Buying Doesn’t have to be Scary!

Are you thinking of buying a home?  Are in the Process of Buying? Though, it can be an exciting and overwhelming process, are are the feelings that come with the unfamiliar process, the big decisions, and what may often seem as too many choices. So to help you along,  Here are 4 ways to make it easier.

1. Set a budget
As a general rule, your monthly mortgage payments shouldn’t exceed 30% of your monthly gross income. However, other things have to be considered.  Like:

• Is your income stable?

• Would there be a chance that expenses would increase dramatically within the next few years (e.g.  you’re planning to have a bigger family?)

• Are you downsizing?

• Are you upsizing?  (if so, have you considered the hike in utilities)

• Do you have a monthly budget for your new home?

• Do you have Repair or Maintenance Money available?

• How much will your Moving Costs be?

Let’s not forget the incidental costs of buying a home, often – and I mean often this is underestimated by first-time home buyers. It may include the lawyers fees, home owners insurance, and property tax.  Also consider the various expenses once you settle into, your new neighborhood (transport, furnishings, connection of utilities, etc.).
Finally, Please ensure that your budget includes a savings reserve of 6 months worth of mortgage payments and household expenses to best be prepared for any emergency.

2. Find a lawyer.
A who specializes in the paperwork, negotiations and other legal niceties of real estate transactions. This includes:

• preparing and reviewing contracts,

• negotiating with the seller’s lawyer,

• making sure your interests are protected (including checking the value of the property)

• information of any clauses

A lawyer can walk you through most of the details of buying a home. That’s why you need one, and also, why you should choose someone you’re comfortable with–you can ask questions, freely raise concerns, and trust him to give you the service you deserve. That’s why going to a company that specializes in real estate is better rather than one where solicitors handle different types of cases.

3. Define your preferences.
You’ll be looking at a dizzying number of houses, none of them perfect, and all of them beautiful in their own way. So how do you finally choose which one’s worth buying? Aside from the price tag, consider.

• Size and structure. How many rooms? Do you want a garden? How important is privacy?

• Location. How close is it to your office, the schools, the shopping centres, the airports? Remember to compute the change of transportation costs into your household budget. Consider also broadband access, ease of public transportation, and how future constructions will affect property value. Your conveyancer can also double check if your property is sitting near any roads that the city is planning to build.

• Condition. How much will you need to spend on repairs? Your lawyer can arrange inspections to help you assess the real cost, and can use this to negotiate the selling price.

• Safety. Be sure to drive around the area at night, and check the Internet for statistics on crime rate. Note that living in an unsafe neighborhood can affect your insurance premiums.

• Style. Modern or historical? Cozy or elegant?

• Resale value. Like any investment, your property should ideally increase in value over the years. But aside from these forecasts, factor in how easy it will be to sell the house when the time comes. For example, homes located near schools will always appeal to young families, so you won’t have any trouble finding a buyer. So it would be rather suspicious if the house you’re planning to get is too cheap. If the owner is selling below market rate, the property may not be as attractive as it seems.

4. Delegate, but stay in control.
Hiring a lawyer takes a lot of the details off your hands, so you can focus on the more enjoyable aspects of buying a home:  like picking new furniture, or planning your housewarming party.  But you still need to stay on top of things. Some tips:

• Don’t hesitate to ask your lawyer for any updates.

• Keep track of all your expenses in a small notebook.

• Buy an expandable folder for receipts and documents. Be sure to make photocopies of any important papers.

• Shop around for the best deals on mortgage or insurance, and weigh the sales hype against the credibility of the company and an assessment of your own needs and financial situation. Your lawyer  can help you look at their proposals to check for any legal loopholes.

So, you simply need to prepare a little to enjoy shopping for your new home!  It can be fun when you’ve eliminated the worries and determined your goals.  So have fun and Get the home you want and deserve!