What to know as a Home Buyer
Buying a home is smarter than renting. It is a dream for many to own their own home since homeownership is viewed as a sign of adulthood and financial responsibility. Buying a home is a big decision with factors that need consideration.
Currently, there are many developments from the real estate industry offering different options for homebuyers. In as much as homeownership is a smart long-term move, there is a need for one to know what they are getting into.
Is it the right time for you to buy a home? This is a question every home buyer should ask themselves before looking at the factors below:
1. Know Your Finances.
For you to buy a home you need to understand your finances because they are key in helping you secure a property you can afford. You need also to understand how much finances or mortgage you can secure from your local bank.
Many real estate or developers require down payment which is about 10-20% a commitment fee from the purchase price. This fee is required to be paid within 14 days once the buyer chooses the unit of interest.
2. Do Market Research.
Research is key for homebuyers in understanding what the local market has. Get to know which location is suitable for you, understand the price range, the various categories of houses and their developers as this will help one understand and have a history on the projects they have done. Getting to know the market narrows down to what is available and what one can afford. Various online sites can ease your house hunting and help you gather all the information you need for the house of your interest.
3. Get a Real Estate Agent.
Once you already know your budget and aware of what the market has, it is good to approach real estate agents or firms that will help you find a home. The agent will be able to take you through different properties until you settle for a home. It is key to understand that you should only approach registered real estate agents to avoid being conned since investing millions of cash is not a joke.
The real estate agents help you with all paperwork and advice on the processes of purchase once you settle a house of your choice
4. Do Property Valuation.
Valuation of a house is key in validating the price of the house. Many home buyers want to rush to buy a home immediately when they get one but it is good to have the house valued to buy a property that is within its pricing.
Valuation also helps in identifying if all the interiors and exteriors for the house are well fit and are in good condition. Once all the above is verified one can go ahead and purchase the house.
In conclusion, every home buyer be it a first-time buyer or an expert in homeownership needs to consider the above factors when buying a home either to reside or for investment.
