The process of purchasing a home is an exciting experience and can be one of the most important decisions that you will make in your life time. However, it can also be very stressful.

With a little knowledge, finding a new home will be a pleasant experience and you can potentially save a lot of money.

There are certain nuances to home buying which you will not be told by any realtor or seller.  

1. Buy a home for your present needs… not for requirements you may have or think you need 20 years from now… 90% of homeowners move  within 7 years. Shop with your eyes wide open, use your best judgment, and not your emotions. 

2. If the prospective home has a poor look about it (peeling paint etc), a lousy looking front yard, or back yard you can almost bet there has been very little pride in ownership. Therefore, the house is most likely ill-maintained in general. If so, this will be costly in the future. If it does not feel right to you … don’t do it. 

3. If ‘ B ‘ applies … it had better be priced at way less than assessed value … so you can afford to throw 1000’s of dollars at it. 

4. Conversely, if the house and property show a little pride in ownership – e.g. : attractive facade, well looked after exterior, neat yard / landscaping, in general,  the odds are it is a safe bet. Also you will avoid costly discoveries in the future. You can spend your time and money on cosmetics, gardening, etc. and enjoy it on your weekends off rather than fix and repair daily.  

5. Ask or inquire: how old is the house, roof, furnace, appliances etc, are the windows double pane? (if not run away) 

6. Interior:  is it well cared for and clean? What condition are the walls, ceiling, floor coverings, basement walls, bathroom fixtures, etc.  If not to your satisfaction, consider the added cost of repairs.

7. Location, Location, Location. Is the home appealing related to the neighborhood? Is the neighborhood appealing related to that particular home?  Public transportation – shopping – services… do they meet your requirements now and later. Keep in mind ranchers are generally more livable, saleable, and maintainable than two storey homes. Also, their lot sizes are usually larger. Keep an open mind in any case… 

8. Look at a mininum of 10 properties both inside and out. Are your requirements met?  BR’ s,  Baths, Garage, carport, plumbing,  heating, appliances?  

9. Do not max out your borrowing power … you will find the necessity to add 33% to your P.I. monthly for: heat / light / phone / cable / taxes / internet / not counting house and grounds maintenance. Maybe add car payments to the mix also… how about $5,500. for that new roof or furnace?

Take every comment made by your realtor/seller with a grain of salt . He/she is not your personal friend nor mentor, but a salesperson at heart. Conversely , keep your thoughts/comments/opinions among yourselves. It is not a good idea to show your enthusiasm in the presence of agent or seller. You may benefit financially by keeping your cards close to the vest. Do your homework in private and be sure you are both in total agreement before making an offer to purchase.

 Article by Cliff Petrishin

The markets are down and it is the perfect time to buy a house but are you ready to buy a house? There are a lot of factors you need to consider before you take this crucial decision.

 A serious decision

A house is a long term asset and it is a serious decision you have to take as till you get over your long term commitment (i.e. home loan), you cannot sell the house or move out.

Selling costs

Selling a house may seem simpler than buying one but I have heard sellers state that they find it even more troublesome and expensive as there are lots of things like agent fees, transfer fees (The transfer fees to be paid to the Building association is borne 50-50 by the buyer and seller in Mumbai city), packing and moving expenses, etc.

 Consider these points and then decide whether you should really buy the house:

i) Would you be living in the new house for a minimum 3year period?

ii) Do you have a steady employment and a good credit score required for the down payment?

iii) Do you have the down payment, around 10-20% of your house value?

iv) Is this the right time to buy your house? You have to decide this by seeing the prices at the chosen area.

v) Would the house and location be suitable even if you get married, have children, etc.?

 Once you have seriously considered these points, you can come to a conclusion as to whether you should really buy a house.

When you want to buy a house there are certain things you should look for to make sure that you get a good resell value on your investment. We are going to look at the some of the most important things to look for when you decide to buy a house.

Try to buy a house in a good area with a under-landscaped area. You will pay much less for this and you could always improve your landscape over time, fixing the grass and adding a few bushes and trees.

You will also have to determine the size of the house you buy. When you buy a house and deciding on the size, try to look at the other houses in the same neighborhood. Buying a big house in a neighborhood might not be such a good idea as when the time comes to sell, the price could be dragged down by the prices of the other smaller houses in the same neighborhood.

If you decide to buy a house with a good view, try to pay as little extra as possible. Most people usually spend a tremendous amount of money on a home with a view. Though you spend a lot of money on your view, you have to think if future buyers would do the same. By the time you want to resell your house you will maybe looking wait a long time for a buyer to come along. This could also cause you to drop your price a lot just to keep in match with the other houses in the neighborhood.

Also try to buy a house with a rectangular yard. Get a house with a decent front and back yard no- odd shape shaped yards or oddly situated yards.

Try to buy a house with at least three or four bedrooms, as this is the majority of home buyers’ needs. Try to also make sure that you buy a home with two bathrooms or two and a half bathrooms.

Garages also adds a lot to the resell value of your home, so try to at least get a double garage the next time you are looking at a house.

Make sure that there are enough closets in the house and that there are enough closets for linings to.

The kitchen is the most important aspect of the house as the centers around the kitchen. Try to get a big kitchen with a lot of space and modern appliances. Your dinning room should also be near your kitchen. Make sure that there is easy access from your kitchen to your backyard as you occasionally might have a barbecue from time to time and that you can easily get to the kitchen when you want to.

The above factors should guide you in the right way the next time you decide to buy a house to make sure that you get a good resell value.

Buying real estate is not an easy task if you have never done it before. For this reason, many people choose to use realty to guide them in the right direction. However, getting an idea of some unique tips to help you close a deal on a great property can help no matter what your circumstances are.

Whether you plan to live in the house or sell it quickly, you should take the neighborhood into consideration. Driving around the property before you commit to the sale is wise, as you can tell a lot about the other homeowners and renters in the area by how the exterior of homes look. Unkempt yards, older cars parked along the street, and trash spilling onto the street can all be signs that the property is not in the best neighborhood. No one wants to live in an area that does not look nice, which means that you might not be happy there as a homeowner, and any renters you get might feel the same way. Additionally, if you plan to sell it eventually, you might have trouble finding someone to buy it if the area is not very appealing.

For this reason, if all you can afford is an older house that needs some fixing up, try to buy in the nicest neighborhood possible. It does not have to be gated or filled with mansions, but a family-friendly area is often rife with attractive landscaping, green grass, parks, and few overflowing trash cans and parked cars on the street. A house can often be fixed up faster than an entire neighborhood, so you have more control over improving the property than where it sits.

Any real estate transaction should also include a professional inspection of the home. You might be quite observant, but you may not realize that some of the home’s walls are out of plumb, nor might you notice little insulation within the structure. Paying upfront for an inspection can save you from making costly repairs down the road, and it could reduce the sales price for you, as well.

If you want to purchase real estate soon, you likely already realize the big commitment it can be. Like any other large responsibility, you should put plenty of research into the procedure before going through with it. If you have any questions during the process, directing them toward your real estate agent is often a good idea since they are there to help.