Planning to buy your dream home? When you think of purchasing a property, the real estate market has a lot of things on their way that needs to be covered. Purchasing a home can be exciting, but there is so much other stuff that needs to be taken care of. From hiring an agent, getting a mortgage to making the best deal!
It would be great if you could get help with the tips and tricks when buying a property. The article covers all the essential things that need to be remembered when making a deal. According to researchers, nearly 75% of first-time buyers are devastated by the process.
Here is all you should know before buying your home!
Hiring A Real-Estate Agent
A real agent can help you in getting the best property at the best rate. But hiring the agent is a tough task. Here are the tips to find the best real estate agent.
- Never skip the step of hiring a real estate agent. They will be responsible for saving your money during the complex process of purchasing a home. Do you know what the best part is? You don’t have to pay for them yourself! In many of the cases, the agent’s commission falls under the seller’s section. There is no harm in hiring a real estate agent to get the job done.
- A good real estate agent is one who is capable of closing the deal quickly by saving your money and not the one who keeps on making money from here and there. Make the decision wisely! What can be done at your end is doing detailed research in your area analyzing the track record of closing deals and getting great results. Choose the one with positive reviews and a good record.
- A full-time agent, who has been in the business for a long time will serve your purpose. Go for every short to large detail related to your agent, their experience in your area, amount of deals made, knowledgeable enough, and their relationship across the industry to get the best deal.
- Go for multiple references before hiring an agent and make sure that you check those references. This will make it easy to choose the right fit. You know that the agent will be with you for the next few months, setting up the expectations and boundaries right will work for a good working relationship with them.
Home Financing
The next tricky and frustrating process is getting a mortgage. Here are a few tips to cover that process too.
- Before heading towards a lender to apply for a mortgage for Medallion project in Mohali, you should have an idea of a rough home budget. The things that need to be considered are the mortgage payment, property taxes, home insurance, maintenance, and much more. For help, you can use a simple home affordability calculator for setting up a home budget.
- Being a buyer, you should realize that you can’t afford something that is out of your budget. Lenders may not be able to count a lot of remuneration sources that buyers have.
- There is a myth that a buyer needs to put 20% down on a home. Many of the home buyers can also make a down payment of less than 5%, and on average, it is just 7% in past years. You need to understand the more you put down, the smaller the mortgage payment.
- Paying mortgage insurance is not a big deal! It is common for first-time buyers and is also a quick way to achieve homeownership and can start building impartiality instead of waiting.
- Make a budget of closing costs that are one-time costs along with your home purchase. Being an owner, you have to pay them. They can also add up. They can range up to 2-5% of the total loan amount and are paid in cash.
Home Search
Searching for your home is an exciting part! You need to prepare yourself for the wish lists, open houses, spreadsheets and be clear with the tough questions.
- Choosing an area is the first step. If you don’t love the area that you are living in, you can’t do anything later on. Be clear with your property requirements and then choose the place.
- Once you are done with the area, confine your options. The type of home, type of space required, do you need yard space, Medallion floor plans, any neighborhood specifications, and other things. When you are clear with all the queries, you can take help from the agent to get what you desire.
- Go with your agent’s advice as they have a better understanding of things than you. They always try to make out the best deal for you.
