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7 Things You Must Know Before Buying A House

Buying a home

A home is the one of the most significant investments in your lifetime. Buying a home that best suits your needs requires a lot of efforts. Moreover, you need to find a home that fits your budget. If you are planning to buy a home, here are the 7 things you must know before buying one.

1. Set Your Budget

A less expensive home carries less financial commitments. Look for a house that suits your budget. Banks will be ready to offer you mortgage more than the value of the property. It does not mean you can go for an expensive one. Situations may turn upside down due to recession and joblessness. Consider all such factors and buy a house that does not break the bank.

2. Get To Know Local Real Estate Market

The value of any property is mainly influenced by the location, age of the house, economic indicators and local market condition. You must get to know if you are in a buyer’s market or seller’s market. If you’re in a buyer’s market, you are likely to get a better deal.

3. Hire A Trusted And Experienced Realtor

If you have to use a realtor to find a property, try to hire a trustworthy agent who acts according to your interests. Some agents try to get commission from both seller and the buyer. You must remember that it’s the seller who pays the commission. A good agent will guide through the entire process from negation to arranging home inspection.

4. Look Beyond The Beauty

Many sellers hire professionals to stage their house to attract buyers. Don’t get carried away by the super cute house appearance. Make sure the house has enough rooms and need less fixing. If you have made up your mind to buy that house, try to hire an expert to estimate the value of the property.

5. Don’t Hesitate To Ask Any Question

Home is a huge investment, and you put your hard-earned money into it. Don’t be afraid to ask any question related to the property to the agent or the seller. As a buyer, you have the right to know everything about the house.

6. House In Foreclosure

A house in foreclosure might look less expensive. However, don’t forget to check factors such as repairs and renovation. It can cost you more money, time, and energy after purchasing the house.

7. Closing Costs

Closing costs are usually paid by the buyer. However, it can vary depending on the purchase contract. The closing costs range from 2% to 5% of the selling price. Allocate funds for closing and transition costs while buying a house.