Valuable Tips for Buying Homes (Invest Smartly)

iStock_000005691869Medium1Buying a home is one of the biggest financial investments that one makes. Thus, it is essential to do it the right way. In some cases, the process of buying home could get delayed due to paper work issues or other reasons. As lifestyles and situations change, we find the need to look for additional space and facilities at better location. One thing good about investing in a property is that the price always appreciates with time, but you will be able to benefit from it only if you get the paperwork in order. Tips for 1st time homebuyers (with exit strategy) Look for a property close to your workplace with easy access to transportation to all the areas. While buying a house, you need to consider property tax, utilities & maintenance costs, so that it is not too heavy on you. Find a house in good location that can add value to it even with small renovations, when you sell it after 5 to 7 years. Tips for families with kids (a long term approach) When you have kids, you need to look for a house in good neighbourhood, which is close to their school, hospital, your office, parks, shopping malls, etc. Look for a house that is spacious and has enough land around it. Buying a home in the city, country or suburbs depends on your family needs. City lifestyles are just too hectic, and if you wish to get away from all the chaos, then the good alternative would be to move out to the suburbs. You will get enough breathing space and unpolluted environment for your children to grow healthy. It is important to check the property rates of any particular area before finalizing the deal. The factors that can influence the value of a property are the proximity to sewage plants, jails, factories or major construction. House on an intersection or busy road can make your normal family life quite noisy. Tips for empty nesters (seniors) When kids grow up and move out, it is ideal for parents to move into small and affordable houses, with less maintenance expenses. Although it is not an easy decision to make, it is important for them to select the location that fits their lifestyle and budget. Experts suggest proximity to shopping malls, easy access to transportation, social activities, places of worship, and great medical care. Financial aspects Determine your budget – Buy a home for the family based on your affordability and needs. You may be tempted to buy a house with big backyard or extra bedrooms, but in future you may struggle with the loan repayment and maintenance. Borrowing options – Try to look for a loan that where you get enough time to repay the outstanding balance and at lowest possible rate of interest. If your credit rating it good, then your chances of getting an approved loan with low interest rate are pretty high. Loan type options

  • Standard variable loan
  • Line of credit
  • Interest only
  • Bridging loan
  • Construction loan

If you are not sure about buying the kind of home you want, you could hire a reputed and experienced real estate agency to help you with the entire process.

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