for this daunting experience can turn out to be a pretty much wonderful ordeal. The following are a list of top nine tips for buying the perfect house, be it for your family or you are looking to earn a profit. These tips are guaranteed to give you an edge based on your requirements.

 

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Image courtesy of [Salvatore Vuono] / FreeDigitalPhotos.net

1. Know your Budget

Before delving into the ordeal of buying or even deciding the locality of where you would want your home to be, you need to know how much you are able and willing to spend. Your budget will have a major effect on what you can get and how satisfied you will be with that new house. If you find yourself second guessing yourself and fretting over it too much, maybe it’s time to put off the buying till you are a bit more financially secure to be able to afford the purchase.

2. Can you acquire a loan?

If you are looking to get a loan to purchase your desired home, you should take all necessary precautions and ensure that your predicted cash flows in the future are enough to cover your monthly expenses and simultaneously pay the loan installments.

3. Careful Selection of a trustworthy agent

Now that you have decided on your budget and/or received a loan approval, it might be time to get an agent. It is not absolutely necessary to get an agent, you can look and land a deal for yourself as well, but having a person with the right knowledge working for you always better as that person will have years of experience in dealing with these situations. To get that perfect agent, get some recommendations from friends/families and interview some before deciding who you would hire.

Further Reading:  The Significance of the Mortgage Down Payment

4. Do Not Keep Too Many Options.

While having options is always recommended over going for the first house you fall in love with. Keep your choices restricted to a list of seven to eight possibilities. Make a list of what you want, what you wish to have, your needs, likes, proximity from office, etc. And narrow down your search.

5. Neighborhood Matters!

After you are sure of the house you like the most it’s still not yet time to make an offer. Take a look at the neighborhood. Talk to your ‘possible’ neighbors. Do you like the type of people living here? Would you want your family to be raised in such a neighborhood? How accessible is this area from the rest of the city? Are there any good schools in the area? Rattle that brain, what do you need. Does the neighborhood satisfy you?

6. Provide a reasonable offer

The offer that you put forth should be within a negotiable range and should not be off putting. It should be just enough to maintain the interest of the other party and communicate that you are a serious buyer. Then it is time to sit on the bargaining table and make sure you receive the best value for your hard earned money. Good luck!

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