Best Guidelines for Buying a House – All your Dilemmas End Here.
Buying a house is on of the biggest decisions in anyone’s life. Now that you have reached this decision of buying a house after answering all the questions in your mind of whether you can really afford to buy a house, make certain that you are sure of staying in the same place for the next few years, and that your credit is clear. Make sure not to think about the house as an emotional requirement, but more as a practical need. Housing is a need but owning a house is not. Buying a house is a complex process that we are trying to make a little simpler for you.
The first step towards buying the house is to determine in detail all the features that you are looking for in a house. Each and every individual has his/her own specific needs and preferences. Decide what area you want to relocate to. This decision plays a very vital role and affects many things like your affordability, choice of school, proximity to the shopping centers, availability of transportation for daily commutation, and even the cost of commutation. The rates of property differ from area to area and so does the lifestyle. Try to buy a house in the area that has the best district school even if you don’t have children. This will ensure more number of buyers for your house when you intend to sell it.
The next big question arise is, what is your budget? How much can you contribute towards the down payment and how much financing do you need? These are a few basic questions that you need to have answers to before beginning your hunt for a good real estate advisor or agent. Never think of saving a few bucks by not hiring a real estate advisor/broker. This is absolutely not a good idea. These days, the internet is a great tool for searching for good real estate deals but the internet tells you only what the seller wants you to know about the house. The agents know this business in and out. A good agent can help you save as much as 10 times compared to the fees he/she charges.
There is something called a pre-approved mortgage loan. This means the bank of the financial institution approves your loan even before you decide which house you want to buy. A pre-approved mortgage assures the seller and the agent about your intentions and the ease of the transaction.
While evaluating the property, take the pictures and location into account but make sure you visit the property twice before finalizing it. All that looks good may not be good. A house is something that you are stuck with for a few years even if you make a bad decision. So make sure you check the house at least twice before finalizing as it is an irreversible decision. Always buy a house that you will be able to resale easily.
Then comes the most important part – negotiation. Negotiation is an art and reputable agents are good at it. Ideally the best way to come to an agreed price is to find out the sales trend of similar houses in the neighborhood. This is where the professional help comes in picture. Never wait for the prices to go down unless the market is very unstable. Remember, there is never a wrong time to do the right thing, especially when interest rates are so low. The prices might go slightly further down after you buy the house but always think long term while buying the house. Think about the prices that might exist a few years from now when you actually would consider selling your house. If you have already got the pre-approved mortgage, you will definitely have the upper hand while negotiating.
All the legal paperwork and documentation will follow once your negotiation is over and your real estate advisor will help you through it without any hassles.
Blake Templeton - About Author:
LubbockINVEST is a Family Owned Full Service Investment Company. LubbockINVEST’s CEO, Blake Templeton is the Country’s foremost leading expert in Real Estate Investing. We are one of the few real estate investing firms in the United States specialize in a turn-key Service in creating and managing cash flowing portfolios for the individual who truly wants to rest while they invest.
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