Forgetting these simple things while buying your first home?
Buying your first home? It is totally normal to feel a bit out of depth about how and what all you should do while buying.
Even though while starting you might feel very sure about house hunting, but by the time you go through a thousand other properties and visit dozens of other open houses, you can feel confused.
This article will help you to some top things that you can forget while buying your first home:
1. Pre-approval of loan
This might seem to be one obvious point, but do not forget about the pre-approval for your loan.
A pre-approval in form of a letter from your lender clearly stating the expected amount to borrow is important. It helps you a long way for setting some realistic budget.
A pre-approval letter helps your real estate owner to know that you are sure about buying home. Along with that it also allows you to search for your perfect home with confidence.
2. Stamp duty tax
Buying a house is a big decision for you both financially and emotionally. Before you invest your hard earned money on a property consider don’t overlook the tax part. Stamp duty is a tax that is collected in accordance with the property value at the time of registration. The amount of which can vary depending on the purchasing price. Since it is one important part that needs to be paid on a settlement, it is recommended to include it in your budget.
3. Contract of sale
Keeping a check of every important document is very necessary for such crucial buying decisions. A contract of sale is one such important document that needs to be processed with the process of buying the property. Because a contract of sale is an agreement that shows the exchange of property between the buyer and the seller. Since you are buying the property of the first time, you might forget about the sales contract. So, keep your agreement part very organized with the possession process.
4. Conveyancing
Conveyancing is the legal procedure done for the transfer of ownership of property from the seller to the buyer. It involves a lot of steps and each step requires different formalities. Thus, qualified professional conveyancer or solicitor should be hired to handle all the conveyancing process for your property.
5. Statement of Adjustments
Statement of adjustment is a document that credits the deposits and sets out the purchase price and assesses prepaid items like property buying. This document shows adjustments of all the taxes, rates, rental and other fees applied during your purchase.
Your conveyance does the work for you of estimating these costs in advance. You should save sufficient funds to cover this adjustment while property settlement.
6. Proper Inspection
Even if the property looks good from outside, don’t skip the part of getting it inspected by a professional before signing the contract.
Hidden issues if any can be spotted before this way. Structural or pests damages can easily come into notice with such professional inspections. When I was looking for 3 BHK flats in Jaipur, I always used to do multiple inspections after all It’s always better to reassure than regretting later. Don’t hesitate to spend some extra money as it can probably save you from incurring huge loss.
A good real estate investment is always a great investment for everyone. This one investment can also turn out to be an amazing long-term investment. Buying it for the first time can make you feel overwhelmed with so much of the steps to follow. Simply making a checklist considering the above listen points can help you immensely. I hope this article helped you to be more confident about buying your first home. In case of any query feel free to ask through the comment section below.
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