Everything You Need to Know About Buying a House - Series 1

Wherever you may live in the world, housing is a basic need. Meeting the need for housing accommodation for you and your family, especially in cities that are becoming increasingly overpopulated can either be something of a tough ask or one that has a proper process that allows you to plan for and succeed in acquiring one.

While in certain places in the world prospecting homeowners have a well-structured system to go to for buying a house; it is not quite the same in some other countries where the homeowner is almost always down to personal effort and happenstance.

In most advanced countries of the world; there are mortgage plans that allow prospective homeowners to buy a house with a payment plan that allows them to get the same standard of housing unit developed either by the government or some private developers in the areas that they seek to purchase in. Such payment plans ensure that you can own a house now and pay up the value of such a house into the future.

Unfortunately, such is not the case in most of the developing countries of Africa, Asia, and parts of South America continents. In these places, the struggle to own a house is entirely up to the person seeking to own one; and more often than not, the standards of the houses they eventually manage to build are below the internationally acceptable standards; unless, such an individual is amongst the rich or ultra-rich.

Buying a house is a big decision, and even though it can turn out to be a great financial investment in the long run, there may be too many factors that may make it an unwise decision to buy a house where renting one may be the more financially prudent decision to make.

So, no matter where you live in the world, if you are looking to buy a house from a mortgage system available in your country; here are some of the things you should about buying a house.

There is a lot to consider in the real estate industry including the housing market, interest rates, payment structure, and so forth which can make the real estate terrain a daunting one to navigate as a prospective homeowner without the experience and understanding of how the housing market works. This is why it is absolutely important to engage the services of an experienced realtor who you can trust to have your interest at heart.

Understandably, most people are wary of realtor agents and agencies as they tend to drive up the prices of houses in the real estate market in the quest to take in as much commission as possible. Still, it may be even worse of dealing personally without the expertise of a realtor agent or agency to ensure that you are getting the kind of home that suits your need at the best price possible.

Contracts of any kind can be filled with booby traps if not thoroughly considered. Most homebuyers often feel obligated to sign a so-called “Standard Contract”; but this does not have to be so. It would be wise to want a contract that makes provisions for negotiations about such things as the amount of time for inspection of the property, radon test or waiver, mortgage approval, and so forth. This is another reason it would be wise to engage the services of an experienced realtor.

Before you buy a house, be sure to consider what your plans are for the future; would you be settling permanently where you wish to buy now, or would your career demand that you move around a lot? How would the house suit your need to raise a family if you do not have one already? These may be some of the questions you need to answer before you make such a huge financial commitment as buying a house. (to be continued)

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