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How to search for the ideal home? PDF Print E-mail
The basics - Buying
Written by richart khalil   

Buying a home can be a lifetime decision, because the investment involved may take several years to pay off.

Whether the intention is, from living in the house or just investing in real estate, you have to follow a particular process so you don’t have bad surprises along the way.

You must study very well the market and your personal assets because buying at the market peak can be dreadful even if you are at a fairly stable stage of your career.

Following is the home buying process in its most detailed way:

  1. Include everything in your calculation: the cost of buying a home is the purchase price plus a number of additional expenses such as moving cost, storage, insurance, professional fees (surveyor’s, solicitor’s), valuation costs, legal search and taxes. You’ve got also to add notarial and legal costs for approximately 10% of the initial price.
  2. Survey attentively what you are buying: you must be sure what you’ll get for your money and know if your new acquisition needs any work after the purchase.
  3. Search intensively the market: multiply our sources of information to include estate agents and realtors, internet property services, listings of private sales in the local press, property auctions and home search agents. This is the only way that enables you to precisely know what you can get for your money.
  4. Define your particular needs: where do you want your home to be? Nest to schools, transportation links, near shops? Are searching for a calm neighborhood? What type of architecture do you like? Are you flexible in terms of age, character and layout? Do you need a parking space? How many bedrooms do you need? It is important to be specific with your requirements, so the agents’ help be more accurate.
  5. Prepare yourself to compromise: estimation shows that only 5% of house buyers are satisfied with what they were looking for. This is why you must prioritize your requirements.
  6. Trust your instincts: search a lot before deciding, but if you have finally reached a personal satisfaction about the house, don’t show any excitement because you may lose your ability to bargain over price or conditions. Stay relaxed and try to limit expressions of delight.
  7. Look deeper than the superficial décor or styling: you are really buying structure and space itself, so don’t be distracted by eccentric décor and furniture. Study the floor plans to make sure your furniture will fit in.
  8. Check out for defects: check carefully both the property and the immediate vicinity. Signs of problems are: bowed or sagging roofs or walls, serious cracks, peeling paintwork, water staining, musty smells, plasterwork that sounds hollow when tapped, old-fashioned electrical arrangements. Abandoned cars, rubbish, graffiti and untended gardens in the local area may indicate troublesome neighbors.
  9. Survey the structure: this operation will bear a cost but can provide a good basis for price bargaining.
  10. Go back for several visits: on different times of the day. Take a friend for an objective opinion.
  11. Treat the seller with courtesy.
  12. List all the included items: agree in writing on what the seller should keep in the home. Turn up on the day of signature to see if everything is still in place, otherwise your only recourse will be in court.

This list is not exhaustive, adding other steps can assure you to achieve the results you need from this particular property.

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