5 Things to be understood before Buying a House!

Buying a house is nothing less than a dream come true- a dream weaved by each

and every member of your family! It is unlike the shopping sprees you usually

catch-up and more dedicated as an effort. But what if this effort goes into vain?

What if the planning and time/money invested turns out to be inferior in front of

the competitive market outside? Well, it can be stressful and therefore it is

important to understand the process of buying before making a final decision. Here

are some useful tips that can help- have a look!

Make a plan and STICK to it!

Before buying a home, planning is required in the form of budget, geographic

location, cover-area and means of financing (mortgage options). The best way is to

prepare a checklist that defines your set of requirements. Planning is important

because buying a piece of property is a matter of commitment. It requires a fair

deal of investment in terms of money and time. The rule is simple- make a

commitment only if your pocket allows. Check the credit report of a property

before handedly if you are willing to go for mortgage options!

Is it just another investment for you?

If you want to buy a piece of land as for future investment, then it is important to

research about the scope, potential and challenges of the land. A ready-to-shift

property is generally evaluated in terms of personal requirements, but a future

investment should be strictly as per growth rates. This differentiation is also unique

in monetary terms. A ready-to-shift property will be relatively expensive than a

land that you would choose for sheer investment.

Buying a house of your needs:

If you have school going kids, then choose a home with good schools around. If

you hate traveling, then shift nearby your office. If liquid money is an issue, then

check the various loan options. There are various ‘ifs and buts’ that should be

sorted before finalizing your dream home. According to studies, a person can

general afford a loan equivalent to 30% of his/her annual gross salary. Pool all

your significant investments for buying the land of your dreams. Residential

property has a high rate of appreciation- it can altogether turn out to be the best

investment made by a person in his/her lifetime.

Go for professional assistance:

Property facts are not discussed theoretically- they are best learn with field

experience and updated research. Before making an investment, it is important to

discuss your case with a professional realtor or property agent. Most of the new

buyers, hire an estate agent for learning the behavior, growth rate and market

research of their property. You can also hire an experienced home inspector

(preferable engineers and architects) for best analysis of your chosen property.

Understanding your bit of ‘Homework’:

You cannot avoid a quick research, especially when there is internet and other

click away technologies available at your fingertips. A brisk homework is required

for checking and rechecking the credibility of all the collected data.