9 Things to Do Before Buying a Home

Buying a home is one of the most important decisions you may make in your lifetime.  As such, it’s important to make sure it’s a good financial decision.  Below are the 9 things to do before buying a home.

Financial Situation: Buying a home for the first time is immensely exciting. However, you must also consider the overall financial situation and your budget before investing in any real estate or property. Consider your savings and how much you are willing to spend. Investigate the rates by doing research and determining the true costs of the real estate property in your target location. It’s in your best interest to hire a local realtor for the best results.

Location: When you are planning to buy an apartment or a house, location plays a vital role. Whether you wish to live in a serene suburb or a busy city is key to be a happy property owner. To properly judge an area, you can talk to the nearby residents. If you have children, then you must emphasize the proximity to schools nearby. You can also search for options like office, entertainment zones, shopping malls, and so on.

Request Help from a Trusted Realtor: Real estate agents are a crucial element in your home buying process because they serve to guide you.  They can help you find the right place that fits your specifications.  Furthermore, realtors have strong knowledge of the local market and can answer any questions you have.  Finally, they’re crucial to negotiating.  You don’t want to pay a high price unless you absolutely must.

Size of the House: Another important aspect that you need to consider while buying a home is the overall size. Look into the future of your family. If you are entering the stage of family planning, then you must consider a slightly bigger house with more rooms for your kids. As your family expands, you’ll also need room for more “stuff”.

Amenities: When it comes to buying your dream property, the set of amenities offered is key.  First, consider what’s important to you.  Do you want a swimming pool, in-house gym area, 24/7 security, camera surveillance?  Whether it’s a home or an apartment, just remember that you can always add these amenities later.  It shouldn’t be the deal breaker.

Safety of the Area:  The safety of your future neighborhood is especially important if you have kids.  What’s the crime rate?  What’s the level of police activity in the area?  Your realtor can provide you with this information.  A simple Google search will do the trick as well.

Right Mortgage: Once you have determined the total amount that you are willing to pay for a home, it’s time to consider the mortgage.  Call around for multiple quotes.  You’d be surprised at the variance after calling 3-4 different banks.

Negotiating:  Your realtor can help you estimate the value of the house and identify an appropriate offer to make the home owner.  Just make sure you’ve discussed a back-up plan in case they reject the initial offer.  There is a fine line between a great deal and a rip-off, so do your research on home prices in the area prior to submitting anything.

Inspect the Site: Visit the actual location and see for yourself.  Walk around the property to make sure it’s right for you.  You can learn a lot through Skype, the Internet, and over the phone, but nothing beats a visual.

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