Steps To Buying A Home

No matter what type of property you’re eyeing, there are steps you can take to protect your investment.

Before shopping for property, take stock of your finances. Know how much you can spend, as well as your credit limits. Obtaining pre-approval for a loan will make the negotiation process smoother. And find a real estate agent that’s familiar with the area you’re considering, as well as local laws, timelines and deadlines.

Before you make an offer, visit the county planning department to check out the local schools, crime, traffic and community regulations. Also review the area’s typical weather patterns so you know how heating and cooling will affect your finances.

During the negotiation process, read the contract with your real estate agent before you sign it. Take your time, and make sure you understand the circumstances in which your deposit can be withheld. Ask for exact dates in the contract so you don’t miss any deadlines.

Any extras you negotiate, such as furniture the seller is leaving with the house, should be put in writing. And have a home inspection. Catching a problem like termite damage can spare you the misery of buying a money pit.

Remember, you don’t have to go it alone. Assemble a team of knowledgeable pros to help steer you away from costly mistakes.

SOURCE: investopedia.com