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GUIDE TO BUY
A HOME IN 2016
List Of Contents
1. 2016: Right Time to Buy
2. Preparing Your Finances
Building up saving
Improve your credit score
Get loan preapproval
3. Working With Loan Coordinator
4. Begin The Home Search
5. Working With Real Estate Agent
6. Home Search Factors
Price
Location
Size and type
Condition
Price
Are
Down
No
More
Price
Fall In
Sight
Home
Loan
Interest
are
Down
Corporates
Has
Started
Purchase
5
ROI
EMI
Tenure (Months)
Extra Period
Current Rate
9.50
998
200
2011 Rate
10.5
998
240
20%
Building Up
Saving
Improve Credit
Score
Get Loan
Preapproval
10
Building Up Saving
11
12
13
14
Right
Lender
ROI and
PF
Referral
Network
Process Right
& How Amount
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16
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ROI and PF
18
Referral Network
19
20
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Begin the
Home search
Youve completed foundation work
and now its your turn to actually
begin the home search by
checking, what listings are
available in the area in which you
intend to purchase a home.
If you want to go ahead with home
search yourself, fine! When you
find potential seller, there may be
few things not clarified at time of
doing a deal. Such unclarified
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Market Expert
24
Negotiation Skills
25
Legal Knowledge
26
Price
Narrow down
your search by
price point first
so you only view
homes for sale
you can actually
afford and dont
waste your time.
Location
Condition
Identify specific
areas, or even
neighborhoods
where you
would be
happy to lay
down a
foundation
Determining
size and style
preferences is
essential when
hitting the
market to check
out real estate
listings.
Its vital to
discover which
homes for sale
are in prime
condition and
which will
require some
investment to
fix.
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Price
28
Location
29
Location Factors
Work Commute
Make sure you consider whether
its easy to get to and from work
when visiting property.
Indian
cities don't have infrastructure to
support most of people using
personal vehicle. You know this
from personal experience of
getting stuck in traffic on festive
eve, when most people who own
vehicle try to use it on same time.
30
School System
Look for a home near a good school if you have school going kids, or
toddlers who will go school soon. For them not only getting admission
becomes easy, but going school too. The quality of a school system greatly
impacts home values and how a community evolves.
Crime
The rate and total number of crime committed in an area can have a
drastic impact on home values in the long run
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33
Condition
34
Condition Factors
Strength of Property
Carefully look for structural
strength of building as a whole. On
visit to property take a closer,
deeper look at condition of
property. Any cracks, breaks, mold,
and pests discovered near a homes
foundation are big red flags that
indicate you should head to the
next listing on your list.
35
If you want to buy a plot and later build a house yourself, keep
eye of structural strength. While planning construction, take
help of architect, they have enough knowledge about
structural strength. Disaster prevention involves engineering
intervention to make building strong enough to withstand the
evil forces of nature.
Ventilation
Without proper ventilation, bacteria and stale carbon will make the indoor
air of your home more polluted than outside. Ventilation is necessary to
remove dirty air and moisture due to cooking. Good ventilation will keep
your home odor free and pleasant
Odors
Smell doesnt lie. If something in or around a real estate listing causes a
physical reaction whether its general air quality or a specific problem
area with mold it may not be an ideal choice.
36
After
youve
completed
a
comprehensive search across the
local market and zeroed in on the
home for sale you want, its time
to get the purchase process in full
gear. Of course, bidding on a
listing is just one step in the
buying a home.
37
Offer
While seller have a specific list
price, that doesnt mean your
offer needs to meet their pricing
requirement. Rather, work with
your real estate agent to develop
a price point that youre
comfortable with and leaves room
for negotiation with the sellers.
38
For this you can do some research on internet. Check at what price similar
properties were sold in that locality. If they are listed again and again over
time, it means they are selling very slowly, then you are in stronger position
to put lower offer.
Be Prepared to compromise
Your price does not matters, you wont find a perfect house. You may have
to compromise on features and may be even on the big three: price, size or
location.
39
Negotiation
FOCUS ON GATHERING
INFORMATION ABOUT
SELLER. MORE YOU KNOW
ABOUT HIM / HER, YOU CAN
PUT BETTER STRATEGY.
When you enter negotiations
prepared to compromise, youll be
a step ahead. Remember your
easy terms can be as important as
your offer. Making a bigger down
payment or changing the closing
40
Principle of negotiation is knowing you wont get all, but if you dont ask,
you get nothing. To negotiate better, focus on gathering information about
seller. More you know about him / her, you can put better strategy.
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42
DOUBLE-CHECK EVERY
DOCUMENT AND
AGREEMENT TO MAKE
SURE YOU AND THE
SELLER ARE ON THE SAME
PAGE.
44
When It Is Ok To Be Tenant?
People prefer buying home than
renting. If you have built enough
saving to buy home in total cash,
then answer is obvious YES. But if
want to buy a home on loan, then
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49
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About Author
Hi!!
ULTIMATE
GUIDE TO BUY A
HOME IN 2016
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