If you’re an experienced buyer and you’ll be purchasing your fourth or fifth home, this detailed article will act as a great refresher. If you’re buying your first home, this guide may end up being your best resource as you navigate through the process of buying a house! The process is cumbersome but it is not necessary that it has to be torturous.
The custom home builders in Bangalore have taken care of all your needs – unwinding and luxurious. From Swimming pool, well-equipped gym, amphitheatre, health club, cricketing pitch,badminton court, theme park, water features, gazebos…everything under the sun. Best builders and developers don’t play it by ear. Their team of experts spends a lot of time at the drawing board.
Just to avoid hue and cry later, read the following points to become a smart buyer.
Points to Remember
1. Do Thorough Research
This point is unanswerable. To avoid getting duped or swindled,know about the market and the key players involved. Visit Websites, and call existing customers for feedback. One of the biggest mistakes that are made even by experienced homebuyers is neglecting research and preparation. The internet, which is at your disposal, has made it extremely easy for consumers to find out information relating to virtually any topic. Real estate is no different.
1.1 Research and Plan
For example, if you’re wondering if buying a foreclosure is a good idea or not, does your research well before you go out and start looking at foreclosures. A simple internet search on buying a
foreclosure will result in dozens of informative and helpful articles to help you decide if it’s the right fit for you.As for preparing for the process of buying a house, another area you need to review and focus on is your financial picture. There Are builders that offer a stay-experience-buy option. Buying a house does cost money and there are very few circumstances where a buyer doesn’t need to spend a penny to buy a house.
1.2 Start Saving
It’s important to realize that you’ll need to have money saved fora down payment and other closing expenses. Start saving before getting in the market and actively looking at homes.
2. Check Your Credit Score and History
It’s important, even for those people who aren’t buying a house,to be aware of their credit score and history. It is like a financial reputation score. You don’t want it to be tainted.
A mortgage lender will review your credit score and history, but even before you connect with a local real estate agent or mortgage lender, you should have a solid understanding of your credit picture. Generally speaking, most mortgage lenders will require a minimum credit score depending on the type of mortgage the borrower is attempting to secure.
There are several websites and resources out there that can help consumers monitor their credit score and history. One of the best resources, which happen to be free, is Credit Karma.
Why is your credit score and history important when buying a house? First and foremost,credit scores affect mortgage eligibility. If a buyer has poor credit that is lower than the mortgage guidelines, they won’t be able to secure a mortgage.
Bottom line, being aware of your credit score and history is important, even if buying a house isn’t a priority at the current moment!
3. Find a Reliable Real Estate Agent/Builder
The third step to buying a house, which will play a huge role in the overall success of the process, is finding and hiring a top local real estate agent.
Hiring a top buyer’s agent can make the entire process of buying a house seems relatively simple. Your buyers agent is there to assist you with securing financing (if needed), help you negotiate the best price and terms, and also to be your trusted adviser throughout the process.
If you know what questions to ask real estate agents that you’re interviewing, you’re going to greatly improve the chances you hire a rock star buyers agent. Some of the vital questions to consider asking prospective agents include.
1.How many buyers do you generally work with at one time?
2.How many homes, on average, do you sell per year while representing a buyer?
3.What methods of communication do you prefer?
4.Do you sell real estate full time or part time?
5.Do you have any recent testimonials?
6.Would any of your recent clients who you’ve sold a home to be willing to talk with me about their experience?
Unfortunately, many of these questions are never asked by buyers when talking with a prospective real estate agent. It is important to be prudent while talking to a middleman. Jot down your doubts and queries to avoid fumbling in front of the agent.You should portray yourself as a smart and confident buyer who knows his/her brass tacks.
Buyers who decide to skip the interview process when buying a house often end up regretting it if they end up hiring an agent who is inexperienced. Real estate is a serious business. Hence, itis important to hire a person who knows the business like the back of his/her hand. Not asking the right questions can end up costing you time, money, and lead to an exorbitant amount of unnecessary frustration and stress.
It’s important that you understand what to expect from a realtor when buying a home. Things such as frequent communication,professionalism, honesty, and a proven track record are just a few of the most important things that you must expect from your buyer’s agent! Fortunately, best real estate builders and developers in Bangalore are guided by a strong value set.