Factors to Consider When Buying a House

Before buying a house for you there are very basic things that you have to ponder upon and these things are very essential to do as you are investing your hard earned money in that. That house may seem like everything you have ever wanted but before making an offer you should take some time to consider few things beyond the size, style and price. Sometimes we are in hurry and we forget to ask certain important questions that we should.

In this article we will discuss these important things that we have to consider before taking and maturing this step.

We must do close inspection of the building or home as it does not cost much but will help you in saving your thousands. It can make you aware of bad renovations, internal damages, leakages that may be hidden by some adhesive materials or patchy walls that may be hidden by paints. You should know what you are buying.

At first appearance it seems that it is a perfect property , but you should have your brain , eyes and ears open so that does not turn in to a worst nightmare. You must check the ownerships of surrounding properties and make sure that you are aware of any restrictions and you can also council regulations that may apply to the property. There are many renovations that need to be approved by council before work commences.You should be doing your homework so that you can make an informed decision.You must keep a close eye on market trends and monitor big picture factors like economic growth, interest rates, government policies, demographic characteristics.

Location is also an important factor that needed to be taken in to consideration before buying any house. This may include schools, connectivity to roads, proper transportation facilities, shopping complexes and parks. If incase an area is out of your price range then look for areas with similar characteristics that have somewhat lower budget. It is very important to see the size of the accommodation. It includes number of bathrooms, how kitchen is built, number of bedrooms in the apartment as it would be very difficult to adjust in house which is too small for your needs. You should also look for storage spaces to keep your important things which you use once in awhile but are essential in your household work.

You should carefully review your budget, your spending and income to identify areas you can save money. You also have to monitor your peripheral expenses. You will also have to pay to the broker if incase you are using the services of brokers. There are also certain legal formalities including property and registration taxes. You should be in condition to take care of them as and when they arise.

Author Bio:-The name Sushil Ansal does not need any introduction in the field of Real estate. Sushil Ansal is an iconic figure of his field and has changed the face of Real Estate in India.The Chairman of Ansal Properties & Infrastructure LTD (Ansal API) is the driving force in establishing the brand Ansal API.Mr.Sushil Ansal has had an illustrious career spanning over 50 years.

5 Steps to Take Care Of Prior To Buying Real Estate for the First Time

Most people are excited when they buy real estate for the first time. It is a dream of many to own a house and when the time finally comes for the big day, they really become anxious. But, there are a few things to take care of before buying real estate for the first time.

1. Your credit and FICO score is important and it is the first thing a lender will look at. The FICO score should be between 400 and 850 with 850 being the higher end. The FICO score should be as high as possible. Try to attain a credit report and to find out your FICO score.
2. The next thing to know in buying real estate after knowing your credit score is your finances. It may be that the down payment in purchasing a home can be huge and you should know that there are many different loan/mortgages that have low down payment options. You should not buy a house which will be difficult for you to afford.
3. You may want the mortgage broker or banker to pre approves you when you meet him. Pre approval is an underwriting of your file and it will let you know how much you can spend in buying your house. In order to underwrite your file, you may have to produce your income certificate, credit and many other things.
4. It may be difficult for many people to pay for the entire home upfront and to afford the down payment. Have a look at the down payment assistance programs when you meet with your mortgage broker or banker. By this you will be able to know what programs are available and if you are eligible for them.
5. Look for first time home buyer classes when you buy real estate for the first time. Most often, many lenders and realtors offer education classes for home buyers. By these classes, you will know about applying for a loan, working with a realtor, making an offer, bargaining and closing. The overall process will become smoother for you as you know more about it.

Buying your first home is a big step and it can become overwhelming. If you are unprepared, there are classes and programs that can help you in easing the process. In buying real estate for the first time, keep in mind these five steps and you will find the entire process less daunting.

Author Bio:-The name Sushil Ansal does not need any introduction in the field of Real estate.Sushil Ansal is an iconic figure of his field and has changed the face of Real Estate in India.The Chairman of Ansal Properties & Infrastructure LTD (Ansal API) is the driving force in establishing the brand Ansal API.Mr.Sushil Ansal has had an illustrious career spanning over 50 years.