Own your dream home!

Buying a house or making an investment, more so in a city, is a challenging task. It involves a huge sum of money. When you have painstakingly found a house that broadly suits your budget and most of your other criteria, put down the token. Getting over-optimistic about external factors changing could rob you of the chance to purchase your dream home. Here are some precautions which you need to follow as you navigate the purchase of any real estate property.

Before you Shop for the deal

Examine record of your finances. Before switching lender or contacting a real estate agent or window shopping for a new home, figure out what you can spend. Know your credit card limits and review your usage to prevent a potential approval pitfall.

First proceed with financing. Attaining pre-approval for a loan will make the loan approval process and process of negotiation smoother from the start.

Switch lender for better benefits. Try to get a professional who is both familiar with the area you’re considering and its home values – and who is well versed in the laws, timelines and deadlines. It allows you to lower the risk of ruining the dream of purchasing your own house.

Over the process of negotiation

Reading the fine print. If there is one piece of expert advice we hear often for consumers, it’s that it is always good to read the fine print before taking the ultimate buying decision. Fine print often lays down the terms and conditions for what generally the large print promises. Get the clarity on the matter to avoid any troubles in the future.

Keep everything in written. If you negotiate any extras make sure that they’re documented in writing and that all parties sign off on the extras.

Disclose the hidden expenses. Due to these expenses the total cost of your product gets hiked by a considerable amount; definitely more than you have calculated earlier. It’s better to know about hidden costs as these vary from one financial entity in the market to another. So, read these carefully and then take your decision accordingly.

Bargain to gain a better deal. Every financial institution has its own interest rates and fees structure for customers which provide some scope for you to negotiate for a better deal. You can also leverage your past record to good use while negotiating as banks normally don’t want to lose out on old customers.

Conclusion

Don’t take your self-decision. While seeking advice on purchasing a house, it is best to consult an experienced financial advisor. It’s always better to counter-check the suggestions of your advisors with others. It can safeguard you from making expensive mistakes.
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Source: Secondary