What is actually happening from the point you decide to buy real estate, until you can move into your new home?
Pakistan’s best real estate website, Lamudi.pk has put up a list of ten steps that are involved in the process of buying a new home.
- Start your research early
As soon as possible, start reading real estate websites and magazines. Get an overview on the different offers / prices out there. Make sure to keep a note of the properties you are interested in. It may also be helpful the read real estate magazines and get a sense of housing trends and the local real estate market.
- How much you can afford?
There are several mortgage calculators available online so use these to make calculations for an affordable monthly mortgage payment. Include other factors that will cost you money such as closing costs, fees for attorney or the housing inspection, moving costs, new furniture, etc..
- Shop for a mortgage
It is a nice Idea to shop around a little bit. Ask friends and family for recommendations and talk to different mortgage lenders. Determine how much mortgage you can pay and feel comfortable with each month and ask all the questions you have – do not be shy and make sure you get satisfying answers.
- Compare prices
For example, are you interested in living near your family, or perhaps close to a school for your children? Make sure you know how the prices differ depending on the area. If an area is more expensive, find out what are the key attractions to living there.
- Get a lawyer
This might not be necessary, but it is always a good idea to get a professional legal opinion on your documents. An experienced attorney will help you to look for potential problems in your closing documents and paperwork.
- Find a real estate agent
You don’t necessarily have to have a real estate agent, but the real estate industry has taken over a large part of the market’s house supply. Additionally they can be important partners and provide you with helpful information on neighbourhoods and houses.
- Look for the right home
Make up your mind of what you want to have in your house. How many bedrooms and bathrooms do you want? Do you want a balcony or a garden for children and peds? How big should your kitchen be? How much storage do you need?
When you have a viewing make sure to check out little details such as:
- Test the plumbing by running the water to see how strong is the water pressure and how long it takes to get hot water
- Open and close the windows and doors to see if they work properly
- Try the electrical system by turning switches on and off
- How much traffic does the street get?
- How is the parking situation?
Maybe you can also talk to future neighbors and ask them a few questions about the area.
- Make an offer
Once you have found a home you want to buy, you have to make an offer. Based on other recent sales you have seen, comparable to your house, make a reasonable offer. It is important neither to go too low nor too high. If possible, find out what the seller’s circumstances are. If they can afford to wait for the right buyer, or if they want to sell it rather quickly.
- Move in!