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How To Get The Best Bargain On A House

How To Get The Best Bargain On A House

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.

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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.

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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.

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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.

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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!

Featured photo credit: inspiration de via unsplash.com

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Adnan Manzoor

Data Analyst & Life Coach

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Last Updated on March 4, 2019

How to Use Credit Cards While Staying Out of Debt

How to Use Credit Cards While Staying Out of Debt

Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

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Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

Do Not Treat Credit Cards as Your Funding Sources

Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

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I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

Make Sure to Always Pay Off Balances in Full Each Month

The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

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Using Credit Cards with Rewards

Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

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So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

Featured photo credit: Artem Bali via unsplash.com

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