7 HELPFUL TIPS WHEN BUYING YOUR DREAM HOUSE
Purchasing your first home can be daunting and overwhelming. In fact, expect to embark on an exhaustive search that will confuse you and test your patience. Writing down your choices to a few available homes is not an easy thing to do. Other than looking for that perfect house, you also have to shop around for the best financial deal that will help finance your purchase.
Some important tips that will help you prepare in buying your first house:
Be Financially Ready
If you don’t have a substantial amount of money for your first home’s deposit or earnest money, you should re-consider the purchase until you are financially capable. While you might be able to find a house that requires a mere 5% deposit, without having enough funds will put yourself in a financial hole. Remember, the less money down payment would mean higher monthly mortgage payments. This is the reason why most home buyers choose to buy with some cash up front. This is also the reason why you have to narrow down the best mortgage deals offered by the financing institutions you can find in the market today.
Check Your Credit
Before starting your home search and looking for financing, check your credit score cards. Your credit rating will determine what sort of home loan you will be approved for. Checking your credit score cards will give you an idea of what lenders will see. If you have unpaid or unsettled credit card fees or over due debts from any financing institutions please take action immediately to fully paid or settle the obligations as this will surely affect your mortgage applications. You should start your credit review process at least 6 months before you begin your home search so that you have ample time to address any problems and develop a strategy to improve your credit even more.
Gauge the Market
Don’t jump right into your home search without researching and consulting with the experts. Talk to a reputable real estate agents in your area about the current real-estate climate. Local experts will be able to provide unique insights as to the nuances of your area’s housing market. They are able to tell you about price trends, hot spots, proximity to nearby schools, malls, churches, hospitals, markets and other details that interest you and your family.
The vast majority of home searches begin online. Why bother going around from house to house, burning up costly gasoline and your time, when you can search through hundreds of online listings, view virtual tours, and sort through dozens of photographs and aerial shots of neighborhoods homes and house designs?
Keep Posterity in Mind
Don’t opt for a home that only meets your current needs and desires. You might have a big family in the future and your social circle could increase when you buy a lovely home. And, keep in mind the challenges if you want to upgrade or sell in the future. Ask yourself, what your target market is when the time comes for you to sell the house.
Find out the neighborhood demographics where you are at home shopping. If the neighborhood is full of single people, will you be happy there if you have young kids? Not only will these demographics impact your life but they will also play a part in the sales process when you want to move on to another, better house in the future.
Inquire About Miscellaneous Fees
Aside from the price that you will pay to purchase the home, you will have to pay for miscellaneous fees. These expenses should not be overlooked as they can be quite substantial. Miscellaneous fees include the borrowing cost, real property tax, transfer fees, and prepaid items such as homeowners’ association dues and other related fees. When you work on your mortgage applications, these are important things to consider.
CDO HOME BUILDERS & DEVELOPMENT CORP is ready to help all its clients to address the financing needs in building their dream homes, may it be in the purchase of lot, construction of house or mixed residential buildings, commercial buildings, purchase of house and lot, renovations, home improvements through its business partnered bank which will be able to accommodate 80% to 90% of the total project cost and is subject to bank approval.
CDO HOME BUILDERS & DEVELOPMENT CORP offers the following services: a.) General Construction; b.) Interior designs; c.) Architectural designs; d.) Accepts renovation, remodeling; e.) choose your own design; f.) free consultation and g.) flexible financing scheme.
For more inquiries, more details, free site viewing and bookings you may contact us CDO HOME BUILDERS & DEVELOPMENT CORP at www.cdohomebuilders.com through +63-(088)-583-0005 (PLDT) or +63-(088)-880-7412 (telefax) or +63-927-545-1491 (Globe) or +63-999-875-4537 (Smart) and LIKE US ON our Facebook Fan Page CDO HOME BUILDERS & DEVELOPMENT CORP. or you may email us at firstname.lastname@example.org.