Home Buying Check List -10 Things You Must Consider When Buying
byMarie ColeonOctober 17, 2012
Things You Must Consider When Buying:The information will serve as a guideline only as you may well understand there are tons of information out there to gain from. As much as possible we shall look to providing the relevant points under this umbrella.
Things You Must Consider When Buying:Furthermore we recommend that you gather as such information as possible in the process of your home purchase mission. Some of the following tools would ensure that you are organised in the process of your information gathering and fact finding mission
Workflowy – www.workflowy.com a useful tool for brainstorming and organising your thoughts whilst plowing through the house hunting process
Evernote – www.evernote.com A good way to keep organised and diarise the whole process rather than have bits of paperwork all over the place – Even in this age of online information you will be thrusted with a large amount of paperwork
Teamlab – www.teamlab.com – Another tool which you will find useful especially once you are dealing with vendors Estate Agents , Solicitors, Mortgage brokers. This allows you to keep track and top of things.
The above mentioned tools are free and very powerful in managing you home buying en devour. As a result, you can delve into the market and become an informed buyer. Also feel free to go through the elements of this site to gather case studies regarding what is involved in the home buying process and this can be summarised as follows:
1. Familiarise yourself with the mortgage steps and mortgage buying process – that is if you intend to burrow money from a financial institution. As a result, once you fully understand the process you can then go and apply for a mortgage in principle. At this stage you can determine:
How much you can afford
What the current status of you credit rating is
Where you can afford to buy
What you can afford to buy
When you can afford to buy
2. Still have a question about a Real Estate term or its definition? See our Glossary.
3. As a result this puts you in a position to draft a time table with a plan of action in mind. Here you can then set realistic targets:
S – specific, significant, stretching M – measurable, meaningful, motivational A – agreed upon, attainable, achievable, acceptable, action-oriented R – realistic, relevant, reasonable, rewarding, results-oriented T- time-based, timely, tangible, trackable
One or more will apply to you pending on your personal circumstances. Whatever this may be adopting the above measure will serve as a measure of getting you close to buying your property which typically negated by the issue of fear.
4. It is important that you seek advice from those you can trust at both the personal and professional level. The professionals will include a mortgage broker, solicitor, estate agent. Furthermore, on a personal level a friend sibling or parent that has personally gone through the process and is conversant with the challenges associated with it.
5. Familiarise yourself with the value of a property and get involved by speding time on research shows events, windo shopping with estate agents. Then you start to familiarise yourself with the true value of any given property rather than perceived value. Details such as:
House apartment or flat
Freehold or leasehold
Fixed or variable rate mortgage
Number of bedrooms
Commuting distance to your place of work
A brand new property or second hand property
It miight be you decide that you want to build your own home
6. As such this will determine the type of insurance policy and financial obligation you want to have or embark upon
7. When you find an acceptable house, put forward an offer. Familiarise yourself with how offers become contracts. In most case you should have a solicitor to translate this into legally binding terms.
8. Negotiate your best deal using the information you have acquired.
One of the most important things you can do is to make a checklist as you search for, find and buy a home. By keeping on top of your game-plan at all times you will greatly increase your chances of success.
To save time, bookmark this page and refer to the following checklist frequently.
The market for buying a home changes frequently in the last couple of years so the preparation that you carry out for your house purchase is essential. Do not forget to share this with your friends and relatives