Many people enjoy the task of doing the rounds looking for a house for sale on Property Guru. Most of them do their search with only an eye only for a fancy looking house, a good garden, and attractive grounds. In fact, many of these home searchers know very little about any systematic approach when they search for a house they want to buy and live. This article will delve into ten very carefully guarded secrets about the purchase of a home the right way. Here they are:
Secret #1: The General Perspective
Before actually dishing out your wealth to make the payment, survey the landscape and the neighborhood. Visit the location at several times of the day and night to see what happens during those times. Determine distances such as the commuting distance to and from grocery shops and other essential services. Good and bad schools will impact on how well you will be able to live in the neighborhood, and it also impacts the value of your house according to the HGTV website.
Secret #2: Never Outbid Yourself
Bidding in line with the right value of a home is the best approach when you are involved in bidding with others. Keep a record of home prices sold during bidding sessions, so you have a rough idea of home values. Thus you can offer an appropriate bid.
Secret #3: Check the Inner Part of the Real Estate
It may cost you to obtain the services of a home inspector, but that would be peanuts compared to the amount you end up paying for improvements for an unchecked house according to Fox business. Hiring a home inspector would provide you with precious data on which you can make an informed decision whether or not to commit your funds to buy the house in question.
Secret #4: Adopt a Serious Rather than an Emotional Front
Buying a home is a serious business because it involves a lot of wealth and owners want to get a fair price for their homes while you want to spend your money on its real value period! Your demeanor should be entirely business-like and devoid of any emotion. Emotions can lead you to make very unsound financial decisions. Use your instincts instead because they will point you to a house’s real value which should be your target.
Secret #5: Be Wary of the Hidden Costs
It is where a distinction can be made between renting and purchasing a home for total ownership. When you rent, you mostly pay for the roof over your head because most of the hidden costs are included in the monthly rental. Purchasing a house means that you will be directly responsible for paying the hidden, or sleeper costs, as they are also known. These include costs for tax on the property, electricity, water and sewerage, owner dues as well as maintenance and repair costs.
Secret #6: Big Houses Tend to Attract Higher Prices
People always have the tendency of opting for the biggest houses on sale because they look impressive and attractive. They attach a unique attraction that lifts the spirit of beholders and tends to make them forget the less attractive side of big houses. These houses nearly always attract a higher price simply because of their size. It might be better for you to buy a small house which you can renovate, and appreciate its value over time, thus finding it easier to re-sell.
Secret #7: Don’t Be a Real Estate Market Expert
It’s impossible to pre-empt what the housing market will be at any given time because real estate is cyclical and changes all the time before fully recovering. There is no perfect timing so to speak, and if you wait for that right moment, you might just miss out.
Secret #8: Always Avoid a Dispute
Conducting a survey of the house and grounds is always a plus so you can avoid any disputes with neighbors. Also, to this precaution, it’s also worthy to note that your property tax will be calculated on the size of your property to having the nice area is a good thing.
Secret #9: Go for an Approved Status
Loans are an essential part of house purchases, and you’d be wise to get your loan status in order. Let the bankers study your finances so that they can award you the already approved status. It necessarily means that your finances have been investigated and found to be in order. The release of a loan to you is the next obvious step.
Secret #10: Don’t be a Show off with Your Wealth
Always opt for a loan instead of impressing everyone by transferring your money from your account to the account of the home owner. Your wealth can always act as a backup for the mortgage you have taken out on your loan if it ever comes to that.