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Month: August 2017

The Process Of Home Purchase

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Buying a home might be a life time achievement for some, as much as exciting the course can be it can turn out to be quite tedious if not managed properly. One has to meticulously plan and structure the entire process. Below there are some simplified steps to guide you in the process of home buying- Research: Start researching about various properties you have been interested in, read about real estate listings in newspapers; attend real estate launch events, etc. Get a general understanding of the market and keep a track of its trends and changing prices. If you come across something you like, save that name, so that later you can get back to it. Get a Qualified Real Estate Agent: Since home buying is one of the most important decisions, you might want to be completely sure of what you are getting into. A legitimate and knowledgeable real estate agent will prove more than beneficial. However, choose an agent who has expertise and is completely aware of the current market scenario and is also smart to track changing market trends. You need to communicate to the agent your needs and priorities so as he gets a direction. The right agent will make the entire process smoother as he has contacts, can negotiate, and has knowledge. Pre Determined Budget: Decide on a tentative budget. This will help you in navigating your search. However, keep a cushion for negotiation. Seldom you will find a place that will fit exactly on the amount you want. Hence, be open to having a negotiation bracket. Mortgage: It should be a prior concern as to what type of financing will be used before we decide to buy a home. If one of the ways of financing is mortgage, then one should make sure that he gets a pre approved letter from a bank or broker. Choose The Place of Your Interest: Make a check list of your needs before you start looking for a place. Keep it in accordance with your budget. This way you will have clarity as to what exactly are you looking for. Is it a place with ample amenities or your priority is a particular neighbourhood, etc. Do not hurry, buying a home calls in for huge investment. Take your time to go through options and shortlist the ones you like. Also, make sure you communicate all the details to your agent; you have to work in a team for the process to be perfect and smoother. Negotiate: As mentioned about seldom you will find a place that exactly fits in your budget, hence be open to negotiating. Let your agent know the bracket of your negotiation and let him carry it forward as it is his expertise. Title Search: Title Insurance is one of the major concerns as in the event if any future issue arises in regards to the property’s title or legal ownership Home Inspection: When investing into something this important one needs to be absolutely sure about the quality of the place. Professional Inspection will help you to get those facts in place which wouldn’t be possible otherwise. Closing: All documents should be read and understood properly, both the parties should be on the same line, so as to avoid future conflicts.

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THE RIGHT LISTING AGENT

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The right listing agent understands your needs along with evolving market trends and directs you to make an informed decision that will serve you right Based on your needs the agent will come up with a strategy that suits you the best which will help you reach the market and your target buyers. However you must provide apt details to your agent, for instance if you are looking or a specific neighbourhood, or particular amenities, preferred mode of payment, etc so that he can choose the best property for you within […]

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THE IMPORTANCE OF A BUYER’S AGENT

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Most of our lives revolve entirely on planning our dream home, working towards trying to afford it. The checklist of our desired home seldom perfectly fits any home. While buying a home one needs to consider type of property, floor plan, neighbourhood, amenities, price, and also the effort and energy that gets consumed in the [...]

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How Much Can You Afford

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The 28/36 rule serves as a yardstick in order to calculate the amount of debt that an individual or a household can afford.​ 28/36 Ratio = a maximum of 28% of its gross monthly income on total housing expenses + not more than 36% on total debt service, including housing and other debt such as [...]

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Benefits Of Ownership

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Owning a home of your own has a lot of pros; some tangible while some intangible. The entire experience is more of an emotion than a task. While the tangible benefits might add quantity to life intangible benefits like the feeling of belonging to a place, stability, pride bring quality and pleasure. Individuals grind all their life to own their dream home, get stability and hence buying a home is the most important decision in life.​ The other major reasons:​ Investment- Having a household is the largest asset for most people. Equity is built when you gradually upgrade your home and pay down the principal on your mortgage​ Income Tax Savings- As per Income Tax Act, 1961 all of the interest you pay on your mortgage and your property taxes are deductible under various sections of the Act.​ Fix monthly housing payment: The monthly rate of your mortgage won’t change for the length of the term whether we make a choice to go with a fixed-rate mortgage or not.

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