While buying or selling a home, be very careful as the property dealers can be compelling at the best of times, but it appears there could be a whole new breed of deceivers as well.For renters who plan to become owners, a good calculated idea starts couple of years before the buyer makes an offer. The householder has to build a strong credit, when it comes to securing a loan at the best mortgage rate. The most important focus for the potential buyers should be improving the credit score as low score can prevent someone from buying a home or at least from qualifying for an affordable mortgage rate. To improve their credit scores, buyers should pay off the past-due bills and reduce their balances.
While looking for a new property, search for the one that is affordable as well as functional for at least five to seven years. Think about what style of home fits the best and can be easily maintained by the homeowner. Always find a place with a good community or neighborhoods. Instead of overspending while buying a home, understand the need and also the best the money can buy.While referring to the agents, make sure the agent has more experience of the luxury house for sale and other geographic aspects and has closed many properties. It’s important to have a web savvy agent as over majority of the buyers see their homes online initially. Never sign any buyer’s agreement form before looking for properties. The agent should have experience and should be able to guide through the complexities of the process.
The things to know before purchasing are checking for the rate of the property currently going on in that location by asking the agents. Check if the home has well-maintained society, which is registered so that the legal matters are taken care of. Check the original documents and the former sale docs before giving the token money for the deal. If the property was already mortgaged before, check if the things are already cleared and settled with all the sequence of original documents of the flat. There’s no need to rush for a property deal, when you find a deal in low cost.
The first and foremost thing to do before buying a property is to check down the title deed of that property, which is the legal document to prove the ownership of property. Another thing is the encumbrance certificate that is necessary to check the title clearance of property. This legal document is issued by registering authority and the property owners take bank loan by pledging their property. So, it’s better to check that they have paid the entire amount due when you are going to buy that property and if the entire amount is paid, then check for the release certificate.
While buying a new house, it’s all too easy to get seduced by the look and feel of the place and the first-time buyers are most at risk especially for those opting for luxury properties. Many stretch their finances to breaking point when they decide to climb on the property ladder for the first time, but always remember to keep aside some cash to ensure that the purchase does not end up being the biggest mistake.
Suraj Singh likes to write and read about finance and real estate trends; basically everything that involves a lot of money (!). He has deeply been involved on the topics of trading and investment banking as well.