If you are about to buy a home there must be several questions crossing your mind. It is, after all, one of the biggest investments you make in life and a big decision too. This home that you will buy and nurture will also be your greatest asset for almost all your life. So before you take that big step here are some tips that will come in handy and make your first-home buying process a smooth one. Validation of title and liens You would in all probability do a title search before buying the house. While doing it, you must ensure that all laws have been adhered to and procedures laid by law have been followed. When you visit the Land Registry Office, you must certainly check for - Chain of Title, Deeds, and Documents, and Liens or Encumbrances. Validation of all previous land sales needs to be made too as a property with a bad record is bad news for your future. Home Repairs and Inspection Some of the properties on sale have been neglected for years altogether. If your heart is set on a particular house and you are most certain to buy it then it is good to get an inspection done. After the inspection, you can ask for major repairs that are required around the foundation of the house or even the plumbing or heating. Asking for these is your lawful right, so do ask before you sign those papers. Up-to-date credit scores are a must We have shared this time and again that an up-to-date credit score is everything when it comes to buying a house. If there are any mistakes or other faults in your credit score you can have them fixed before buying the house to ensure you get the mortgage and that too at a low interest rate. Sort your finances Not everyone will tell you this but you do need to have a budget while buying a house - even if you can afford whatever you set your heart at. This is especially true when buying a first house as after making the downpayment, and month-on-month mortgage sum, you would also need to pay monthly bills such as food, taxes, insurance, maintenance and repairs, etc. Additionally, it is advisable to have an Emergency Fund for unexpected times such as a job loss, an accident, and so on. This fund should so substantial that it should be able to help you navigate any financial crunch for at least a few months. Pro-Tip
Look at the house from a broader perspective. You might be buying the house in summer and may find it breezy and light, but the fact is you will be staying in it all through the year. So, it should be good for rain and the winter season too! If you need any particular tips about any aspect of home-buying, write to us at LendX Financial in Brampton, Greater Toronto Area.
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