October 21, 2013

First time property buyers’ checklist

Buying a house for the first time can be a daunting task for anyone. It seems tempting to just buy the first house that falls in the budget or continue renting. To help out those struggling with a first time buy, here is quick checklist of things that need to be kept in mind while purchasing a house:

First time property buyers’ checklist

1.    Long term goals: The first step is to determine what your long term goals are and how purchasing the house fits into these plans. Carefully evaluate the reasons for which you are going in for the buy. If they seem satisfactory and sensible, only then should you go ahead with your purchase.

2.    Type of home: Today’s real estate market has a number of homes in a number of price ranges for interested buyers. There is the traditional single house, apartments, villas, township homes and bungalows. Each one has its own advantages and disadvantages. So keeping your goals in mind, hone down on the choice that best suits your requirements.

3.    Features of the home: Here you should decide on the basic features and amenities that you would like to maintain in your house. After all this is a dream purchase and you have every right to choose the best possible elements within your price range. This should include all basic amenities including basic desires, kitchen facilities, bathroom layout and other trustworthy appliances.

4.    Home loan: You should know how much home loan you can apply for before making a budget for your home. There are a number of factors involved like current job, work history, monthly income etc and this should be cleared with your bank at the earliest. After this, you can estimate how much of a loan is actually feasible for you. Ensure that you look at the total cost and not just the monthly payments. These aspects include down payment, property taxes, insurance and maintenance spending. All factors must be carefully evaluated before arriving at your budget price.

5.    Expert help: First time buyers can hire a real estate agent to guide them throughout the purchasing process. These agents can locate homes in the locality you are interested in and help you to view a number of houses. They also help with the various processes including making offers, the necessary paperwork and home loan. Their knowledge can be of assistance in protecting you from any shady developers and suspicious property deals. Apart from this you can also get experts to look at the construction, plumbing and other features of the house. Make sure that all the legal paperwork and documents are carefully examined by a professional. This will ensure a problem free future for you.

6.    Financing your buy: Once you have decided on the house you want to purchase, it will be time to look around at the various options you have to finance this deal. It is always a good idea to look into a number of banks and financial institutions before choosing one. In today’s market there a good number of options to choose from and it could be well worth your time to analyse carefully before selecting any particular loan plan.

First time property buyers’ checklist

 Buying your first house can be a difficult process but as long as you follow these simple rules and analyse things carefully, it will not be too troublesome. All the best, future buyers!