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Home buying tips: Guide to buying a home with step by step |
| Posted on 2011-08-11 22:01:29 |
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Before you start to buy a new home, the 6 steps you need to consider followings:-
Step 1. How much house can you afford?
The first thing you need to do is consider how much you can afford by looking at the money you have availlable yourself, Your monthly income, expenses and total savings. In case of there are No savings, There are a number of different financial institutions such as building societies and banks which offer loans to people buying a home, property.
Before finally deciding how much to spend on a home, please make sure that you will have enough money to pay for all the additional costs, any fees, VAT and any bills.
Step 2. Where do you want to live?
The important thing to buying a home is finding a house in a best place you love to live, work & retire : that includes low crime rate, great schools, increasing home value, Climate and terrain.
Step 3. How to find a home / property?
There are many ways in which you could find a property to buy
- using real estate or property agents
- looking at the property pages in local newspapers
- contacting house project companies for more infomation of new properties being built in the area you are interesting
- looking on the internet which you might meet the best rates offered
step 4. Deciding on a property
When you find a home or property you should make sure it is what you will need and to get some idea of whether or not you will have to pay any additional costs on that property, for example, for repairs or decoration. It is common for a potential buyer to visit a property two or three times for inspection, it would be better if you can before deciding to make an offer.
step 5. Make an offer / Negotiate best home price
When you decide to buy a particular property you do not necessarily have to pay the price being asked for it by the owners / Property agent, You can offer less. If the owners/property agent do not accept your offer, you can decide to make an increased offer.
If you make a written offer it will always be made subject to contract. This means that you will not be committed to the purchase before finding out more about the state of the property. If you make an oral offer this is never legally binding.
Step 6. Buy a home/property
When your offer for the property has been accepted, the owners or property agent may be asked to pay a small deposit. This is usually 5-10% of the property price but it can vary. It is meant to show that you are serious with the purchase. It is repayable if the sale does not go ahead.
After that you will have to arrange the remaining of property price. In case of you don't have enough money to pay for, you need to looking for the mortgage from a number of different sources as building societies, banks and specialised mortgage companies.
The purchase will be completed when the Seller, Buyer and the mortgage lender (if any) agreed to terms and signed a final Purchase Agreement. |
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