Every one of us wants to own his house, whether for the purpose of living in with family or as an investment. But it is a fact that real estate purchase gives value to your money and security to your investment. Getting a good bargain adds further value to your purchase.
It is not necessary that you pay the complete amount of money at the time of purchase; you can get the house loan or finance.
How do I know if this is the right house?
You need to have a plan at least in your mind about what are you looking for in a house. Make a list of non-negotiable requirements that you want your house to fulfill; other things can fall into place later.
You need to first decide upon your budget, which should not just include buying the house and paying for the legal transaction, but also for any repairs or renovations you want to be done.
Before deciding on a house makes sure to look at the area in detail, is it a good neighborhood? Are there any shopping areas nearby? Is there a school or hospital close?
What is the condition of security in the area? Can you say that it’s safe for your family? The more you think about each detail, the easier it will be to narrow your search and to find your dream home.
Although it is possible to get a loan for the purchase but it is always recommended to pay in cash. You might get a further discount if you offer to pay cash.
Also before making a purchase makes sure you take time and visit the house you select a couple of times. Sometimes online listings miss good points of the house or ignore the bad ones. It’s important to drive by at different times of day or different days of the week as well to get a full sense of the neighborhood.
How should I select the house?
House or a property is an expensive affair and you can’t buy it every other day. You’ll want to be very sure of the purchase and explore all the avenues. Buying a house will only be done once or a few times in a lifetime and selecting it should be done with equal seriousness.
You need to be active in looking at online listings and local papers for foreclosure and auctioned properties. Be sure to visit the agents dealing with the properties but before that just visit and scan the area the property is listed in. Ask around about the house in order to know if the property is worth the effort.
Once you find an option you like, make quick and sharp decisions as auctioned property can go off market really quickly. It is also advisable to buy a house at the end of the year or fiscal quarter as properties are a bit cheaper at that time and you can get a good bargain.
What is the affordable way to buy a house?
Well, the easy answer will be that buying auctioned and foreclosure properties are the most affordable options available. These are the house sold for the purpose of recovery and if you act smartly you can get a good bargain for a house.
For such properties, you will be dealing with agents who are working to get a number or amount against a property, so if you can afford their price, you will get likely the house. This is different for other markets, where the owner will often opt for anyone who is willing to pay and act quickly.
You can easily search foreclosed homes online or keep in close touch with your local realtors to find them. The latter is often preferable, as realtors are constantly keeping their ear to the ground and may have access to listings that you won’t be able to find on your own.
Once you have bought the house you can save a lot of money by doing some little repairs yourself. For bigger renovations, you can hire a renovating company or small group of handymen as per the requirement.
Keep all these tips in mind, and you’re well on your way to purchasing a house at an affordable price within your budget, which also fulfills your needs!
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