THE HOME BUYING PROCESS

in Blogroll by admin On May 23, 2020 0 Comments

Owning a home is one of the most rewarding decisions one can make. The feeling of fulfilment that comes with it is so beautiful. For many people, it is topmost of their must-achieve goals before retirement because ‘’worrying about rent’’ post-retirement can be a bitter experience. And for others such as property investors? It is the fulfilment brought about by owning property investment with great ROI.

THE PROCESS INVOLVED IN BUYING A HOME.

1. HAVE A BUDGET.
The best way to start the home buying process is by determining the state of your finances and setting a budget. A budget serves as a guide and must be considered when buying a home as you don’t need to over-stretch yourself and neglect other areas of your life during a home acquisition.

For every property listed for sale, there are extra costs. Some of which are legal fees, agency fees and service charges which should form part of your budget. This could help inform the type of home you decide to buy and guide negotiations.

2. TALK TO A REAL ESTATE PROFESSIONAL.
Unless you are an experienced property lawyer or realtor, you need the opinion of an expert when purchasing a home. Of course you can search for homes on property listing sites all day, respond to the ads on social media with nice-looking homes, but you‘ll need a real estate professional to offer expertise, valuate, negotiate, manage paperwork and carry out other tasks.

Ensure that you communicate your needs and expectations to the real estate professional you choose to work with. One of the easiest ways to find trusted agents can be through referrals, feedbacks on social platforms, engaging with professionals behind real estate blogs and newsletters.

Do not rely solely on referrals from acquaintances as their needs and yours are different. Find a professional that understands you and operates with integrity.

3. FIND THE RIGHT PROPERTY
This is determined by what is important to you. Is it functionality, size, proximity to schools, recreation centers, malls? How many bedrooms? Bathrooms? Do you want a move-in ready home or are you willing to do a few renovation projects? Give this some thought, be realistic and share your wants and needs with your real estate professional. This will aid you in your search for the right home.

4. DUE DILLIGENCE.
Involving a legal practitioner in the home buying process is very vital. In this age where there are lots of conmen looking to defraud unsuspecting people, it is important to carry out due diligence. Conduct a search on the property at the ministry of lands and check for all necessary details.

The title documents need to be verified and the number of unexpired leases also needs to be ascertained. A structural engineer should also check the structural integrity of the property.

At this stage, lots of questions need to be asked to ensure a smooth transaction.

5. CLOSURE.
Following due diligence, an offer is sent to the owner of the property or the party representing the owner of the property. Here negotiations are carried out and when payment is made, and transfer of title documents is effected, the deal is closed.

Now that you are a proud homeowner, it is advisable to protect your new asset by obtaining insurance to guard your property in the event of any accidents or disasters.

Also maintain all files (digital or print), insurance documents, contract of sale etc. Keep original closing documents in a safe place- preferably outside the home.

CONCLUSION

The home buying process isn’t that cumbersome with the right people involved. Contact us for your seamless buying process.