Everybody dreams about owning their first home someday, be it big or small. Having a place to call your own offers a great sense of relief, especially if you have a family. Needless to say, the process can be a daunting one if you are buying your very first home, which is why this article would help. There are a few key things you must familiarise yourself with, to ensure you not only secure a good deal right now in terms of price, but also that in the future, your home will be valued and be re-saleable should the need arise. Be sure to bear these in mind, they will come in handy at some point during the process.
Do Your Research
Whether you opt for an agent to help you out or you decide to take on this task by yourself, you should always, always do your independent research. This is mainly because you should be updated about the real estate market. What are prices like? What are the prices like in the areas you are interested? Are there external factors affecting them, and if so what? What is the neighbourhood like? Do the prices reasonably reflect property in a given area, or are they exorbitantly high? You will need to have a thorough understanding, but with the Internet at hand, this is hardly a problem anymore.
Visit Them In Person
It is all well and good to depend on the Internet for your research efforts, but it is a whole other thing to complete real estate transactions this way. Not that they do not happen, but this is ill-advised. Unless of course you are Tom Cruise and have the freedom to fly anywhere, any day you want for a few hours to seal the deal. Never even think about offering money to someone without checking out the property for yourself first. You may want to go back twice or thrice more to clarify certain things, and this should be facilitated. One of the most important things is building inspections, so even if you cannot find the time to do it yourself, then at least hire a professional.
Work Out Your Finances
This might sound fairly obvious, but this is a little more complicated than expected when you get into it. For starters, you have to know how much you have in hand. Then you need to see how much you can take out via a housing loan. Now remember, this is based on your employment particulars as well, since banks do not typically lend to people who cannot prove they can pay back regularly. So depending on how much you need, you would need to earn a certain amount from your job. Your credit rating is also key here.
Unless you’re buying a brand new home, chances are there will be some wear and tear to be expected. Of course in some cases, this is mild and only requires a quick fix to whip it back into shape, but in some cases repairs can be extensive. If the location is great and all other features of the property satisfy you, you can looking at getting an estimate for the repairs to see how much it would cost you, and then negotiate a reduction on the asking price. Otherwise, you can even demolish the house and build a new one in its place. Be sure to be very detailed when inspecting the house, so you can make note of all shortcomings.