12
Jul
2012

The Basics of Buying A New Home

  • Posted in Removals
  • Published on Thursday, 12 July 2012
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The Basics of Buying A New Home Buying a brand new home is always a very risky and important step that requires a lot of consideration and planning. You have to take into account whether or not you will be capable of handling, financially, your newly selected home. You must ask whether you have access to professionals in the area, which can guide you in your choice and if your new home is in a region with suitable and comfortable living conditions.  

1. Mind financies
Purchasing an entire house will most likely deprive you of the greater part of your savings. However, you need to have enough money to stay at that place for at least several years, otherwise the whole process of getting a house becomes meaningless.  You have to plan ahead and establish yourself securely in your new home. Check the price of the house and your salary. Usually if the house is worth no more than two and a half times your payment for one year, it is wise to take it. Even if you decide to sell the last house you bought you are obliged to make sure that in the end you have gained more money than you have spent.  

2. Take a loan
Like a lot of people you might choose to take out a mortgage when purchasing a house but firstly you have to take care of your credit history. You must have that set a few months before getting in contact with your bank. If there are any problems with your accounts, fix them and acquire copies of your credit report. All the facts in it need to be truthful. Even if you fail to gather the necessary twenty percent of the home price, the chance for you to get one is still quite big. There are many privately working individuals offering low-interest loans with a down payment of a very small percentage of the whole payment.

3. Find a perfect neighbourhood
There is a whole range of good reasons to pick a house in a good neighborhood. Make sure your new home is somewhere safe, where crime activity is low. Cleanness is also of great importance since staying for a long period of time in a polluted place will certainly damage your health. There might come a time when you will share the house with someone else and even have children so there needs to be strong educational facilities in the area. The children are not the only reason behind it; usually house sellers are most active in areas with prestigeous schools, so selling the house there would be much easier.

4. Have professional help
It is a clever move to call on some professional assistance and advice when looking for a new house. Treat your buyer agent well. The more you understand each other the better deal he is likely to make on your behalf. Furthermore, don't forget to take full advantage of getting pre-approved, which will prove helpful when you need to narrow down the list of affordable houses.

5. Bid smartly
Always make sure that you have investigated the local prices for houses in the last couple of months before bidding for a particular home. Offering a price which is too big and signing a contract based on it afterwards might cost you much more than is necessary. Always bid lower than what is asked by the sellers.

6. Get a home inspector
Finally, get in contact with a home inspector. He would be perfect if he possesses knowledge in technical spheres like engineering. Home appraisal from the bank isn't always enough. The more flaws he finds out in the home you have in mind the less problems you will experience after you move in.

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