4 Essential Financial Prerequisites for Buying a House
11.05.2020 Home Hacks 0.0 0

buying a house

Buying a house is one of the most significant decisions that you have to take in your life. Not just because it is a huge expense, but buying a dream house that gives us mental peace and ensures that everyone in the family is thrilled and joyous. To get a good idea about the location and size of the plot and the rooms in the house, you can consider seeing a book on houses for sale.  

But buying a house is a very tedious task, and you might get confused. If you are the head of your family, then you will have to meet the needs and expectations of your family members like your parents, wife, and kids. So while buying a house, people often miss out on some points. 

Key Points Which Are Highly Essential

Are You Registering With A Trusted Realtor?

A realtor is a mid-person who works as a third party to the buy-sell agreement. But sometimes a realtor may use unfair means to squeeze out money as a part of his commissions. Sometimes the buyer and the seller agreement are falsified to ensure that the company can get commissions and high returns from both ends. But while buying a house, you should always remember that it is not the buyer who pays a commission, but the seller who will pay a commission to the realtor. 

A quality real estate broker company would avoid all these duplicities and forgery and ensure that all the legal ends of the deal are met and show you a host of houses for sale.

There Should Be A Valid Contract 

Always remember that buying and selling houses for sale is an official task that is recorded by the local government body. As the new owner of the house, you will agree with the seller of the house whereby the sum of money paid towards purchasing, they record the mode of payment in cash or kind and the date. So before buying houses for sale, complete all the legal formalities. 

Also, have a copy of the architectural structure of the house and also ensure from the local municipality that they have built the house on a valid land. Also, ensure that you get a copy of the completion certificate before buying the house and making the final payment. This is to ensure that you do not want to get into any legal complications after buying the house. 

Don’t Make It Your Life Commitment

Very few people live in one house throughout their lives. So if you are young, then think about your future. If you are married but do not have kids, you may buy another new home and choose houses for sale after you have kids. So here, the main thing is to say that do not make once in a lifetime commitment.  Maybe, you have to shift to a new place and you have to buy a new house there. 

Don't Go For the Fancy One You Have To Pay the EMIs Too

Budgeting is one of the biggest factors while buying a house. So before you intend to make your choices among houses for sale, you also need to search how deep you can dig into your pockets. Maybe, you have to take a housing loan to finance the buying process. Thus, you will have to pay the EMIs too for a long time. Think about how much EMIs you can pay from your monthly salary comfortably to ensure that you are not in a financial debt. 

If you are planning to buy a house in a metro or small city, always keep these crucial points in mind.

Written by Layla Flinn



About the Author

Layla Flinn is a Sydney based writer and researcher, a regular contributor at Smooth Decorator blog. She writes about décor, gardening, recycling, ecology and business. She thinks all these topics fall under the self-improvement category. She believes in the power of sharing ideas and communicating via the internet to achieve betterment.



TAGS:House, real estate, home

Comments System WIDGET PACK
Comments System WIDGET PACK