The process of buying a new home can be overwhelming for most people as purchasing a home is probably the biggest financial decision of anyone’s life. However educating yourself about the essential know-how of house purchasing and the consultation of professionals can lower the risk rate involved in the purchasing of house.
With the experience of decades, Girish Avhad hereby presents you with 10 steps to buying a house:
- Find Out the Benefits of Investing in a House
You should try to find out the benefits of investing in a house if you are a first time buyer or already owns a house. Buying property is usually a good investment option than saving it in a bank account. However, if you are already running low on money, then buying a house might not be in your best interest.
- Review Your Financial Health
Investing in a property, demands a large sum of money whether you pay for it all at once or in installments. Determine how much price you can pay. Look at your income, amount of savings and how much is left over in your savings and investment accounts that could go toward a down payment.
- Decide a Budget
After you have thoroughly reviewed your financial health, you can now make an informed decision about your budget. Setting a budget beforehand can help you to check yourself later from wasting your time.
- Find the Right Real Estate Agent for You
A good real estate agent can provide you with helpful information about the available houses, current price in market and what constitutes a good deal.
- Decide on a Vicinity
Deciding the vicinity where you want to buy a house is one of the major decisive factors in the selection of a house. Try to find out about the areas you are interested in. find out the distance of those areas to your office, and the time and money that would go in commuting.
- Start Visiting Houses
Once you have decided one or more areas, start visiting available houses. When you visit houses make note of their price, check out the little details and evaluate the neighborhoods.
- Decide on a House
Decide the house you are interested in considering the notes you made while visiting them. You can revisit one or more shortlisted houses to reconsider your choice.
- Get a Home Inspection
Your real estate agent can arrange for an inspection after you decide a house and your offer is accepted by the seller. The inspection gives you a chance to renegotiate or withdraw your offer without penalty if the inspection reveals real damage.
You can ask the seller to fix the house and later check if the agreed upon repairs have been made satisfactorily or not before closing the sale.
- Choose Your Loan
If you are planning to buy a house on loan, you can consult various bakers about the best loan program that would suit you based on your income and savings.
- Complete the Paperwork
The last step in buying a house involves majorly paperwork. It is generally taken care of by real estate agents. Once you have established the terms and signed all the papers, you can happily move into your new home.
Girish Navnath Avhad is a Pune based self-made entrepreneur who with his remarkable skills in management and business has created a niche for itself in the business landscape in India.
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