Top 10 Things You Must Know when

Buying a New House

Top 10 Things You Must Know when Buying a New House

Buying a home can be an overwhelming and exhausting process -

actually as well as emotionally. Locating the perfect abode is not an

easy task but there are many things you can do to improve your

chances of making a right choice.

Here is a list of the very best 10 things you must know when buying a

new home:

1.) Affordability -- Before you take the first step in the direction of

buying a new home, it is important to know regardless of whether you

can afford it, and if the answer is yes then what is your budget range.

Setting a price range helps you streamline your research, so you can

look at homes within your budget.

A good guideline you can follow is to find 2.5 times your own annual

income (2.5 x yearly salary). Home loan EMI, utility bills, child's

education, and other household expenses are some of the

considerations to consider before environment a budget for your house.

2.) Visit the house at different occasions - Mornings and afternoon hours

will be the best time to look at a house. There is maximum natural light

at this time, which allows you to closely examine every nook and part of

the house and look for potential problem areas.

Once you have shortlisted a house, do go to it during night hours to get

a feel of the neighborhood and the overall ambience of the area. A

seemingly calm and peaceful home street may turn right into a noisy,

uncomfortable region during evening hurry hours.

3.) Great Schools - Whether you have kids of your own or not, having

great schools nearby can perform wonders to the worth of your house.

Buying a house in a good college district will not only boost the value of

your property, it will also make your house much more saleable. A lot of

families are prepared to pay a premium cost for such homes.

4.) Inquire about the neighbors - When you decide to live in that dream

house of your own, you would obviously want to be surrounded by

positive as well as nice people as well. To ensure this happens, it's

imperative that you inquire about the neighbors and try to understand

them better. A lousy neighborhood may become the bane of the

existence, even if the home is perfect for you.

5.) Credit Score - After you have decided to buy a new house, the first

step is to take a good look at your credit report. Whether you apply for

a personal loan or a standard one, it is important to possess a clean

credit history. Get copies of your credit report and try to fix any kind of

errors that you might discover. A good credit score significantly

enhances your chances of getting a loan.

6.) 20% Down Payment -- If you are planning to apply for a regular

loan, you will need to create a 20% down payment of the total value of

your house. This is actually the standard rule for all banks and monetary

organizations. However, in the event that making this payment is tough

for you, don't fret coz' there are a variety of federal and state loans that

only require 3% down payment.

7.) Get Pre-Approved - It is a good idea to get pre-approved for a loan

before you even start looking for houses. This allows you to confidently

go and look for houses that match your needs and are affordable. You

will also be in a much better position to make a last offer once you just

like a house and do not have to worry about finances. Pre-approval from

a financial institution is based on your actual income, debt background

and credit score.

8.) Professional Help - Though the Internet can provide access to house

listings and can help you find the right home, it is still advisable to hire

an agent. An experienced real estate agent can help you in more

methods than you can imagine - from finding the right homes for you to

negotiating the price with the sellers, an agent can be the best manual

when it comes to buying a new home.

9.) Home Inspection - While your own bank will get a home appraisal

done to assess the house you plan to purchase, it is generally not

enough. You should hire a home inspector separately who will look at

the house closely and point out potential problems or defects. Generally

you can get the seller to correct those defects, or get him to reduce the

selling price accordingly. Getting a house inspection can also help you

save from making a pricey mistake.

10.) The Right Bid - So you have finalized a home, and need to make an

offer? Always remember your opening bid should be 8-10% less than

the seller's price. Additionally do your homework well - discover the

current market price and the rate at which have similar houses been

sold in the past Six months. Take all this into account before making a

bid.These are a few things you must know as well as pay attention to

when buying a brand new house. Just adopt a proactive strategy and

remain meticulous - and soon there is a perfect home to your

requirements!

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