A house or flat can be one of the
best investments you’ll ever make. In some respects, buying one, particularly
with the help of real-estate agents with quality MLS listings in their hands,
is a sign that you are moving onto bigger responsibilities in your life. The
real estate market, however, is as tough as they come, and not knowing the ins
and outs of buying your dream home may not end well for you or your finances.
Here are some steps to ensure your dream home will be a reality.
Many property listings are acquired
using the financing route, hence requiring you to have a high credit rating in
order to take out a good mortgage for the property. Your agent can assist in
the pre-approval. Plan ahead by budgeting extra money for moving costs, utility
hookups, and closing costs.
Although the listed property may
be presentable on the outside, it can be a mark of prudence if you have a home
inspector looking it over. If the inspection found no lingering issues, you can
then close the deal. Whenever possible, put in a modestly large downpayment to
help add equity to the house while reducing the mortgage payments down the
road.
Your first house or apartment is
a badge of honour if you’ve worked hard to make it happen. Doing your homework
will keep you from turning the place into a money pit.
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