The Golden Rules for a better Home-Buying Experience

Creative Commons/Kevin McCabe

Buying a home is one of the biggest, and the most difficult investment you will ever make. Whatever the motive behind your decision to buy a house, the fact remains that it is a  large investment, and one that you will probably hold on to for the years to come, which is why you need to think and ponder over everything before finally jumping on a house. There are no wrong decisions when it comes to house-buying, or at least there shouldn't be. Wrong decisions here can not only mean a bad financial investment, but can also mean safety hazards.

 In the end, you need to make decisions for the best ROI, and for that, you need to delve deep into home-buying, and understand concepts like mortgage loans  properly.

There is no shortage on the Internet about information on real estate investment, but the truth is that there is nothing better than good old one on one learning, which can be obtained from just about anyone in the real-estate industry with the right approach.

 The basic rule is that you should never let your emotions come into the fray. What you need to do is to follow a logical approach that looks at the actual reason behind everything, and you'll be golden. Emotion clouds your judgment, and you may later end up with something that you would regret.

Below are five golden rules you should follow to buy the home of your dreams:

#1  Know how much house you can afford
Before venturing out in the search for your dream home, make sure that you have worked out the financials and have secured funding for buying a home. Essentially, what it does is that you get a better idea of your budget, and it is also useful for your listing agents, who will then give you the best properties in your budget.

Also do some research on mortgages, as there are various options with different rates of interests, different monthly installments and different durations. You have the freedom to choose a plan that accommodates your needs, so choose wisely.

#2 – Neighborhood, neighborhood, neighborhood
Many people make the mistake of buying the right home butt in a wrong locality. It is important to look at the community, the amenities and the culture, as you would be spending a considerable amount of time at your home, which is why you would be interacting with those around you.  That makes it important that you are able to mix in with the crowd, and that everything you need is easily accessible (Market, shop, hospital, etc).

You can evaluate a particular property's location by just driving around and interacting with the people living there.

Of course, there are quite a few hotspots littered across the city, but buying homes here is really expensive. What you need to do is to find an acceptable compromise between a good home, your budget and the location itself. 

#3  First Offer Best Offer

Simply strolling in and putting your lowest price on the table is just not good for facilitating a successful buyer-seller relationship. It devalues the house, disrespects the seller, and just is no good. You need to factor in what others are paying for a comparable house in the neighborhood and need to look at what price the seller is offering. Then, you should offer a price that is fair to both the seller and to you. This certainly would help shift the odds in your favor.

#4  Don't EXpect, INspect

You need to ensure that you are getting what you are promised, and for that, you need to hire a proper house-inspector. It may seem unnecessary, but compared to the cost of buying a house, it seems nominal for something that is very important. Rely upon those that everyone is recommending, as with them  you would surely get a through house inspection.

#5 – Sellers Feelings are Important

Maintaining a good buyer-seller relationship is something you should always keep in mind. Don't nitpick too much and be friendly with the seller, and you would have a much better chance of getting a good deal.