Buying a home - what you need to know
There is more to buying a house than just the exchange of money. Buying a home; especially when it’s your
There are terms to understand, strategies to grasp and sometimes even skills to learn.
Many individuals save for years if not decades to be able to purchase a home.
In that time, they would have figured out the design of the house, the number of rooms and even the location.
For others, this may not always be the case and it becomes imperative that consumers know all there is to know before placing a deposit or a down payment on a new home.
The home buying checklist
Before purchasing a home, it is important for consumer to consider the following:
■Take
stock fiNANCEs of your personal
– one of the first steps to consider before purchasing a home is to gauge your personal finances and whether you can afford the home you intend to purchase. It is always a good idea to review credit history. The better your credit history, the more likely you are to receive a good interest rate on your mortgage loan. Lenders will use your credit reports and scores as important factors in determining whether you qualify for a loan. If you have a bad credit history, you may have trouble qualifying for a loan.
■Research scope the market and determine the conditions of the area where you will be buying. Always check if there a homes that are in your price range.
■List
the your local market
priorities - once you’ve determined you can afford a home; you can search with listings within the areas you wish to purchase. Always list down your priorities such as what you want in a home and its locality.
■Get
– purchasing a home always involves a contract. You will work
the necessary paper work
with your lender and your real estate agent to ensure that all of the relevant paperwork for your purchase is in order.
■I■spect – before making an offer it is always important to inspect the homes. This helps you determine whether the asking price is worth it or whether you will be required to fork out more money for repair works.
■Check – roof replacements cost a significant amount of money and it’s important to verify whether this is in good condition before buying.
■Sig■s of foundational
– if a foundation of a home is damaged it will cost thousands in repairs. Look for signs like cracking near the foundation inside and outside the home.
If consumers come across any issues when in the process of purchasing a home, they can contact the Council via the toll-free number 155 or lodge a complaint using the Consumer Council of Fiji mobile app.