Buying a home is not only a huge financial decision but it taps the emotional side too. The property that is going to be purchased can be a family heirloom and an investment that many generations can benefit from. For first time buyers, choosing what to get can be daunting and more often than not, can and will affect the buyer to shy away from buying a property. Owning a property has its own pros and cons, and if someone is not aware of what to look for while buying a property, he can acquire a property that is not fit for their need.
That's why realandsimple has come up with a simple checklist for anyone to use before buying a property. First on the list is the decision on how much they can spend. Biting more than you can chew is a bad thing and can hurt the buyer in the long run. So before buying, decide on how much you are willing to spend. Second is check the credit report and find out your status. Your credit standing can and will affect the lender's willingness to give, if there is a mistake, and then it will take a heavy toll on the buyer. Coming third is at least get an idea on how much you can borrow. Real estates and lending firms are capable in determining this, do not afraid to ask and deliberate. Sometimes, rushing can be hurtful. Fourth is shop for mortgage lender. Go and shop around, look for the best rates and terms and good faith estimate of closing costs. When you are comfortable with what you have, go for the kill.
Fifth is try to consider getting a preapproved loan. This is actually a time saver for you. You won't be wasting time in looking for properties that are beyond your limit. It will also show you your viability as a buyer and you will save time once a bid is accepted. Coming sixth is get a real estate agent, the agent will get his or her commissions from the seller and agents will work on the other things that is necessary for the sale. Lastly, go and make a list of features you want in a house. Determine what you want in a house; intelligently separate the must and the wants.
RealtyToday also published an article on how the trends work for the real estate industry. According to the report, trends is the determining factor of the business. It can both build and crash the industry. By knowing the trends, you will make a better judgement on what to get.
