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Property buying 101 

 

Having your own home is an ultimate dream of many individuals. Buying one is definitely an exciting move. However, it may not be easy as you think. There are a lot of things you need to do and important questions to ask before committing to move. Here are some of the things that you need to do and remember when buying your dream home.


Know what kind of property 

The first step when buying your home is to determine what type of property do you want. Do you want a condominium unit or a house and lot? These two have their own pros and cons. Here are some:


Condominiums 

  • Pros
  1. loser to workplace
  2. Amenities, such as pool and gym
  3. Shared maintenance expenses
  • Cons
  1. Limited space
  2. Extension or renovation is not possible
  3. Rules and regulations shared among homeowners

House and Lot 

  • Pros
  1. Freedom of space
  2. Long-term investment
  3. Extra indoor and outdoor area
  • Cons
  1. More expensive than condo
  2. Maintenance expenses

Apart from these, consider your lifestyle as well. Do you entertain guests a lot? Maybe a huge home with an entertainment room is right for you. Do you love to have gym or pool? You may opt for a condo unit since this property has already these amenities. Considering these things will narrow down your choices.

Know your budget

One of the important aspects of buying a property is the budget. Know your budget first to help you decide where will you buy your property. Do you prefer living in the city or in the rural area? The location of the property affects its price.

Furthermore, assess if you have enough fund for down payment since most of real estate companies requires this one. For condo units, a down payment of 10% to 30% is usually required. It is important to know how much you can afford since mortgage can take about 10% to 15% of your income.

Look for home financing options

Whether you are purchasing a condo unit or a house and lot, you can opt to apply for a housing loan. This is a great alternative option when your fund is not enough.  There are two options-lending companies and banking institutions. Compare the loan amount limit, interest rate, and required documents when choosing between the two. When you opt for housing loan, you must secure necessary requirements. Some of these are valid IDs and collateral documents.

Decide where you want to live

Decide if you want to live near your work or across the country. Picking a specific area will help you narrow down your choices. Consider the travel time from your work place and your lifestyle when picking a certain place for your
home. The costs of moving again can be quite expensive, so make sure to research thoroughly.

Shop around

There are several real estate companies in the market. Each company offers different properties with different prices. This makes your house buying quite tedious. You can seek help from real estate agent or look for comparison site to make your shopping easier. Furthermore, make time to visit many properties as possible so you will have several options to choose from.

Some of the things that you must take a look when visiting a property:

  • Lot and floor area
  • Security system
  • Neighborhood
  • Amenities
  • Number of rooms
  • Garage
  • Crime rate of the area
  • Is it near to commercial areas, such as malls and restaurants?
  • Are there transport terminals nearby?
  • Proximity to church and hospital

Purchasing your home, whether it is your first or not, can be quite daunting since you need to take care a lot of documents, compare prices, and fixing mortgage. Make your property buying less tedious and cumbersome by following these easy steps.

 

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