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Things to Consider When Making an Offer On a House

Things to Consider When Making an Offer On a House

The decision to buy a new home may be done in haste. But there are certain things that you have to consider before you sign the purchase deed. Here is a list of things to be checked before making the final offer on your dream home.
Anuja Marathe Kanhere
Homes have always been tagged as comfort zones that help to relax the mind at the end of a tiring day. They are havens of peace that help you unwind and de-stress. Imagine investing a whopping sum of money and then realizing that you have made a mistake while selecting your home. Such regrets can be easily avoided if you keep your eyes and ears wide open when making a crucial decision of purchasing a new home.

Choosing an Ideal Home

Tug of Heart
You might be wondering what I mean to say by tug of heart. Well, you will never enjoy staying in a particular house, until it tugs at your heart and gives you the 'at home' feel. Naturally, definitions of home change from person to person. For this, I suggest that you avoid approving the very first place recommended to you by the broker. Zip through numerous houses before you make the final offer.

Personal Budget
No matter how impressive a house may seem, you will need to stick to your budget. The real estate market is flooded with advertisements about cheap home loans. But one needs to get smart and proceed with further discussions only if the house is in your feasible financial limits.

Think of home space from a long-term point of view. If you are about to get married, then opt to buy a house that can easily accommodate your growing family. In case, you have young children in your family, then buy a house that will be large enough for the future needs of your children.

Make a Thorough Check
It is likely that some of the best-looking houses have some defects in them. Even after detailed scrutiny, you might miss out on some key factors. If you have already selected your prospective home, then there is nothing wrong in getting a professional home inspection done. This inspection will ensure that you are getting the best deal. Find out the age of internal and external painting work done on the house. If it is old, you might require to shell out money for painting in the near future. In case the inspection report throws light on some property damage, then you may need to find out if it is curable or not. In case of incurable property damages, it is best to stay away.

Check the Accessories
A new house is likely to attract you with features like a jacuzzi, swimming pool, a garden etc. However, you need to understand if you actually need these accessories for your home. At times, maintenance of these accessories turns out to be an additional expenditure. You might need to check some other minor accessories that come along with the house. Check if they are well-maintained or not. If the house has a front and backyard garden, then check to see if the landscape is well maintained.

A social and watchful neighborhood is one of the key factors that make a home feel safe and secure. Try to have a word with your prospective neighbors to understand the level of co-operation and social life between neighbors in your area. This strategy will be especially useful if you have young children in your family. You may opt for making a background check of the neighborhood with reference to crime and burglary rates in the past few years too.

Noise Pollution
Your new house might be located close to a business district or a crowded traffic prone area of the city. In such a case, your house might become a noisy zone much to your distress. In case, you want to stay away from noise pollution, try to visit this house at different times of the day. This will give you some idea about noise pollution around the neighborhood.

Check Property Records
One important task to be carried out upon selection of your new house is to visit the local library to browse through local news archives. If you are shifting base to a new city, you might not be aware of the history of the suburb you are planning to shift into. Make sure to find out if your new neighborhood is safe. You might come across news about plans for neighborhood development around your new home.

It is common to fall in love with a beautiful home at first sight. But make sure to find out about routine expenses and taxes of your prospective home before you make your final decision. Ascertain if you do have a budget to pay for house taxes. After all, you will definitely not wish to drain away most of your savings in tax payments.

Compare Market Prices
One crucial task is to check for property rates in the neighborhood you plan to move into. If you find that the property price is way too low than the other houses, then it should act as a warning bell. Nobody sells a house cheap just to do charity. Quite often, there is some serious damage to a property which is being kept under wraps while putting up the house for sale.

Meeting Sellers
You will have to meet up with the sellers of the house, sooner or later. So, why not talk to them while you ponder over making the purchase decision. Sellers or previous owners are likely to tell you the reason why they wish to sell their home in the first place. They may also give you some ideas about problems faced by them while living in that house. Try to make a note of their suggestions while you have this meeting. If you do buy the house, these suggestions are likely to come in handy. Also make sure to ask them to glance through all the property documents.

Needless to say, these early precautions will help you to save a lot of time, money and disappointment. The more information you have about your new 'buy', the easier it is for you to make the final offer for the house.