Planning to buy a house and lot after working so hard for many years? Congratulations as this can be a biggest reward you can have after all the hard work. It is not surprising that there are lots of people investing in different properties nowadays. Whether you are planning to live in there immediately, for your retirement or for rent, getting the comfortable place is always the goal. Buying a house can be a biggest decision in your life so you have to plan ahead. Before you buy one, you have to consider some things to avoid regrets or hassle you can experience in the future.
Type and location
When searching for a house and lot, location and its type have to be the first thing to consider. Is the place quiet to live in or is it near highway? Do you want to live nearby malls or you prefer to stay in a private area? Do you want your home close to school or your office area or its fine with you to drive and travel for some time? Know the type of home that can suits your need. If you have a big family, how many bedrooms you will need and if you are single, is one bedroom enough for you and all your things?
Once you decided to get the house, prepare for some on the spot payment such as reservation fee and down payment. Afterwards, the monthly amortization will take place depending on the terms of payment you will choose. Tell your property agents Macedon ranges your financial sources so you can assess together if you can sustain the monthly payment in a short or long term period of time. There is no permanent job in this world so you cannot just rely on your job especially if you plan to pay on a long term basis. Know the cash flow you’re earning and the possible alternatives of your source of income if you failed to meet your monthly financial obligations. There are some banks who offer mortgage redemption insurance just in case something happened to the homeowner, the insurance will cover the remaining house balance.
A lot of financing institutions are available to choose from in getting your housing loans. A real estate agents can specifically explains to you different categories such as in-house financing, home development mutual fund or bank financing. Check everything and compare their interest rates. Make sure that all your documents are ready for immediate processing. You should have a copy of your pay slip, employment certificate, application for a housing loan and some documents needed just in case you will have someone to process everything for you.
To avoid having problems in the future, check first the reputation of the developer before committing to it. Do they turn over the house on time? Do they use good quality materials in building every unit? All information is available online, from company’s website to some homeowner’s blogs. Also, it is important that you visit the site and do a house infection on your own before getting a house and lot. During the unit turn over, ensure that everything is ok and does not need any form of repair.
Do not be so excited when you see that you’ve got free pool and gym for all the homeowners. Check on other hidden amount that you have to pay monthly. Some requires you to get fire insurance and pay monthly dues and all.Make sure that you’ve done all your research and know everything that you have to pay.