What are the most important things to do before buying a house in Salt Lake Kolkata? An excellent question is it not?
Being informed is important when you are making big financial decisions, and there are few financial decisions bigger than buying a home in Salt Lake Kolkata. Take the time to educate yourself about what you are getting into before you commit to buying any property. The following tips are here to help you get started. These 20 things to do before the purchase of a house will put you in a position for not only a smooth transaction but a pleasant first time home ownership experience.
First of all you must know the entire house buying process from any reputed real estate agents or property consultants who deal in Salt Lake City, Kolkata. House buying process in Salt Lake is little complicated and takes few more time than usual. Before start of planning to buy a house in Salt Lake, you should contact a reliable and experienced realtor for a brief regarding house buying process in Salt Lake, Kolkata.
There are a lot of fees that come with a home purchase above and beyond the mortgage. Insurance, repairs, association fees, property taxes – you should have the income and the budget to handle all of these things if they are relevant to your purchase. Real Estate agents talk all the time about additional expenses to consider when buying a home. The article covers seven costs buyers often forget about. You should also have some savings to cover emergencies with the home.
Do you want a home or a condo? For many first time home buyers, this is one of the first dilemmas they will try to solve. In fact, many buyers will look at both because they can’t make up their mind. To make sound decisions, you should know the pros and cons of a condo vs. a house. More buyers will end up disappointed when picking a condo because they did not understand the ramifications of how restrictive they can be or how quickly fees can change. The appeal, of course, is usually for those buyers who do not have time for home maintenance.
Work With a Full Time Real Estate Agent who knows every corner of the neighborhood and its its unique qualities that you want to be aware of before you buy. An agent that is well-informed about the area will also know what homes there are worth, which will help you avoid overpaying for a property. You want a real estate agent who knows their stuff locally!
Make sure you interview several different buyers real estate agents. Choose someone that is full time working in the business every day and has a recent history of successful sales. The better the real estate agent knows the area, the better equipped they will be in understanding the differences in market value from one property to the next.
Working with a real estate agent that understands market values in your area is critical if you want to avoid overpaying for your house. In addition to the actual purchase price, there are other fees like appraisal and inspections that can cost you more when you don’t understand the value of the home. Sellers and banks may not be flexible should you ask about adjusting the price later, either.
You may be cleared for a loan that is far above what you are comfortable paying for. Lean on the side of caution and mortgage only as much money as you are comfortable with. There are a lot of home buyers who will mortgage themselves to the hilt only to find out later they are a slave to their home. Unless you want to be eating spaghetti dinners at home, every weekend don’t stretch beyond your means.
You need to verify that all the information given about the home is right. Sometimes real estate agents put things in the listing that they may not have verified or may just not be aware of the facts. Some of the more common issues that can crop up in a real estate transaction are understanding what stays with a home and what doesn’t. Many buyers, sellers, and even some real estate agents do not know what is considered a fixture and what is personal property.
Sometimes when you view a home, it will be filled to the brim with the current owner’s things. Learning to see past the clutter to the potential of the home for you may allow you to find better deals than you would otherwise. This is why real estate agents often recommend to seller clients to clear all the clutter before listing their home for sale. Cluttered homes can sell for less money when those with a lack of vision can’t see past it.
Hire a reputed property consultant or a real estate agent you know and trust. You want someone who knows what he or she is doing and is not motivated to miss issues to encourage a sale. While most real estate agents are honest people, there are always a few bad apples in any industry you need to be on the lookout for.
If a renovation was done without a permit, it might not have been done right. No permit means that the work was not reviewed by an inspector, something you do not want in your new home. You might be wondering why a seller would bother not getting a permit for work done on their home. There are usually three reasons for this:
By obtaining a permit for an addition, you will pay more money in taxes because your assessed value will go up with a larger home.
It costs money to get permits. When you put on an addition, you are typically paying for permits for electrical, plumbing, and the general building inspector. Many owners just don’t want to bother paying the fees.
Pure laziness. This is such a sad excuse, but that is what happens with some people who don’t want to take the time out of their day getting permits for work.
Buying a home without necessary building permits will become your issue in the future when you go to sell. It is advisable that you ask the seller to get the permits taken care of before you buy the home.
Check For Water Issues A home in good condition will keep water where it belongs. Exterior moisture should not be making its way inside. Water flowing through the pipes should be staying in those pipes. Any precipitation that falls on and around the property should be directed towards safe areas, like away from your foundation. Your roof should be functioning as intended. Buying somebody’s water issues is not what you want. Water issues have a direct correlation to market value, as well as marketability.
Current building codes require modern electrical wiring. Most homes built before the 1930s are not up to standard unless they have been renovated. These old homes use knob and tube wiring, which can be expensive to bring up to code. Keep in mind that many lenders and insurance companies will not work with a buyer if the home has knob and tube wiring due to the hazards it creates.
Your pre-approval is based on the information given at the time of your application. Any changes, like getting a different job or taking out a car loan, can result in denial of the loan request when you go to purchase a house.
While I like to educate all of my buyers on making large purchases while buying a home there are many who do not. Making a large purchase is not a prudent thing to do when buying a home. This is one of the primary reasons buyers can be denied a mortgage after being pre-approved. This is not a pleasant experience!
Buying a fixer-upper in an area that is growing more popular offers the possibility of an increase in the value of your home. In contrast, buying the nicest house in the area may not have much of an upside.
Consult with your real estate agent and ask them their opinion on the prospects for profit if the general area continues to rise in value. Will the home lag the market or be a stalwart? If the return on investment is necessary, this is surely something you should find out.