Top 10 things you must know when buying a new house

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Buying a home can be an overwhelming and exhausting process - actually as well as emotionally. Locating the perfect abode is not an easy task but there are many things you can do to improve your …

Buying a home can be an overwhelming and exhausting process - actually as well as emotionally. Locating the perfect abode is not an easy task but there are many things you can do to improve your chances of making a right choice.
Here is a list of the very best 10 things you must know when buying a new home:

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  • 1. Top 10 Things You Must Know when Buying a New House
  • 2. Top 10 Things You Must Know when Buying a New HouseBuying a home can be an overwhelming and exhausting process -actually as well as emotionally. Locating the perfect abode is not aneasy task but there are many things you can do to improve yourchances of making a right choice.Here is a list of the very best 10 things you must know when buying anew home:1.) Affordability -- Before you take the first step in the direction ofbuying a new home, it is important to know regardless of whether youcan afford it, and if the answer is yes then what is your budget range.Setting a price range helps you streamline your research, so you canlook at homes within your budget.A good guideline you can follow is to find 2.5 times your own annualincome (2.5 x yearly salary). Home loan EMI, utility bills, childseducation, and other household expenses are some of theconsiderations to consider before environment a budget for your house.2.) Visit the house at different occasions - Mornings and afternoon hourswill be the best time to look at a house. There is maximum natural light
  • 3. at this time, which allows you to closely examine every nook and part ofthe house and look for potential problem areas.Once you have shortlisted a house, do go to it during night hours to geta feel of the neighborhood and the overall ambience of the area. Aseemingly calm and peaceful home street may turn right into a noisy,uncomfortable region during evening hurry hours.3.) Great Schools - Whether you have kids of your own or not, havinggreat schools nearby can perform wonders to the worth of your house.Buying a house in a good college district will not only boost the value ofyour property, it will also make your house much more saleable. A lot offamilies are prepared to pay a premium cost for such homes.4.) Inquire about the neighbors - When you decide to live in that dreamhouse of your own, you would obviously want to be surrounded bypositive as well as nice people as well. To ensure this happens, itsimperative that you inquire about the neighbors and try to understandthem better. A lousy neighborhood may become the bane of theexistence, even if the home is perfect for you.5.) Credit Score - After you have decided to buy a new house, the firststep is to take a good look at your credit report. Whether you apply fora personal loan or a standard one, it is important to possess a cleancredit history. Get copies of your credit report and try to fix any kind oferrors that you might discover. A good credit score significantlyenhances your chances of getting a loan.6.) 20% Down Payment -- If you are planning to apply for a regularloan, you will need to create a 20% down payment of the total value ofyour house. This is actually the standard rule for all banks and monetary
  • 4. organizations. However, in the event that making this payment is toughfor you, dont fret coz there are a variety of federal and state loans thatonly require 3% down payment.7.) Get Pre-Approved - It is a good idea to get pre-approved for a loanbefore you even start looking for houses. This allows you to confidentlygo and look for houses that match your needs and are affordable. Youwill also be in a much better position to make a last offer once you justlike a house and do not have to worry about finances. Pre-approval froma financial institution is based on your actual income, debt backgroundand credit score.8.) Professional Help - Though the Internet can provide access to houselistings and can help you find the right home, it is still advisable to hirean agent. An experienced real estate agent can help you in moremethods than you can imagine - from finding the right homes for you tonegotiating the price with the sellers, an agent can be the best manualwhen it comes to buying a new home.9.) Home Inspection - While your own bank will get a home appraisaldone to assess the house you plan to purchase, it is generally notenough. You should hire a home inspector separately who will look atthe house closely and point out potential problems or defects. Generallyyou can get the seller to correct those defects, or get him to reduce theselling price accordingly. Getting a house inspection can also help yousave from making a pricey mistake.10.) The Right Bid - So you have finalized a home, and need to make anoffer? Always remember your opening bid should be 8-10% less thanthe sellers price. Additionally do your homework well - discover thecurrent market price and the rate at which have similar houses beensold in the past Six months. Take all this into account before making abid.These are a few things you must know as well as pay attention towhen buying a brand new house. Just adopt a proactive strategy andremain meticulous - and soon there is a perfect home to yourrequirements! About the Author Research on everything needed in Buying a New House. If you are looking to find out more about Buying a New House then check out http://www.ibuywesell.com/ for the latest information.