We all dream of a HOUSE that we can buy and call it our HOME. As T.S Elliot quoted “Home is where one starts from. A place that grows with you and you grow with it. But buying a home can be a very daunting process. So before making the decision of buying a home always ask yourself, are you ready for it? And if yes, then here we are to help you figure out the rest of the things.
1. Be clear about your requirement
Buying a home is a long term investment, and probably you will not re-think about it for the next 10-15 years. So thinking of the future, whether you are single or married, always keep in mind to have a spare room. Never rule out your social circle and choices, and think accordingly.
2. Analyze your accounts
We all love big houses, but what is most important is to understand that how much are you ready to spend. So before taking a decision on the house always know your budget. Make a clean check on your accounts, this will help you analyze your budget and will also help you during mortgages.
3. Find a good real estate agent
You will come through many good real estate companies in the market, which may help you with step by step process and are completely secure, but it is important that you double check the company and their authenticity. The Second most important task is to find the right agent, an experienced person who can advise you accordingly.
4. Make an offer
Once you have selected a home, you can now take your first move. Most sellers keep prices a bit high, expecting that there will be haggling involved. So when you are quoting, always be safe by starting at 5% below the asking price. In most cases, negotiations are open and you have to meet in the middle. Once you’ve agreed on a price, pay the token to seal the deal.
5. Get right mortgages
Always discuss it with your real estate agent, the kind of mortgages available and do not rely on one bank. Analyze different banks and understand the percentages and rate of interests. It is necessary to understand the complete procedure and if in any doubt always ask your chartered accountant.
6. Close in the Deal
Once when the things are completed, close the deal by paying the amount. Usually a closing date is fixed in advance so that both the parties feel relieved and well informed. Make sure you have your agreement prepared, do get it cross checked in the meanwhile.
Voilla!!! There you are. Now you are a proud owner of the kingdom of your dreams.
Enjoy the fresh breeze of the freedom, as this is your home.