subject: Valuable Steps To Consider When Buying A House [print this page] Buying a house may be one of the most crucial but exciting experience and decision. This is quite a big investment so utmost care must be paramount. When you want to buy a house, you just do not look for the house of your dream then buy it on impulse. You have to indulge in careful planning.
The First Step
You have to conceive of the house you would want. List the features on the basis of priorities. You are buying a constructed home, so, not all the features and design you have conceptualized will be in this house. You have to settle for the one that best satisfy your requirements. Otherwise, you have to have one specially constructed and custom-built.
Location of the property is the next. If you have school children, you might want to find one that is close the school, or at least accessible to school through public transport. Or - would you want a house situated close to shopping areas or markets or supermarkets? And there are those who would look into the type of neighborhood. You might also want to investigate on the behavior and class of people living in the community.
Budget will be the next agenda. What is the maximum amount you can afford to buy and which loan amortization can fit your budget? The down payment is the bulk plus other incidental expenses connected to the purchase. But after this initial payment, which you probably are already ready by the time you have decided to buy, you next issue will be on the available money for the monthly amortization. How much can you shell out for this purpose without jeopardizing your expenses on other basic necessities?
Check on your credit rating. With a bad rating, it will be very difficult to seek approval of the mortgage. Straighten this out. Once this is in order, you can already go to different banks for the financing of the mortgage. You have to find a loan program that is best suited to your capacity to pay.
Second Step
You now have to find your realtor or real estate agent. Your buyer's agent is your guide through your entire home search process until the the sale and moving-in. The agent will show you all the properties within your chosen area. He will be sure of showing you all the listed houses in your preferred area. Having chosen one, you can be ready with your offer. Negotiations are sure to ensue, still under the guidance of your agent. If you are in search for a property in Arizona, the real estate agent can provide you with buyer's agreement document, with the assistance on explaining unclear items therein.
Third And Last Step
The final step will commence from the time your offer becomes accepted by the seller. There are a number of fees you have to be ready for. Your chosen lender may charge you for loan processing, underwriting and opening with the bank an escrow account. Your agent can help you assess third-party fees such as insurance, title search and other incidental cash outlay.
There are agents who extend their services even after the loan process is fully culminated. Should problems arise after the end of the house sale process, your agent can still afford to assist you.
