Tips To Keep In Mind While Purchasing A New Home
The highest intensity of joy, the real feel of happiness, and the utmost ecstasy is purchasing your new home. The biggest dream of your life is buying your own home, moving in it and decorating it like you have dreamt long ago. But buying the new home is not a simple task. It is a lifetime investment –your asset. You cannot make any mistake, because there is no room for one. This task being so crucial can be dealt by keeping important things in mind.
New home can be newly built house, or a house already owned by someone. The emotions attached to the property are different for the owner in both the cases. You need to know what your budget is and then you can proceed with the process of negotiation with the builder. Again purchasing the new home is a big thing and you cannot afford the small mistakes. We give you some important tips to keep in mind while buying the new home.
The first step is always tough!
The thinking and calculating process is going to tire you up –it is a fact. Starting from the scratch is what you are going to do in this case. The first question you must be asking yourself is whether or not you should purchase the new house. It is to make sure you have enough money on your pocket. When you have made sure that you actually need a house, it is time to do some math. If you are running short of some amount, you can calculate the mortgage value and get registered in a good mortgage scheme. The government always has something to support you in terms of property mortgage. You can check for the government loans too. But be wise while doing so. We do not want you ending up in some financial mess in the end.
We advise you to be on your toes –get up and find out the real deal. Always remember, when you buy a house, it is not just the cost of the house. Many other factors just jump in as soon as you start thinking about purchasing. For instance, not just the amount of the property comes; you need to see the mortgage arrangement fee, legal fee, valuation fee, removal costs, surveys, home repairs, stamp duty, packing and moving services, and always something extra.
Do not think if you will borrow more, you will do better. You will need to repay the money, and repaying is even tougher. Do not put burden on yourself. Plan the whole budget then go for mortgage.
More working is required!
After getting done with mortgages and budget finalization, do the neighborhood research. You would not want to buy a haunted house or would you? See everything in the neighborhood. Do you like the people? Do you like the markets? Do you like the parks? Are there enough parks for the recreational activity for your kids? Is water, gas, electricity supply perfect? Just make a checklist and ensure the place is your ideal place.
Not just visiting property brokers, agents and dealers in enough. Go online. You can find some best offers online. Check the big real estate websites. See the pictures and visit the place in person. Take the pictures yourself and visit the place at different times of the day.
Checking the house is crucial…
You do not want to spend money on coated-beautiful-debris. When you visit the house check everything –yes everything. Look for cracks, stains, drips and leaks in the ceiling, see mould, wet spots, peely wallpapers on the walls, check the doors, windows, switches, fans, test the power points and count the number, make sure the house has a good plumbing, see the heat and water line and check the floor. It is better to switch your phone on and see the strength of the signals. The condition of attic, kitchen, bathroom and every other room matters ensure you have seen everything clearly.
There is more thinking involved!
You need to see the resale potential of the house. Meet the neighbors and get their views about the place. Compare the houses in the neighborhood. You do not want the worn out piece for yourself. Visit the other houses. While putting an offer, ask your friends and acquaintances. Fortunately, there are websites which can help you with this. Take your time before making the final deal. Do not rush. You might change your mind when you are done with the final contract. And it is going to cost you a great deal.
You do need to think about the post scenario. Is there are spare room you can rent out? It will help you getting something out of the new property. In case you get your room rented out, an advance payment will help you do some quick repairs.