Buying your dream home is a life-changing experience. You buy it with all your savings, and even loans are involved. It is a big investment as well. But, buying a house has never been an easy task. You can’t just walk into an agency with a suitcase full of cash and walk out with the house key. You can find many real estate agencies like Arizona Real Estate, but the agency and you have to complete many tasks before buying a house.
Arizona shares its borders with Colorado, Utah, and New Mexico. The state has 7 million people, and the capital city Phoenix has the hottest real estate market in the US. California being the neighboring state, has affected Arizona’s real estate a lot. The average sales price of a property in Arizona is $504,000, and the median sales price is $390,000. The price has remained almost the same even in the Pandemic.
The real estate agent will help you choose the loans, fill up documents, legal registrations, etc. But, before that, you need to learn about many things and research a lot deeper.
Here is the 10-point checklist for buying a home:
1. Your Requirement
You have to figure out the motivation for buying the house. Are you buying to stay with your family? Or are you going to rent it? If you are buying that house to resell it for profit, then the requirements are different.
Before you decide to buy the house in a specific location, you need to fix your budget and how much you can spend on renovation (if required) and other installations in the house. Whether the value of the house is equal to the price in the market is important. You have to look at it as a long-term investment.
3. Appropriate Home Loan
If you are applying for a loan to buy a house, have a chat with your family and someone with real estate and banking knowledge. You are putting a whole lot of cash in one real estate, and you need to know how much money you need to borrow from the bank and how much interest to pay. Some loans have hidden interest rates at some level, and some charge higher interest rates than others. Know your bank and understand the finance involved.
4. Location Factor
The location of the house is of the most importance. The value of the house depends upon the changes that are going to happen in that location. If a railway station or airport is coming up in that area, the value of your house goes up.
5. Market Research
The house you buy is going to be your big investment. You will be staying in it for the rest of your life. You need to understand the real estate market and the actual worth of your potential house. You can go to agencies like the Arizona Real Estate agency to enquire and understand the situation.
6. Analyse the House
Researching about the price and location is not enough. You have to consider one more thing; whether the house is the right choice for you? The number of bedrooms, washroom, balcony, etc., has to be according to your requirements.
7. Help from a Professional
Either you consult an agency or a professional who can pinpoint any defects or problems related to the real estate if any.
8. Legal Formalities
You need to check the paperwork and history of the property you are buying. You have to make sure no fraud is present in the deal. The real estate agent or agency must disclose everything about the house.
9. Price Negotiation
Do your research and negotiate properly. The previous owner might try to sell the house for more than the market price. But you can negotiate and bring the price to a reasonable level.
10. Keep Your Documents Ready
The buying and selling of properties include a lot of paperwork. It can be hectic sometimes. You need to keep all the necessary files ready even before you begin the hunt for the right house.
These points will help you buy the right house without any difficulty. Don’t be in a hurry. Think clearly and make a wise decision after research and discussion with trusted people.