myhammer guides > Guide > Do Your Homework Thoroughly Before Buying a Home

Guide

Autor: | Freitag, 23. August 2013 | Kommentare

Buying a home is a tough decision. And why won’t it be? You have to live there, feel its warmth, eat, sleep, and spend family time there. So, it certainly has to be special for you. But, that doesn’t mean you give away any price that the seller is asking you for a house you have liked.

Reconsider Your First Love
Loving a property at first sight is common for home buyers, and who wouldn’t be attracted to a house reflecting beauty, comfort, and elegance? But, keeping your emotions under check and letting your practical side take over is wisdom when it comes to home buying. Else, you will soon be on the road of regret for having paid a much larger amount for something that didn’t have that much value.

Imagine your neighbour Mrs. Wilson mocking at you for being fooled by the seller and paying a large sum for a dirt cheap, old house. You don’t want anyone to suspect or pinpoint at your smartness? Do you? So, instead of brooding over a foolish deal later, be cautious enough to not get duped by the price quoted by the seller. Do your own homework, ask your friends about the current property prices, browse the internet for better deals, hire a real estate agent for his wisdom and experience in the property market, and get a real estate valuation done before you finalise any deal.

Use Multiple Modes for Home Search
If you are planning to buy a house, make sure you inspect a number of houses in different parts before you land with the perfect house. Utilise various modes like friends, acquaintances, relatives, neighbours, online property classifieds, newspaper classifieds, and real estate agents to find out the best property deals.

Hire Real Estate Valuation Services
If you want to go the more professional way, contract a property appraiser and know the actual price of a house according to fair market value. Please note the difference between value and price of a house. A house’s price depends on its size, area, and comparison with similar properties in the surroundings. On the other hand, its value could be more or less depending upon how the buyer and seller view the property and what are their needs. Getting an appraisal done helps you get a clear insight into the property with respect to its practical aspects. It also helps you avail of bank loan easily against the property mortgage as your credibility increases when you show the bank your property appraisal report.

It is common for sellers to try and get the maximum price for their house; but as a buyer, if you agree to pay that much, you are in for a loss. When you use real estate valuation services, the seller knows that he cannot cheat you further and may give in to your demands. So, it’s a good way to get the house you want at the price that is neither more nor less than the actual market price.

Involve All Family Members in Decision Making
If you are set to buy a home, take all your family members or whoever is going to reside with you for home visits. This is necessary so that you get a wholesome opinion for a house; a home that is apt for you may not be good for your children, and a home that is good for your peace of mind may not be good for your wife who needs good neighbours for interacting. So, don’t forget to consider these aspects before buying a house.

Proximity to the marketplace or shopping malls, entertainment areas, or your office is a crucial factor and needs considering before buying a home. Even if you own a car or have adequate means of transportation available, consider petrol costs or monthly transportation costs before you plunge in the deal. Does the house reflect peace, serenity, and warmth for a happy family life and for guests to invite over? Rate the houses that you inspect on these factors to arrive at a conclusion. A self-rating system combined with cost considerations is the best decision-making tool for buying a good house.

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Author Bio :- Aiesha Wells is the staff writer of RD Clifford Associates. RD Clifford Associates, that blogs about property appraiser and helps people on real estate investing.

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