Essential Checklist for Buying a House
Buying a house is generally once in a lifetime investment and therefore it is but natural that you exercise a lot of caution before taking the first step. Most importantly, apart from the financial aspects, you should ensure that legal formalities are comprehensively taken care of by expert property settlement lawyers so that unnecessary litigation is avoided at a later stage. House hunting is a tedious but an enjoyable task. You should meticulously evaluate your needs before taking the first step.
Make a check list of all the essentials and the must-haves you want in your home. Most crucially, do not bank on the present only, make provision for future necessities also like accommodating an extended family or having parents stay with you. Involve all your family members in the process. Each of them should have a say about their likes and their dislikes of the new home. All these are an integral part of the checklist that you should prepare.
What then are the aspects should be a part of the checklist?
Be aware of the mortgage process – Get in touch with property lawyers and be guided in the process. It is necessary that you hire them to verify whether the property in question has clear and marketable title. Only when this is confirmed will the banks or other financial institution take up the mortgage applications. The lawyers you consult will carry out searches of land records to confirm that the said property is not under lien or mortgage elsewhere.
Know your true financial picture – Work out your true financial standing and capability, how much of your own funds you can possibly spare from your savings and the amount of borrowings that you have to resort to. Evaluate the amount of mortgage payments you can afford without severely affecting your life style. Most importantly, get a pre approved loan for your house. This has many advantages. Once you go house hunting you might have to pay an advance to book your property pending sanction of your primary home loan. This should be arranged for at the planning stage only. Again having the power of having ready cash in your hands will give you more bargaining strength. Sellers in urgent need of cash will offer to lower their prices if you offer ready cash.
Get an agent – Before rushing off to buy a home, get a good property agent and familiarize yourself with the different options. Do you want a condo, an apartment or an individual house with a garden? The location of your home will depend greatly on this factor.
Draw up the contracts – Get a professional property lawyer firm to prepare all the necessary documents and draw up contracts once you have finalized your house. P&B Law will be a good choice. They have teams of lawyers who have rich experience in this branch of law and offer comprehensive services – right from helping you get a home of your choice to negotiating the best prices to arranging for mortgage.
Inspection of the property – Have an inspection conducted by reputed builders or appraisers to know the condition of the house. Certain things like a cracked foundation that is not visible to a layman’s eyes will be noticed by them. Factor in the cost of repairs and renovation of the house if required before arriving at the final price.
These are just a few samples of the essentials that should form a part of your checklist when you decide to buy a house.
- Published On : 1 year ago on August 31, 2017
- Author By : editor
- Last Updated : August 31, 2017 @ 11:26 am
- In The Categories Of : Real Estate