People dream of getting a home of their own from the time they start planning their future. It is quite obvious for someone to wish for a home of their own as it gives you the feeling of freedom at full length. Having your own home is the first step to a stable life. Some people prefer renting houses but when it comes to long-term plan, I personally prefer buying houses. There is no comparison between getting a home by paying rent every month and owning your own house. The satisfaction you get is beyond measure. Buying houses can be a tough decision but if go to real states with proper knowledge of what you are doing then the hassle becomes a lot less. There are several offers going throughout the year for you to choose in real states like houses for sale in Kitchener on discount.
Buying a property means you are investing in your family’s future. It is important to know all the required things regarding the process before you invest such a big amount for the property. You should also think of the additional expenses like paying taxes, insurances, and maintenance that you hadn’t need to think of before. The things you need to know before buying a house is going to be discussed now.
For buying a house you will have to make a cash down payment up to 3% to 20% depending on the demands of the agency you are buying from. The loan for your house will be easier to get if the amount of down payment is higher. It is a basic thought that you can afford a home that is worth three times your yearly income. You will also have to consider some other expenses like closing cost, miscellaneous cost and mortgage cost.
You can always go for an agent as the seller is going to pay for your agent’s commission. Agents have the access to the MLS or the multiple listing services that include all the list of the houses for sale. You can also hire an agent for competitive market analysis that involves details of the comparison between the property you want and the similar properties that have been sold in the neighborhood. You can also do your own research as you can gather these details through internet access. But you will need an appraiser for more detailed and more accurate than the report of market analysis. It will cost you a little more of course than an agent. You will need an appraiser for getting your bank loan as the bank will not process your loan without an appraiser whether you have an agent or not.
These tips will help you to take step toward being a proud owner of your own house without the risk of not knowing what you are doing.
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