Real Estate Tips & Tricks

Below are some aspects which should be taken into account before buying a real estate property.

Finance:
The financial part is most important since buying a home could probably be the biggest purchase of your life. Think about what you can afford . Make sure all your financial information is in order that means your credit score, your monthly income, proof of employment, downpayment etc. This will help you know how much money you can spend on a home as well as make you an attractive buyer to the sellers . Without the proper information , it could be very difficult for you to purchase your first home . Do not forget to take into consideration the other costs such as your solicitor’s fees , the cost of  the surveys ,  the stamp duty etc . consider a few things like the equity in your current home ( if any ), amount you can put down, monthly payments you can manage, real estate taxes . Remember that the lowest rate does not mean the best deal . check on points (pre-paid mortgage interest which will increase your upfront costs), APR, and other fees associated with a given loan .You should  thoroughly evaluate your home to make sure it’s what you really want . An appraisal can help you do this.
 
The final step is the closing . Make sure the closing is scheduled before your loan commitment expires . At the closing , the title is transferred from the seller to the buyer .
Its where you will have to sign legal documents and pay closing costs (which include surveying, taxes, insurance, attorney fees, agent fees, points, loan origination fees, PMI and balance of down payment).

Time :   
Always try to use current comparable sales data so that you don’t have to settle for older sales. A sale cannot be considered a sale until the title and the money is exchanged . Try to check out the builder and his past works before buying a house as he is responsible for the quality of  the house . Visit  the communities he has established and have a talk with some of the homeowners about their experiences with him . Allow sufficient time to look around the house as well as the surrounding areas. Do not make the mistake of visiting several houses a day when you are in rush .

Location :      
When it comes to buying a house you can easily surf  through the many options available such as town homes, condos, single family homes villas etc.The chances of getting confused and making the wrong choice are high in such cases so its very important for you to narrow down those chances by taking into consideration all the advantages and disadvantages of each  and choose the kind of house that will suit your needs best. Such as, if you prefer  to live in a quite area a single family home would be the best choice as it offers more privacy and quietness though it requires more maintenance and is more expensive when compared to other kinds of  homes. The next step should be to make a decision on  the kind of neighbourhood  you wish to live in .This is specifically important in the case of metropolitan areas where there can be many surrounding neighbourhoods and suburbs. After that  acquire as much knowledge as possible about the property you are planning to purchase. This knowledge comes from doing a research of the surrounding area by enquiring about amenities like school, grocery store, doctor’s clinic, bank , market place, libraries, recreational areas worship centres etc.
Be aware that a place looks much different in the night than it does in the daytime. Plan a return trip through the neighbourhood in the night and make a note of  anything that could be distracting . Such as a barking dog or a bright security light shining in the bedroom or a nearby railway track .
Pay some attention to the interiors as well. Such as the number of bedrooms and baths you will prefer or formal and informal living areas etc . You can also mention whether you will prefer an attached or a detached garage since homes with attached garages happen to be less expensive than those with detached ones.
 
Home Inspection :
Home inspection is very important even in the case of a new home .You should have your home inspected by an independent and licensed inspector before purchasing it, so that you can get an in-depth examination report on any potential problems you might face with the home and its systems .If  the seller does not agree to have the home inspected independently , he might be trying to hide something that could cost you a lot later and also make sure that the property is clear of any kind of easements . The local police station or council office will be the right place to get information about the crime level in the area , the council tax  or the locality .  It is very important to know about the seller also. You can learn a lot about the seller as well as his motivations and  financing options by inquiring about him in the surrounding areas.








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