Real Estate

Everyone’s “dream home” looks a little different, but what happens when you try to merge two different pictures? House hunting as a married couple is easier than going solo because you have emotional and financial support throughout the process. If you and your spouse have different ideas about your future digs, it’s important to find out now and figure it out. Keep in mind, compromise isn’t always easy when you’re making the most significant purchase of your life.

Know Your Credit Scores and Financials

Your finances may already mingle, but do you know each other’s credit scores? Before you start the process of applying for a mortgage, pull up your credit reports and see if there’s room for improvement. For example, errors should be reported and corrected, and it may be wiser to pay off certain loans or credit cards than to face a higher interest rate. Getting a firm grip on your entire financial picture will also prevent surprises down the road. Contact Annualcreditreport.com to request your free annual credit report.

Create Lists of Your Individual Musts

As you search for a home, which features are the most important to you? What about your spouse? Instead of learning about each other’s must-haves and dealbreakers along the way, take some time to write them down now. Take a week or two to make lists on your own time, and don’t consult each other about them. Think of at least a dozen things you want your home to have, like a spacious backyard, master bathroom, or waterfront views.

Tap into Your Real Estate Agent’s Expertise

Don’t forget: you two aren’t doing this alone! Your real estate agent has insights into the local market and the painstaking process of choosing a home, and they’re emotionally removed from your disputes and decisions. Use them as a mediator of sorts. If you and your spouse are first-time home buyers, this is especially important, because you will need unbiased input before making emotional decisions that affect your whole future.

Fixer-Upper or Move-in Ready?

Remodeling is right for some homeowners, but you should be on the same page about the amount of remodeling you’re willing to do. If one partner wants a move-in-ready house and the other is willing to make repairs and upgrades for years, it’s time to decide on a compromise. For example, how much money are you both willing to spend on upgrades? Is it okay to make remodeling plans if key spaces – for example, the kitchen or living room – are already up-to-date? These are questions that may help you get closer to the same page. We buy ugly houses Arlington Tx.

So home buying is on the cards – you have decided to take the plunge and become a homeowner. That’s a big move, lot of things are going to change, lots of decisions will have to be made. Not sure how to go about it? Here are some pointers that can make the process easier for you:

What’s your type?

Are you a villa person or would you rather go for a flat, co-operative society, town house, or condo? Make a choice based on your financial capacity, housing needs, lifestyle, and future plans. Knowing what works for you can make house hunting that much easier.

Have you done your research?

Know the game well before you get your hands dirty. Study the current real estate market trends. Visit some online realty websites to figure out prices of a specific type of properties in different localities. Before finalizing a project, check if it is RERA approved and has all documentation in order. Also, find out how much property tax you will be entitled to once you own the house.

Do you have the necessary funding?

Purchasing your dream house will remain a dream without the right financing. The first step is to approach a bank or financial institution to avail a home loan. Different banks may have different interest rates, so it is important to look around and compare. The loan approval and amount will depend on your credit score, spending capacity, foreseeable expenses, and your current assets.

Home loans are generally issued on mortgage. In the case, the property on which you are acquiring the loan becomes collateral to secure the loan. Interest rates in mortgage loans are lower compared to loans without mortgage.

Fixed or floating – what type of interest rate works for you?

Before you finalize a loan, consider the type of interest rate. A fixed rate home loan may have slightly higher rates, but more stability over the years as the rate is fixed. A floating interest rate is lower, but is risky as it varies over the years based on market conditions.

Is it the right time to buy?

When it comes to real estate purchases, timing is everything. Research the current real estate market trends. Is it a buyer’s market or a seller’s market? Pick a time when there is a lot of competition and the sellers are willing to go to great lengths and provide massive discounts. Figure out when the government policies and regulations roll in your favour. For instance, the government has currently confirmed there will be no rise in property taxes in the near future. So, it is a good time.

Are you getting a good Return on Investment (ROI)?

At the time of purchase, while you may be looking at a property as a place to stay, it is equally important that you consider it as an investment. Any buy that won’t fetch you returns is a buy not worth it. Look for quality of construction, the utility factor, model, neighbourhood, and locality as factors that will impact the future RoI of your house.

Do you need and have an agent?

A great deal in real estate boils down to involving the right set of people. If you are unsure of the workings of the real estate market, it would be a good idea to get an agent to negotiate the deal for you. Define your needs clearly and offer them a commission to negotiate your end of the deal.

Do you know your rights?

Don’t agree to anything until and unless you are completely satisfied – speak to the developer, get site inspection done, ask for as many site visits as you need to make a decision, negotiate well.

Have you done all legal formalities?

There are number of legal elements to verify before you sign the deal.

• Check if the project is registered under RERA
• Check is the property is free of any legal debt
• Check if the builder has obtained an NOC from the respective authority
• Have you considered homeowner’s insurance?

As a homeowner you need to consider insurance to protect against property damage. Choose an insurance plan that is right for you and has you covered for most of the possible damages.