Buying a house is not a simple process. The purchase will be one of the biggest you may ever make. There are issues dealing with the house and the neighborhood, There are also zoning requirements, availability of utilities, and numerous other things. Once those issues are resolved, you then have to deal with financing, the closing and the actual move.
Check The Details
First, if after finding a house that fits your family, you have to start checking the details, and that involves the covenants, conditions and restrictions.
These terms amount to some form of restriction regarding how the home is to be maintained, landscaping, the color the house can be painted and other items. Study these documents and learn the restrictions.
Follow The Steps
Now you are ready to start the buying and selling phase. These rules can help you in the process:
- If you are buying or selling, know the house’s real value. This is not the sales price. The value needs to be determined by a license appraiser. Knowing the actual value will give you more bargaining room and will assist you when obtaining a mortgage.
- Inspect the home. This is a two-step process. The first inspection will be by you and the real estate agent or the owner. The second inspection will be conducted by a professional inspector.
- Make notes of any deficiencies, or questions you might have. Find out the age of the built-in appliances, the air conditioning and heating system, the hot-water heater, roof and other similar items. Examine the kitchen appliances. Asked if there have been any major repairs or improvements in the past few years.
- Find out if the home is in a flood zone or any other area that has area-specific restrictions. Special insurance may be needed.
- In the real estate business, the motto is “location, location, location”. This is an important element when purchasing a new home. Are the things needed by you—schools, churches, shopping malls, libraries, and grocery stores conveniently located?
- After you have done all of this, the most difficult decision has to be faced. Do you really like the house and can you afford it?
Be Careful and Cautious
Buying or selling a home is a major process and should be approached carefully and thoroughly, so there will be no case of “buyer’s remorse” or “seller’s remorse” at the end of the day.
Throughout the process be ready to negotiate, but do not be ready to give in to every condition the other party offers. Sometimes, it may be necessary to walk away. No matter how much you like the house, there are still two questions.
Is the purchase price excessive? Is the sell price for the existing home too low? That could mean the housing market is weak, and it may be best to wait until a later day.