Know your affordability



This is a key factor that guides you throughout your hunt for the house. Consulting a home counselor will be the most appropriate in this regard. You need to figure out how much you can pay as the EMI for the house if you are opting for a loan. The professional guidance will help you to manage your funds for the down payment.

Select the right financial institution

This may include commercial banks, mortgage companies and credit unions. Approach them individually and get the best deal from each of them. Work out the most appropriate deal taking into consideration the main factors such as your monthly income and expenses, the amount offered as loan, the term of the loan, and the interest rates. Try to find out the insurance options offered by different people Getting a home loan through a mortgage lender will also be a good idea.

Find a real estate agent

This is the most difficult task as you are likely to be duped by the lucrative offers of the market. Going by own judgment is not advisable in this matter. Rather, going by reference may be ideal, probably through a friend who has recently had a deal with them. Always go for those who provide the up-to-date information on the market than those who offer you the service after a ?research done on your criteria?. The later are not likely to be your direct dealers.

Select the right home

It is quite natural that every home you see will be too far or too less of your expectation. Don't panic; don't drop the plan right there. Buying a house is too complex to find the ?ideal one? satisfying all your demands of finance, location, price, quality of construction, neighborhood and so on. The best thing here is to prioritize the options in front of you. Make sure that you discuss all the pros and cons of the new house you selected with your family and your friends who can often detect the flaws in your selection, if any. Don't be in a hurry to sign the deal even if you face a lot of pressure from the seller and the dealer.

Bargain the deal

This is the opportunity to show your smartness. Have a good idea about the market rates before starting the negotiation. Of course, after the rigorous house hunting process, you would be in a position to compare the quality and the price of the houses on offer. You may be lucky to close the deal for a better price if the owner is in a hurry to sell his house. Never show your excitement or urgency in signing the deal, as it will motivate the opposite party to offer a heavier deal in front of you. Present the ?who-cares? attitude in front of both your real estate agent and the owner.

Signing the deal: This is the most complex procedure and the last step of your home search. It would be appropriate to consult a legal advisor before signing the deal and know the imperative clauses that have to be included in the deal. Make sure that you understand the clauses properly and get the obscure statements clarified before signing them.