As the title says, it is not that simple. There are things you need to consider before buying a home, during the process itself, as well as after actual purchase. That is, if you want to be completely safe that your new home is truly yours and the one you looked at before purchasing. That is why we prepared a list of issues that you need to check to be absolutely sure that you will be a true owner of a new home in the end. Furthermore, it is strongly advisable that, in case that you are not proficient in contracts and property transaction, you hire a professional who will look into every legal detail on the matter.
Before you buy
Setting a budget is a crucial preparatory action. It is important that you are aware there will be more expenses than mere property value. Contracts and various taxes that you will have to pay, such as property tax, ownership transfer tax, homeowner’s insurance to name a few, vary significantly in number and value from city to city and country to country, so you should check with local institutions what the exact amounts are. In general, it would be smart to prepare a certain extra amount just to be safe, imagine the disappointment you would feel if you were not able to become a full owner due to budget miscalculation. Furthermore, unless you are paying in cash knowing every detail of your mortgage terms is essential for calculating the total price.
During the purchase
When checking the house you plan to buy make sure you go through every detail twice. Do not rush lead by a desire to finally have your own home. Take someone experienced with you on an inspection of the property, especially if you are impatient about purchasing since eager new homeowners tend to just glance at things, missing important issues along the way. It is not rare that numerous different issues, such as faulty plumbing, damaged electrical wiring, a leaking roof and similar are noticed the very next day the purchase agreement was signed. Furthermore, the articles of this contract are something you should read carefully, twice. Again, it would be smart to have a legal professional read it and correct anything that could be problematic for you as a buyer and a new owner. The property should be under no legal obligations and as such transferred to you.
Purchase and onwards
You are finally at the stage of conveyance. Once more local specifics are important. Property conveyancing in Australia can be rather differentfrom one in USA or France, for example. The afore mentioned property taxes and ownership transfer tax are not of fixed value even within one country, so make sure you are familiar with what is expected from you as a new owner. For example, obligatory property insurance may be required in UK, but it does not have to be in USA. Therefore, be fully aware of your current and future obligations.
As you can see, a lot of issues have to be taken into consideration. After all, it is not everyday that you are buying a house and you should be well prepared in order to become a responsible homeowner, especially the one that sleeps well after the purchase.
Infographic by www.reiq.com
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