The In’s and Out’s of Buying a House

| November 18, 2013

For lots of people, a house is the biggest most expensive thing they’ll ever buy. That’s why it’s so important to get it right first time round, although the rules and regulations can be daunting when it comes down to it. Fortunately, with the right knowledge, you can start making your property dreams a reality in a fast, easy, and effective manner:

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Strengthen Your Credit Score

The stronger your credit is, the better your chance of getting accepted for a mortgage. Your credit is measured by something called a FICO score, which ranges from 300 to 850. The better a house buyers FICO score, the better interest rate you qualify for (700 and upwards is an ideal FICO score). Get a free copy of your credit score from a company like Experian, and you’ll be able to see what lenders see when they search for it. Make sure you pay off all of your credit cards and resolve any credit disputes ASAP!

Shop For Your Mortgage

You probably think this is strange, after all, why would you shop

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for a mortgage without finding a house first? Shopping for a mortgage before you decide on a house can be beneficial for many reasons, including the fact that you’ll know exactly how much you can borrow before buying your home. Too many people choose homes that they really can’t afford, but this way allows you to find a mortgage and then the perfect home to go with it.

Get a Solicitor

If you think that buying your home is going to be fairly simple, then you’ll only need a realtor, an escrow company, and maybe a mortgage broker. However, things don’t usually go to plan and it’s better to be safe than sorry, so you might want to hire a solicitor. Here’s when you know you should hire a solicitor:

  • If the cost of the solicitor is nothing compared to the overall cost of buying the house.

  • If the home you are buying is either in foreclosure or probate (making it a dead persons estate).

  • You think the seller might try to back out of the deal, or you think they are untrustworthy.

Find a Good Estate Agent

An estate agent will help you in the search and negotiation process, so it’s important you choose the right one. You’ve found a great estate agents if they are; open, interested, relaxed, confident, and qualified.

Look For Houses In Your Price Range

You and your estate agent can now start searching for houses within your price range, but remember to bear the mortgage budget in mind. You need to know what you can and can’t afford! At this point you’ll also want to consider the things you’re actually looking for in a home, and what’s most important to you. What kind of area would you like to live in? How many bedrooms do you need? How many kids do you expect to have? These are all questions you should start asking yourself.

Once you’ve found a house you love, you can then make your offer. Once an offer you’ve made has been accepted, you’ll then be able to finalise the deal and have all of the home audits and things taken care of. Good luck with buying your dream home!

The In’s and Out’s of Buying a House


Category: Investment

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