Home Buying: Things to keep in mind
By Sameer S Panjwani
you’ve decided you want to own a home and now you want to
begin your search for one. Before jumping into a home search,
there are a few things you should keep in mind when going about
buying a home.
things first, you cannot buy a home if you can’t afford
it! Don’t assume how much you can afford, find out your
loan eligibility. If you’re planning on purchasing a car
or any other high-priced item on a loan, then please stall such
purchase until after you get your home as your eligibility reduces
with every other loan you hold at the time of a mortgage application.
when you go in to see a home, don’t let an unkempt / untidy
house put you off. Try and visualise the house in its best condition
and see if it would suit you then. In fact, an unkempt house may
put other buyers off and by some chance this may lead you into
a better position when negotiating for the home, as the seller
may find it difficult finding a buyer for his place.
the home you decide to purchase is being sold by the home owner
himself, don’t deposit any earnest money with him directly.
Such earnest money should be deposited in a trust account as some
owners mistake such money to be theirs and hesitate in refunding
the same if the deal falls through for valid reasons, such as
financing or repair issues.
you’ve finalised on a home and go to get an appraisal of
the home done by a professional appraiser, do not panic if the
appraisal value comes below the actual price you decide to pay
for the home. There are options you can consider in this case.
You would have to consult your agent or your mortgage broker for
other factors you may want to consider are listed below:
Any signs of leakage in the house near the roofs and the foundation
with the sewer drainage system, if any
by daylight and night. Drive by and see for yourself before
making a decision.
light. Are the rooms dark without artifical light? Does that
amount of property taxes that has to be paid every year
Any structure on the property which may overlap into an adjoining
Is the home located in an airport's flight path?
planned roadways, which may eat into the property's front yard.
don’t rush into buying a home without considering some of
these factors. Wish you the best of luck in finding your new home!