Thinking To Own A Home And How To Go About It?
The steps to purchase a property might seem complex at first. Especially in Pakistan, which is the world’s 7th largest population. The real estate market in Pakistan has experienced remarkable growth in the last two decades. There is a great demand for houses in Pakistan because of growing population. However, many areas have become very expensive and are out of reach for an average individual. Buying a house is one of the biggest purchases someone would make. It is normal for first time home buyers to feel overwhelmed wondering how to purchase and own a home. This home buying step by step guide will show you your way to your dream house.
Type Of Home Suitable For You
When it comes to buying your own perfect home, you have quite a few options available, a traditional bungalow, and a duplex, an apartment in a building with two to four units or a townhouse. Each option comes with its pros and cons. Choose what type of property will suit you best considering your needs and goals.
Determine Your Budget
The next step is to figure out how much you can truly afford. Sit down and examine your current monthly budget. If you don’t have a budget, then make one. Look down at your cash reserves. Study about the finances available for you. Getting a loan is also an available option but, beware of getting a loan that will weigh you down. Look at the house’s total cost not just monthly loan payments. Besides the house prices, there are other payments associated with the purchase. Such as: down payment, high property taxes, home insurance, utility bills, monthly maintenance fees, home improvements, decorations, etc. So you need to be well- prepared financially before going to the next step for owning a house.
A home is not just a property you buy, the people, facilities, and society around you will contribute to the suitability of a home ownership. Before you buy a home, know what your requirements are, this will help you in choosing your neighborhood. Also, make sure you carefully snoop around the neighborhood during the day and in the evening to ensure you are completely happy with the facilities and safety it provides.
Decide Your Wants and Needs
Before you go for house hunting in your chosen neighborhood, make a list of specific things you need in your home and which extra features do you wish for. But most important thing is that the home also needs to be in your budget and it is exceptional and utterly luck that someone finds the perfect home within their price range. While making your list Just keep in mind what is really important versus what could be tempting you to pay more than necessary?
A Trusted Real Estate Agent
It makes sense to work with professionals who will help you locate houses that meet your needs and are in your budget. Those professionals are the local Real estate agents. They will show you properties meeting your criteria. These folks also know how to buy a house from beginning to end, they can assist you in negotiating the details of buying a house, including making an offer, completing paperwork, etc. A good real estate agent’s expertise can save you from any pitfalls you might come across during the home buying process so lean on them! That’s what they’re there to do.
Submit An Offer And Negotiate With The Seller
You have fallen in love with a house that fulfills your needs and some of your wants? Also, you have researched about the property that it is original and legitimate? You have inspected the property for the quality, safety, and overall condition and it meets to your demands of a potential new home? And it is within your price range too!!! Then what are you waiting for? Let’s make an offer! Meet the seller directly with your real estate agent and survey the property thoroughly once again then, submit your proposal to the seller. Your real estate agent will help you decide how much money you should offer for the house along with any terms you want. The seller will either accept your offer or will propose another one. You can then accept, or negotiate with them until you either reach a deal or decide to walk away.
Review The Contract
The home-seller accepted your offer? Congratulations! But, before signing on the dotted line, make sure to review the contract vigilantly. Pay special attention to each and every single clause and make sure you understand every single one and if you don’t then ask your seller or agent, he will fill you in on exactly what each clause is for and what it means. Clear your concerns related to your contract.
Sign The Papers
Finally, sign the contract and pay for the property. Also pay the commission to the real estate agent, if you purchased the property through the agent. Once you have signed the paperwork and payment is settled, keys will be given to you and officially you will become the owner of your “perfect home”.
The steps to buy a home require a lot of work, but once you get to the end, you’ve got a pretty sweet reward! I hope this home-buying blog will offer you guidance to keep you focused on the right way during your research for your “own little world”