2 Crucial Things To Keep In Mind Before Buying A House
Home ownership is a dream that many of us possess. Apart from the sense of achievement that it brings to us it also provides a great amount of relief in our day to day lives. No more paying rent every month or looking for a new house every time your rental lease gets over. No more living restrictions and not being able to modify the house to your taste. Besides the idea of owning your own home provides a sense of freedom few things can.
In reality however, the real estate market is a complex, massive beast that when wrongly turned can often crush you. If you don’t take a well planned approach you’d end up wish that you had just stayed in the rental property. On the other hand a well prepared buyer will go through the process with relative ease. So, how do you become that well prepared buyer?
The best way is to take a methodical approach to this madness. Even before you start looking at pictures of houses it’s important to figure or your needs. Sure, we all need a big mansion but let’s be real for a moment- what kind of property are you looking at? An apartment, a multi storied house? Or a cottage? Make sure to ask yourself why you need such a property. Is it really something you need or are you being extravagant about it? It’s difficult if you fall into the trap coz no matter how much money you have to spend, there will always be something on the market that is out of reach.
Now let’s say that you have decided upon the kind of house you need and are ready to call up a real estate agent. Stop right there. Before ding that you must get your financials in order. Sure, it doesn’t harm to see a bunch of houses before figuring out how much you can spend but that’s an approach that will lead you to turmoil.
When you have a ballpark figure that you can spend on a new house, it narrows down the search process and saves you a lot of time. Besides it will also make sure that you don’t stretch beyond your means and cause trouble for later. For this, you must get a copy of your credit report and make sure that it’s accurate. If there are any mistakes then you must get them rectified. The next step is to call mortgage brokers and figure out what kind of loan you can pick up.
It’s even better to get pre approved for a housing loan as that gives you a surety on the amount of money you can spend. It’s at this stage, armed with your clear requirement and financial power in tow, that you should go an meet with a real estate agent who can further take you through this process. With their market expertise, they make the process much easier than it would’ve been if you’d done it on your own. SO if you’re looking at buying a house in Teddington, click here to see some options.