Useful Tips on Buying a Home
Airfare Daily Deals eCigarettes Eyeglasses Hotels Jewelry Online Backup Online Dating Online Printing Online Tickets Skin Care Textbook Rentals Vitamins Web Hosting Weddings
Find thousands of shopping-related forums
SEARCH

Useful Tips on Buying a Home

Owning a house is one of the greatest achievements that everyone dreams of having. However, when it comes to buying your own house, be it for own stay or investment, the experience can be both exiting yet intimidated at the same time. The situation is not unusual since for many of us, it might be the biggest purchases we will have to make on house and land packages.

Owning a house is one of the greatest achievements that everyone dreams of having. People work hard to pay for mortgages while others lead a simple life depriving themselves of pleasures and comfort in order to save for a house. However, when it comes to buying your own house, be it for own stay or investment, the experience can be both exiting yet intimidated at the same time. The situation is not unusual since for many of us, it might be the biggest purchases we will have to make on house and land packages. The entire process of the mortgages required for it and the savings required to complete the purchase may be highly demanding. Going along this business with enough insight and proper guidance, can help less tension in your home buying.

Define your objectives

Though everybody's dream is to own a perfect home, you should not let the idea to obsess your mind as it may be difficult or totally impossible to find a perfect home. You need to be realistic with what is within your budget and go for what you can afford. This means that sometimes you need to compromise and stick to your budget. If the plan is to buy a house for investment, it should be clear in your mind whether the house is intended for rental returns or for capital appreciation. Looking at your age, years remaining to your retirement, you can be able to decide whether you will go rental or capital appreciation. Young investors should consider buying properties with high capital appreciation while those approaching retirement can buy properties that retains their value and give rental returns to generate funds during retirement.

Careful loan application

If you will fund you project through a loan, when and where to apply for the loan is something to be carefully calculated. In order to secure that the whole loan application process runs smoothly, it is advised to secure your loan first and then search for properties. Applying for the loan first will allow for enough time to spread the risk by visiting a number of banks and consulting with various loan officers. This is important as different banks offer different loan packages and terms.

Valuation of the property

The actual value should be carefully decided as it will determine the percentage that the bank will lend you. Under valuation will be costly as you will have to folk for the rest of the money from your own pocket. This means that you need to be careful and always be ready to mitigate the risk by ensuring there is a written clause in your booking receipt that says that you can obtain your holding deposit if the loan does not go through. Asking a few officers to take more accurate reading is a wise idea. Always consider to consult your estate agent before paying for the earnest deposit to ensure everything is legit.

Check with secondary market

Real estate agents have a tendency of wanting to maintain high prices in favor of the owners and therefore looking at what secondary markets have to offer is a good idea.

Carefully considering the above tips can make you dream of owning a good home that will not handicap you with huge interest to pay a reality while securing cheaper house and land packages.

Need an answer?
Get insightful answers from community-recommended
experts
in Rural Living on Knoji.
Would you recommend this author as an expert in Rural Living?
You have 0 recommendations remaining to grant today.
Comments (0)
ARTICLE DETAILS
RELATED ARTICLES
ARTICLE KEYWORDS