Getting Your Dream House

There are a few types of shoppers in this world. Some buy on impulse just because it is beautiful, others buy because it is worthy of an investment. Still, some others may buy only because it gives them the “this is it!” feeling of euphoria, that it is a must buy item. Which type of shopper are you?

If you are the third type, you probably have a dream house in mind. You will not compromise getting a house which is lesser than your ideal, and it will only be that perfect house for you or nothing. However, while you hunt for your dream house, remember not to neglect the basics of house buying. The love for the house may be overwhelming, but do not let it blind you from all other important factors. It might cost you a bomb later, or make you feel that your 'dream house' is the start of your nightmare.

What are the things that you may need to take note of while you try to conceal the heavy thumping of your heart when you see your 'dream home'?

Ownership

This is highlighted because of the rise of fraudsters in this era. You may find your dream house among some unoccupied houses, and it will be important to get your lawyer to check the ownership of the house. Do find out whether the owner is genuinely selling the house or is it an imposter who tries to sell you a house which you cannot own.

Also, do find out if there is any co-ownership of the property and whether all co-owners agree with the sale. This will save you from a lot of lawyer's fee in the future. Always do it right the first time so that you will not fall into lawsuits or anything that will incurr unnecessary loss of time and money.

Reason that the house is in the market

Besides checking for the ownership, it will be good to find out the reason why the owner is selling the house. Is it because of migration, debt or was there some incidence (such as a murder in the house)? There can be many possibilities, and it will be good to find out, so that it will at least put your heart at ease so that you will not feel uneasy with the history of the house. If indeed you are not happy with the history of the house, it will be good to delay a purchase until you find another that you can be comfortable with.

The build

This means the electrical cables, the piping and whatever else that may be built within the walls of the building itself. Older buildings may need rewiring and restructuring of plumbing, also to check whether the pipes are leaking or rusty.

Rewiring is mostly required for safety purposes, especially to avoid the possibility of fire due to short circuit and safety against electrocution. It will be best to examine how long the house had been built and whether the owner had done any upgrades to the electrical system of the house. Older houses may not have wiring that adheres to safety standards that were tested and tried based on the latest fire safety regulations.

Meanwhile, pipes need to be checked for rust so that you will not be drinking rusty water should you move in later if the purchase is successful. You will need to take this into consideration, because it will mean additional cost to you for renovation later on.

Mortgage Criteria

While the property may be your dream home, its location might not be the ideal that your bank or financial institution which you approach for the mortgage. All financial institutions have their own set of rules pertaining to loans and mortgages, and they might not want to loan you the money if the location is one of those which they feel is not worth an investment. Also, you may need to show how you qualify for the loan, using proof of your income and bank statements. The policies are crafted to protect the banks from lending to those who may not be able to repay the loan they solicited.

Location and neighbourhood

All the above may already be taken care of, but there is still another consideration when it comes to properties. The location matters very much unless you are not going to live in there everyday. You may not wish to buy a house which means an almost one hour commute daily for work, and neither will you want to live in a neighbourhood where everyone else is leaving or had left. If you need too much time to commute to work, you will find it not economical in the long run. If people are leaving the neighbourhood, the safety and future development of the area is rather questionable.