REAL ESTATE

Basics of home buying

Things you must remember before going on a house hunt
What you need: Don’t get a two-bedroom home when you know you’re planning to have kids and will want three bedrooms. You may have to make some compromises to be able to afford your first home, but don’t make a compromise that will be a major strain later

What you can afford: Before going on a house hunt, the question you need to answer is how much cost can you afford. Check out the EMI that you may need to pay if you are going for a home loan. How much home loan you get will eventually determine where you should look for house.

How much home loan: What you think you can afford and what the bank is willing to lend you may not always match up, especially if you have poor credit or unstable income. So, make sure to get a loan pre-approved before placing an offer for a home

Additional expenses: Remember, once you’re a home owner, you’ll have additional expenses like property taxes, insurance and maintenance cost on top of your monthly payment.

Should you hire an agent: Once you are seriously shopping for a home, don’t walk into an open house without having an agent. Agents are held to the ethical rule that they must act in both the seller and the buyer parties’ best interest.

Minor things, major value: The seller often tries to elicit a much higher price for a house through some inexpensive tricks. Don’t fall for them. First-time homebuyers should always look for a house where they can add value to, as this can earn them good return when they want to sell.

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