Home Buying Checklist
Buying a home is the biggest investment of lifetime with great benefits so everyone needs to make it right. The home buying process is hectic but some people get homes at good deals that save them a lot of money. At the same time many people fail to secure top deals because they have no prior experience or basic knowledge of buying homes. This blog describes the home buying checklist that will makes home-buying process very easy.
Budget
The first thing to do for buying a home is to check your finances. Affordability consideration is very important to buy a home with cash or mortgage. Most people buy homes with mortgage so check your budget to pay the monthly loan payment. Ideally you should spend just 33% of your monthly income to pay off the mortgage. If you buy a home with high mortgage payment then you will have to compromise on other expenses. Therefore buy a home you can afford.
Requirements
The second step is to consider your priorities. Different people have different priorities as some want independent homes whereas others love flats or penthouses. Secondly note down the number of bedrooms and extra features like store, study or small garden. Thirdly also consider your preferred location like closer to business district, workplace, schools, hospitals, shopping centers, recreational areas, bus stations and parks.
Engage Realtors
Although you can find homes yourself but engaging the real estate agents has many benefits. Estate agents are expert in their field and they can find the best homes. Just contact the local estate agents and tell them your requirements and budget. Engaging estate agents not only saves the time but in most cases they help buyers to purchase homes at affordable prices. Therefore the third step to buy a home is to engage the local estate agents.
Online Search
This is the age of online marketing. Most people buy homes online as real estate websites have 1000s of homes for sale. Visit the top property portals to find your dream home. Just close the search by location, size, number of bedrooms and price. Once you have selected the homes as per your requirements then note the contact numbers provided in the ads. Call the owner or estate agents to ask for the price and personal visit.
Visit Homes
Now is the time to personally visit the homes you have selected online or realtors have found for you. Check the locations and orientation of homes. Also carefully view the condition of the structure and finishes. Home inspection has two main advantages. Firstly personal visit will give you the idea of renovation costs. Secondly you can easily negotiate the price as it’s the duty of the home seller to pay for the repairs.
Negotiations
The next stage is to negotiate the price. Your offer should be realistic otherwise it will be rejected. There is always five to fifteen percent price negotiation margin but not more than that. Once price is agreed upon then discuss about the method of payment and time duration. After scheduling the details, proceed to paperwork which is known as the title transfer. Hire a real estate lawyer with good reputation to transfer home on your name.