A decision to buy a home makes you feel more responsible than ever before. But, purchasing a house can be quite a stressful and time-consuming experience. To make this nerve-racking task somewhat easier, you need to keep a few pointers in mind.
Fix a Hard Budget, the Most You Can Afford
The first and foremost step to buying a house is to fix a budget. Draw your budget and remember to stick to your budget no matter what, as this would be the maximum you can afford. You may take help of an online mortgage calculator which would help you determine the maximum monthly payment based on the price of the house you are interested in. The monthly budget would be inclusive of the total mortgage and maintenance cost of the property.
If you are planning to take a loan, seek help from your bank’s loan officer so that you can arrive at a figure. The banker would be able to give you an idea of how many loans you will be able to take and at what rate of interest.
List what is Non-Negotiable
Ponder over your lifestyle for a while, before you start shopping for your future home. Make a list of your non-negotiable factors like location, area in square footage and basic amenities. You must know exactly what you are looking for and it is not a guarantee to be taken, that you will find everything that you need at one place. So, make sure that you visit enough places, both above and below your budget, to get a better idea of how values differ with location and other features. Reconsider your list, once you get acquainted with the market, what is out there and what you want.
Seek Guidance from an Experienced Realtor
More than you, a realtor knows the market well. If you take help from an experienced realtor, the experience can be less strenuous. If you have decided upon the location, get a referral from an agent. You may also start with asking friends and families of friends, who live in the area where you are interested in buying a home. If that does not work out well, seek help from real estate websites that have good ratings on local property agents. Good property agents will help you save a lot of time and let you accomplish what you are exactly looking for, as they also have contacts with bank loan officers and real estate attorneys. They can also help you in having a copy of a pre-approval letter on hand from the bank which is offering you a loan, to show sellers that you are serious about purchasing a home.
Make Comparisons of Apartments and Houses for an Idea of Pricing
Make a comparison between different houses and apartments, in the area of your choice. Real estate sites will help you in comparing the pricing when you decide to buy a home. If you are searching for an apartment in a certain building, you must have an idea of how much have the other properties in that building been sold for. This will help you in getting an idea of how much you must offer for your future home. If you are dealing with an agent, keep in touch with your agent regularly for any changes in your search.
Keep in touch with your Realtor for Any Likely Closing Costs
Closing costs of a house or an apartment do not include personal packing and moving costs and have a high risk of varying widely. Usually, closing costs include the cost of hiring a real-estate attorney who looks over the agreement between buyers and sellers. The closing cost also includes the cost of hiring a home appraiser who is responsible for evaluating the house or apartment before the sale and this is usually paid by the buyer. And, the agent or realtor’s commission is not to be bothered about by the buyer, as it is thankfully paid by the seller.
Now, you know what you first must look into, when you decide to buy a home.
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