How to buy a house without losing money

Are you planning to move to your new home any time soon? Or buy a new home? Buying a property is an important decision, with several consequences. Hence the importance of good preparation. Take time to review this guide. You will find all the necessary information that will lead you to the threshold of your new home. If necessary, do not be shy, ask for help from qualified people in this area. This will allow you not to make mistakes when you decide to move to a big house.

Budgeting is an important step. The purpose of which is to set the limits of your project. A thorough assessment of your balance, financial situation, your needs, your priorities and your financial capabilities in the short and medium term will relieve you of stress in time and allow you to consider your purchase in more detail.

Advance payment. When you make a mortgage, you must make an advance payment, that is, the amount of money from your personal assets. This can come from your savings accounts, your certificates of deposit, your savings bonds, from your investment funds. Cash donations, refunds of lenders and personal loans are also eligible under certain conditions.

By the way, if you own the land on which you want to build your house, its value can be used as an advance payment. Finally, if you are building your own home with the help of relatives or friends, the value of this workforce will help you to reduce the amount needed for your down payment.

Commissioning costs.

In addition to the initial down payment, you must provide a minimum percentage of the value of the desired property to cover some of the initial costs.

Inspection fees

Inspection of the house by a specialist before buying must be. A detailed report will come in handy if the house needs repairs in the short or long term and tells you what the problem areas are.

Assessment Fees.

You may want to know the value from the seller of the property you wish to buy. An expert, usually an appraiser, will be responsible for evaluating the home to provide you with this information. Fees and legal costs, as a notary public will charge for the preparation, signature and registration of various legal documents related to the purchase of your property.

Your financial ability.

In order to make wise choices that satisfy your desires and your ability to pay, you must pay close attention to certain calculations.

When you know your budget and your financial capabilities. Now is the time to set your selection criteria. Identify your priorities that matter to you and those that you are willing to sacrifice.

The location of your future residence is a factor that requires special attention. The place where you decide to settle can significantly change your planning budget, your habits and the quality of your life.

House style. Take the time to carefully choose, keeping a mind that matches your tastes and your needs.

There are several types of housing:

  • Detached house (cottage, bungalow)
  • Semi-detached house
  • Duplex (2 houses)
  • Townhouse
  • Condominium shares (condominium) undivided joint property
  • The so-called mechanical or modular house

Each has its own advantages and is suitable for different lifestyles.

New home or existing

Each has its own set of advantages:

  • New house.
  • The ability to improve or select these elements: exterior cladding, flooring, plumbing and electrical accessories.
  • Construction in accordance with modern standards (construction, electricity, energy efficiency).
  • Warranty of the contractor or manufacturer.

A stand-alone project is one of the large-scale projects that requires detailed planning. Here is an overview of the steps you need to take before you begin:

  • Define your needs according to your tastes, your lifestyle and your financial capabilities;
  • Provide funds, usually representing 10% of the construction cost (without down payment and net of taxes);
  • Get plans and specifications from specialists, comply with building codes;
  • Obtain a building permit in the municipality;
  • Take an insurance policy to ward off accidents and other risks;
  • Assess and detail all direct and indirect indirect costs;
  • Get funding from your case before starting your project;
  • Develop a schedule for working with specifications;
  • Plan the main stages of work verification;
  • Receive written agreements with material dates from suppliers of materials and subcontractors.