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10 Key Rules for House Buying

House buying is a big step and there are few things that you should keep in mind while planning to purchase a house:

Step 1. Keep Patience while purchasing a house

Always remain patient when purchasing a house because property buying is a very important investment. Check the property at least 2-3 times and make sure it has everything you are looking for in your dream house.

Step 2. Location of the house

Home buyers must do a complete research about the place where the house is located. A house in a suburb or urban area and near to the schools, shopping malls, local amenities, commercial areas, and main roads is always better. Houses in commercial areas always return an unexpected profit in the future if sold or rented. 

Step 3. Critical inspection before buying a house

It is very important to find out the issues and faults present in the property. It is hard to make negotiations to repair the damage parts after signing the contract.

Step 4. Checking The Maintenance Issues

Check the tiles, wiring, roof, wall linings, exterior, plumbing and other fixtures as the fixing of these issues can quickly go beyond the budget and must not be ignored. This may also impact the insurance value of the house and the financial firms may demand to get the issues fixed before applying for house insurance.

Step 5. Sun Orientation

If sunlight and house orientation matters a lot to you, then make sure you check the orientation of the property before buying it.

Step 6. Insight Of The Neighbours

Whether commercial or residential, take an insight of the nearby residents by making a visit to their places. They can provide the best overview of the streets and the locality that might help a lot in making or breaking the deal.

Step 7. Title Check

Get a lawyer who can perform a proper title check of the property. This is one of the most important parts of the house buying process as a title check might bring information to light that can put an impact on your new house enjoyment.

Step 8. Research

Do some research that can provide valuable information about a house. First visit the local council's website where you can find the house rates with other details including boundaries, drainage/sewerage, and contour of the land at no cost. Find the school zones you are in and the demographic profile of the neighbourhood. There are few good websites that can provide these reports about the house and its local sales statistics either free or for a relatively small amount. Get a free insurance quote from a good insurance company.

Step 9. Pre-approval from the lender

Pass on the house details to the bank and get a pre-approval for the purchase of the house up to a set amount.

Step 10. Make a budget

You may find it a hard thing to do when buying a house, but setting a budget is also one of the most important steps that have to be taken into priority. Make a list of all the expenses that you have to make before and after purchasing the house including the weekly cost of the mortgage repayments, insurance rates, maintenance etc.

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