What to Do When Considering Buying a Home

Sitting with the bank going over the home plans and seeking approvalUnless you won a lottery or running a business which is exploring the ceiling because of sales should you consider buying a house as a small feat. Any form of house buying around the globe behind it there is a story and journey covered. However, before buying a home there are a few thing you need to consider:

  • Make your credit score strong
  • Do a research on what exactly you can afford, how much, and where
  • For down payment, save, also for closing costs
  • Make your savings account fat
  • Let your mortgage be pre-approved
  • Lastly. Purchase your dream house

If the home you are considering to buy will be done in installments, this is what you need to do:

Lower Your Expenses

Your home payments should never exceed beyond 36% of your gross salary. You need to figure out how to tap to more income as your lender asks for 20% which is considered as a down payment for a home price. Try to cut down the cost of your extra money you used to spend until you have cleared all that you owe them should you plan to get back to your old you.

Make a Search in a Favorable Location

Plan to purchase your house in an area houses appreciates at a good rate. In future, you may plan to shift from that location or upgrade to a higher and bigger house, so consider owning a home that is sellable and marketable in a good location.

Investment plan

If your idea of buying a home is to view it in a form of investment than the best location that fits you is purchasing in town/cities. The appreciation rate of cities nowadays is incredibly high and rising with times goes by. If you’re buying around town then you are guaranteed to get your investment back and in full. Rental increases have continued to shoot up as well making your choice a better option to buy a house in the city.

Procedures and In Writing

This is the most critical stage to consider paying attention before you get shortchanged in the process. Unless you are buying a brand new house, get to understand exactly what is it you are buying and how the seller is taking you through. More to that let the seller make it in writing the kind of state you will find your new home when you buy. At this stage ask as many questions as possible. Some end up buying new bathroom and kitchen stuff after the owner shifts with the items.

Don’t Buy Everything at a Go

When you finally shift to your new home, it is advisable to take some time and get acquainted with the environment as you recover from purchase financially. Many get tempted to upgrade all stuff in the house all at a go and that can cause you to pile too much debt on credit cards. First, settle and concentrate on understanding your new surroundings, your new neighbors, new market and more stuff to catch up.

How Many Keys Exist For Your New Home’s Locks?

Real Estate Agent handing new keys to new home owner.Have you ever cast a thought on how many keys are floating around that can open your new home’s front door? How about the back door, side gate or even garage?

If you answered no, well you really should starting thinking about it. Especially if your home has even been a rental property when owned by a previous owner. But even if it hasn’t there is no way of knowing exactly how many copies of your home’s keys exist out there in the world.

All it takes is the previous owner to have a few copies made for the residents of the property and maybe some spares. They could lose one or two of these keys and not give it a second thought. Maybe they have lost hundreds of keys. All of these keys can gain access to your doors! People may literally be able to let themselves in and help themselves to your belongings.

So what can you do?

Well you need to ensure that you have control of who has access to your property. And the only way to do that is to ensure that all current and previous copies of your homes keys no longer work with your locks.

So how can you ensure that you are the only one who has keys to your home’s locks? Fortunately you have some options. Each with their own pros and cons.

  1. Install New Locks: This is the most obvious method that most people will think of when they want to ensure that they are the only ones with keys to their home. The Pros with this one is that you will be upgrading your locks to a modern and sometimes more secure model. The only keys that will work with a new lock are the keys that come with the lock when purchased. Then of course you simply need to keep track of all new copies that are made.
  2. Rekeying Existing Locks: A lesser known method of creating new keys for all your locks in your home. Rekeying is the process of changing the internals of a models locks. This ensures that all current and previous keys will not work with the new configuration. Only the newly designed key that has been tailored to the new lock layout. The process of rekeying your homes locks is often cheaper than opting for new lock installations. Also the strength and security level of a rekeyed lock should still be strong enough to withstand any intruders tampering.

Installing new locks is something that you may be able to complete yourself. However we recommend hiring the services of a professional locksmith to install your home’s new locks. Also you will need a skilled locksmith to undertake the rekeying process as they have specialised equipment for such a task.

So You Finally Bought Your First Home

house constructionFirst of all congratulations! You finally did it. Making the purchase of your first home is a massive achievement and you should be very proud of yourself. But what next?

I am sure you have probably been on a roller coaster ride to get to where you are now. Come on, the countless hours spent getting your finances in order so that you knew how much you had to spend. All the time negotiating with the banks to get the best home loan deal. Hours upon hours of researching for the best suburb that your can afford and is your ideal living area. Then the site inspections, offers to be made, offers rejected, negotiations for the best buying price, the list really goes on. So after all this stress and time spent what have you got to show for it? Well your own home!

So take so time to enjoy this moment. Your home will never look the same again. Maybe throw a welcome party but of course be careful who you invite. The last thing you wan to do it get on a bad start with your neighbors. So why not invite them? But then you don’t know them. Sometimes your friends are the ones you have to watch out for. Maybe limit the alcohol consumption or get everyone to leave early. That will avoid getting noise complaints or worse yet, people getting too rowdy and possibly causing damage to your new home!

After the celebrations have settled down your next step is to think about renovations or at least some form of doing up the place. Even if you bought the place to rent out or to make a quick buy and sell profit, it is always worth spending a bit of time and sometimes significant money to turn a larger profit.

After all if the place is worth more you can charge higher amounts in rent, and of course it can easily sell for more.

It is often quite surprising just how simple additions or changes to a property can add value, but for the real value adding a renovation is where you need to be. But what to renovate? Often the most expensive areas or rooms in a home to renovate are the bathroom and kitchen. This is due to the fact that these areas are wet areas and need plumbing, waterproofing and often involve tiling. These trades are more expensive to than a simple gyprocker or painter but of course depending on materials used and the quality of the tradesmen any job can have large price ranges.

Either way we always advise that you should do your research. Get a few quotes and compare things like, quality of materials, time taken to complete, guarantees and of course make sure your tradesmen are licensed and insured. Going with the cheapest option is often a mistake that can cause issues down the track. Have you ever heard of the saying he can talk the talk but can’t walk the walk? Mae sure to check references before outlaying thousands of dollars.

Plan it right and you are sure to add significant value to your property. This can increase your standard of living as you enjoy your home and also can help you if you eventually decide to sell it down the track.