IMPORTANCE OF STEPS TO BUY AHOUSENearly 80% of people buy houses by taking amortgage, and 50% of them are not equipped withsteps to buying a house is good.There is a very important thing related to the steps tobuying a house, which is about the mortgage.All things related to mortgages, because of lack ofknowledge about this could end up losing their homes due toforeclosure.
Step 1Consider the Benefits & FinancialImplications of Owning a House. The advantages and disadvantages of buying a house The financial implications of buying a house
Step 2 Calculate The Deposit & buying power How much deposit do I need? How can I obtain the deposit needed? Determine Your Buying Power - What can I afford to buy: apartment/terrace/detached house?
Step 3 Establish your Goals and Needs What type of property do I want? What features do I want? What is my preferred location?
Step 4 Arrange for Provisional Finance Sources of finance Cost of finance Type of loans -Prepare a down payment to be steps to buying a house next, as a record average asking banks about 20% of their estimated price
Step 5 Find the right home.Through Real Estate Agents- Handles the sale of properties in 3 sectors:residential, commercial and industrialThrough newspaper classifiedsOther ways of locating the right house
Step 6Analyses the House LocationGeneral location Specific locationThe physical aspects of the actual houseFinancial analysis
Step 7 Find a good lawyer. Make sure you at least talk to them on the phone and ask them how much they charge Ask as many questions as you can, but you probably away won’t get more than 5-10 minutes.