Finally, you’ve come to an important time in your life when you would buy your own home!
But, there is so much to consider before diving in head first to get the best experience in home-buying.
First of all – have a loan commitment from the bank. It can be easy to get carried away in the heat of battle. Get yourself a picture of what different items cost. Then you will be a good buyer. Once you get into buying opportunity, compare banks and negotiate interest rates.
Make an inspection. Do not ignore your gut feeling at the house demonstration. The seller has a general duty to describe their home, but as the buyer, you have the duty to investigate. Make your own inspection to any discovered deficiencies and renovation needs. Check the house, land, buildings, electrical systems, heating, water, sanitation, white goods cooker and fridge, ventilation, possible fireplace and chimney.
Survey the property carefully. There might be some things that the seller might not disclose and those just might be parts that are particularly important. Hire your own expert if there is something that seems to be wrong. If there are visible signs of moisture damage or other damages, you need to take not right away as it would be the seller’s responsibility.
Bids are not binding. Bids are not binding until the purchase contract is signed. Deposits are usually ten percent of the purchase price. Be extra careful when it comes to inspection clauses and return conditions. It is not unusual to have not had time to do a survey when you write the purchase contract. Then you can ask for a contract clause that you have the right to request the return of the purchase within a certain time.
Protect yourself. You can protect your rights as a buyer by seeking the help of an escrow title company and get title insurance. A title insurance would shield you from terrible title claims that would turn your buying experience into a nightmare.
Things to consider before buying
* Be prepared. Make sure you have got loan commitment from the bank and you know what you can afford.
* Be diligent. Go on many shows, talk with many different brokers to learn more about the market. Check the area you are interested in so, that you see the price picture.
* Be careful. Read the inspection report carefully and read what is not included in the survey. Make your own inspection. Be careful and be aware that what may be costly on a house’s roof, drainage, electricity and heating systems.
* Ask questions. The difference between the duty and responsibility is great and the greatest responsibility lies with the buyer. Find out if the property is correctly measured by asking a surveyor. Ask the neighbors if there is something going on in the area that may affect the house you’re planning to buy. They might have also an idea about the problems and the positive things about the potential property.
* Do not buy a home to speculate but, buy to live. You should feel comfortable in your home and no one can say for sure what is happening with the housing market in the long run. Most importantly, don’t be afraid to do some negotiations for what you get. You have right to buy something that deserves all your hard-earned money.