subject: Guidelines For The Home Seekers [print this page] No matter whether you are buying a home for the first time or already have one and are planning to go for another, you just cannot let common sense fall to the way side while making such a big purchase. You have to be extremely prudent while going about this entire buying process. This journey is loaded with winding crossroads and unexpected turns, making it d6ifficult and complex. Buying a home can turn into an exasperating journey, if you do not know the exact guidelines to follow. Listed below are the guidelines that can simplify the challenges of home buying for the home seekers. The list is actually a preparation for the homebuyers who would be just embarking on the journey of purchasing their dream home.
Determine the type of house you want- Deciding on the type of house you want is the foremost step to be taken by the buyer. See to it that do you want a luxurious house or a simple home, which would suit your basic requirements. Some of the major house types that you can select from include multi-family home, single-family home, condos, townhouse, flats, apartments, villas etc.
Check what you can afford before taking the plunge- Its important that you are fully clued-up regarding your savings in-and-out so that you can know how big or luxurious house you can actually afford. The thumb rule is that you should buy a house which is about three times your annual earnings. You can also make use of the internet mortgage calculators to get better understanding of your affordability.
Improve your credit- A couple of months before starting with your house hunt you may need to look into your credit record and do some credit repair to make sure your credit reports are optimal to apply for a loan or mortgage.
Get pre-approved for the loan before house hunting- After optimizing your credit; its time to have your home loan pre-approved. A pre-approved loan would save you money and time by positioning you in a better state while buying a house. Unlike pre-qualification that involves only a brief evaluation of your finances, pre-approval from any mortgage lender entails a comprehensive investigation about your income, expenses as well as credit history.
Check the neighborhood- Inquiring about the neighborhood where you would be buying your new home is a crucial factor. So make sure it has all the basic amenities, adequate security and a serene atmosphere.
All these guidelines will be of great help for the house hunters looking to buy their dream home without messing with the complexities of home buying. The world is fraught with places that give wonderful opportunities to people when it comes to accommodation choices. Mohali is one such beautiful city in India that offers some amazing housing options. You can find a suitable flat, apartment, condo, built-up house and villa in Mohali at unbelievingly reasonable rates.
