Tuesday, July 15, 2008
To avoid several mistakes most people make while determining the best price to pay for their home, you should be clear in your mind about a few key issues. First decide on the size of the house after discussing with other family members - bearing in mind your future needs. The next important factor that will influence the home price is the locality where you wish to buy. The general expectation is the home should be easily accessible to the workplace with schools and shopping facilities in the vicinity. The price range of homes will sharply vary from one area to the other. One other factor to be considered is the reputation of the builder and the quality of construction. Security systems, safety aspects of the complex, neighborhood, easy access to public transport system are also important. Homes located in calm pleasant areas are bound to be costlier.
Before you start your hunt to buy a new home, review your monthly income, expenses and total savings. If you are a shrewd buyer, you should also study the future trends in the area and the likely appreciation of capital value in the next five years. It is advisable to select a resourceful professional real estate agent to work with you while you begin house hunting. If you make clear all the finer the details on your wish list to your agent, the more effective and speedier your home search will be. Once you know what you want in a home and neighborhood, you should decide the price you can afford. The best way to do this is to get pre-qualification or pre-approval for a home loan. Your real estate agent can refer you to a mortgage broker to help you do this. In most markets, preapproved buyers are preferred by sellers as the deal can go through without hassles.
You must indicate the price range to your agent so that he can operate with some flexibility when scouting homes for you. The most effective method is to allow your real estate agent to do the initial scouting using your wish list as a guide. He will alert you of new and existing listings that have strong potential and If you find these listings attractive, your agent will arrange home tours at your convenience. You also can also take some efforts at identifying your dream home. Read local real estate publications, contact your local neighborhood associations, visit the local chamber of commerce, surf the Internet, or drive around your favorite neighborhoods. It is important to note that 82 percent of successful finding of the right homes are the result of agent connections and hard work. But that should not deter you from putting in your own efforts also.
When you are satisfied with a particular home and ready to make an offer, your real estate agent will help you determine the offer price by reviewing recent sales of similar homes in that area. With your input, your agent will draft a written contract that outlines what needs to be done by both parties to execute the transaction. If the seller accepts the offer, the document becomes a binding agreement. If you are fortunate, the seller may accept your offer without insisting on any change. This is somewhat rare and, in most instances, the seller will make a counteroffer. This is when you will find your real estate agent's experience and skills in negotiating a fair deal. Keep in mind almost everything is negotiable when you are buying a house and your agent is the best person to get you the best deal.
Before you start your hunt to buy a new home, review your monthly income, expenses and total savings. If you are a shrewd buyer, you should also study the future trends in the area and the likely appreciation of capital value in the next five years. It is advisable to select a resourceful professional real estate agent to work with you while you begin house hunting. If you make clear all the finer the details on your wish list to your agent, the more effective and speedier your home search will be. Once you know what you want in a home and neighborhood, you should decide the price you can afford. The best way to do this is to get pre-qualification or pre-approval for a home loan. Your real estate agent can refer you to a mortgage broker to help you do this. In most markets, preapproved buyers are preferred by sellers as the deal can go through without hassles.
You must indicate the price range to your agent so that he can operate with some flexibility when scouting homes for you. The most effective method is to allow your real estate agent to do the initial scouting using your wish list as a guide. He will alert you of new and existing listings that have strong potential and If you find these listings attractive, your agent will arrange home tours at your convenience. You also can also take some efforts at identifying your dream home. Read local real estate publications, contact your local neighborhood associations, visit the local chamber of commerce, surf the Internet, or drive around your favorite neighborhoods. It is important to note that 82 percent of successful finding of the right homes are the result of agent connections and hard work. But that should not deter you from putting in your own efforts also.
When you are satisfied with a particular home and ready to make an offer, your real estate agent will help you determine the offer price by reviewing recent sales of similar homes in that area. With your input, your agent will draft a written contract that outlines what needs to be done by both parties to execute the transaction. If the seller accepts the offer, the document becomes a binding agreement. If you are fortunate, the seller may accept your offer without insisting on any change. This is somewhat rare and, in most instances, the seller will make a counteroffer. This is when you will find your real estate agent's experience and skills in negotiating a fair deal. Keep in mind almost everything is negotiable when you are buying a house and your agent is the best person to get you the best deal.
Labels: Buying-your-home
posted by nisha
@ 6:27 AM
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