The prospect of finally owning your dream home thrills you. And why not? You earned it and owning a real property is one crown you richly deserve. And because it is a substantial investment on your part, making the right decision is something you cannot leave to chance. Many things need to be considered before one can come up with the best possible option under certain conditions.
You may begin by looking up for pertinent information. Listings of real properties offered in the market are usually found in real estate agencies. After having known the options open to you, key choices need to be made. You can either buy a lot and build a house on it yourself, or buy a resale property. If you choose the lot-only property, you need to further consider the options on how to best finance your house construction. Getting financing ready for home construction allows you to realize dream home without much delay.
Buying resale properties–in case this is your choice–requires careful valuation of the items available on the market. Engage the services of professional property appraisers for this purpose. Firstly, lenders will require you to submit appraisal reports on the property in case you decide to apply for financing through mortgage. Secondly, even if financing is not one of your options, a thorough inspection and appraisal of a resale property you wish to buy will not only provide valuation data which you can rely on, they will also give you ideas on how best you can proceed with renovating or upgrading the property.
Another factor that needs to be carefully considered when buying your first home is location. Do urban settings serve best your needs? Is the relative stillness of the country too fascinating to be ignored? Or do you think the scenery by the sea cannot be traded for the world? Your decision here will most likely be made in relation to your overall career plans. What do you see yourself doing in the next 25 years? Where do you prefer to spend your retirement age? The prospect of reselling a property hardly crosses one’s mind when deciding on buying the first home. But we never really can be totally sure about anything, especially if it partakes of possibilities that can only happen in the future. Thus when reselling your home eventually becomes inevitable, it pays to buy a property with this consideration in mind. Be reminded that location bears a lot on the resale value of a property.
Finally, you need to come to grips with the cost of the home you choose and the available funds under your command. Since the purchase would most likely entail monthly expenses, compare the amounts involved with the stream of incomes you are likely to earn within the payment period. Prudence suggests that it is better to own a less opulent property than to wreck your finances later on in a vain effort to try to maintain it. If you need help on this, the banker or lender you are dealing with for home financing can show to you every detail of financing schemes that can work in your favor. Proceed to choose a financing schedule that fits within your capacity to pay.
Abhishek Agarwal
http://www.articlesbase.com/real-estate-articles/your-first-home-expert-advice-on-purchasing-it–708450.html
Are you ready to stop bank abuse?
We all hope that some bank CEO will find the bravery to reverse their abusive policies.
I call on all celebrities, anyone who can, to join in a boycott and withdraw your money from American banks. The speculation of banks folding compared with wanton, unethical treatment of good, moral people is a no-brainer. Withdrawing from banks is the lesser of the two evils. Use Swiss banks, any banks that you can other than American banks. As one reporter said, the mattress is looking good right now. I do realize that many of you have already had to resort to that.
History has shown that the social injustices that have been partially corrected were begrudgingly done so only because of societal pressure. Denying female citizens the right to vote, denying human dignity to black citizens, actually making it illegal to teach a slave, refusing to pay reparations to victims of factory toxins. Cops who beat their wives getting the protection of the police force because of their code of silence. So many victims of fraud.
In our thirties and with two babies in tow, my husband I built onto our first home. We pick-axed the trench, poured concrete, hammered thousands of nails, lifted 2 by 4’s; nailed window headers, installed a full bath, lifted tar rolls and shingles to the new roof, spackled, painted. That two-year process was back-breaking work, but my children got rooms and we began to grow financially. I remember my children saving their Christmas and birthday money in Bank of America, $15 dollars at a time. I was teaching them the value of saving money. Each child got their accounts up to $85.00. Bank of America never told me that the accounts had to be at least $100. So, my children’s gift money from relatives was taken by Bank of America. So began my lessons with Bank of Amevil. Years of viciously tremendous MBNA interest fees never allowed us to decrease our debt with them. While MBNA made 100% profit for years on all of our payments, our balance just kept increasing.
When we bought our final house, National City Mortgage held the loan. You can do all of the research you’d like in order to make an informed decision, but in the end, you will probably go with the advice of the “experts.”
In 2007, my husband and I lost our home, all of our retirement, had to sell a car, moved three times within a year, sporadically go grocery shopping and usually have 10 or 2 items in the fridge, have ceased purchasing clothes even at the thrift shop, have canceled home phone, internet, my cell. Two bankruptcy attorneys told me that we could have easily qualified for full bankruptcy. My husband has been laid off. But for moral reasons, rather than make creditors eat all of the loans, we entered debt settlement.
Now in our fifties, we have started new. No longer with Bank of Amevil, our new credit life with this bank has been honorable. When we opened the account, they offered overdraft protection, which we have used. We make heroic efforts to pay it back. We’d like for our banking history with this bank to based on our clean, timely payments. We constantly sweat the threat of overdrafts, just making it by pennies. This is a long, slow, painful, extremely stressful process, but we are trying and doing moral best.
However, this new bank found out about our settlements with past creditors, which have nothing to do with the new history we have established, like paying large amounts at a time back for the use of the overdraft protection. With no warning, this bank lowered our overdraft protection and set into motion the likelihood of bounced checks, this time with the creditors with whom we have agreed to settle. Aside from the unethical dilemma in which this bank created for us, the new life of showing prompt payments and good faith, and now future creditors and those who check credit, potential employers, housing, it has been sorely damaged, again.
This unethical treatment of banks preying on those of us who are trying to rebound from losing everything and reestablish our lives must stop immediately.
When I got my undergraduate degree, I read of one theory as to why the ancient Roman Empire fell: their greed.
Corporate greed has long been out of control. Corrupt CEO’s and lobbyists are not only not penalized, they are somehow tremendously rewarded. But morality is not. Morality does not enter into their business practice with customers, though many customers, such as ourselves, use morality to guide our dealings with others, even businesses.
It is a shameful comment on our society that the business world has sentenced us to a legacy of immoral, abusive people.
The greedy have made it clear that money is the only language to which they will respond. Withdrawing it is the only pressure that may force them to stop these perpetrators. Good heavens, Chase charges monthly fees to just check your balance.
To those of you who, like us, have already lost everything, I wish you luck in your struggle to s
lmfao! oh get over yourself.. when were you born? just yesterday?
give it a break.. this goes back way past the days of our big depression of the late 20′s… eh.
now, get a job! bring money into our economy, willya?
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been there, done that.. filed for bankruptcy a few times.. blah blah, i’m an old timer when it comes to this craptastic venture.
didn’t even read all of your crap, just wanted an easy two points.
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swish!!