Purchasing a house is an interesting and exciting time in your life, mainly when you are going to buy your first home. What are the things people should consider as a part of your house purchasing process? Property Buy Rent has divided it into ten very easy tips, so you have their idea of what should be done and expecting the whole process. So in the end, you will be able to choose the best dream home for sale in Lahore, which will be your dream home.
1. Approved in Advance (How Much Can I purchase?)
Suppose you have to finance your house and you have no plan on financing for it on the spot with cash, the first step in your house purchasing process should always have to be advance approval. Advance approval of loan is imperative because it gives you an idea that how much you are allowed to borrow a loan. You will also get to know that you are qualified to get a loan.
Without advanced approval, you maybe end up going after a for more expensive home than you can afford. You will also end up in a negative position of having an offer accepted on a house, only to look out that something from your credit history has tossed a problem in your capacity to close the loan. Things like that could lead you to lose your hard-earned money deposit and also the offer on your dream house.
2. Location of the Home for sale
The moment you have your advanced approval in hand, the next step in your house purchasing process is to find out at what location you want to buy a home. You probably have an idea in which society of Lahore you want to live in, but now it’s time to look deeper into it. Ask yourself:
- What neighborhood features are important to you?
- Do you want your children to stay in the same school area as your contemporary residence?
- How imperative is your proximity to your office, your Mosque, a utility store, etc.?
Bear in mind, if you are not sure of where you would like to purchase or what type of 5 marla house for sale in Lahore is most suitable for you, take counsel with a real estate agent in advance. You don’t have to hold back! Grasp more knowledge about choosing the right neighborhood for you with Property Buy-Rent.
3. What Type of Home you want to buy?
Furthermore to locality, you should also need to consider what type of house you want to purchase. There are many types of home for sale in Lahore. The usual house types include single-family residences, flats, bungalows, apartments, and 3 – 10 Marla and 1-2 Kanal homes.
You should know before buying a home how much area you & your family will require, both inside and outside the house. If you have any kind of pets or have any plan to adopt any pets after you move and get settled, do you want a yard? Similarly, do you want to keep a yard, or have a homeowner’s association handle and take care of that for you? Does the house have enough room for your family to enlarge if that is in your plan?
4. NON-NEGOTIABLE Things
What are some of the things for you that are non-negotiable for your dream house? Write all these down and make a list. Property Buy Rent can help and assist you with finding the best house that fits your non-negotiable checklist. Is a parking garage a must-have for you? Or maybe you need a walk-in closet. Do not overdo too much on your list so that would make it so much difficult for you to find properties in the neighborhood that fits your specification, but also do not settle for less than what you dreamed for either. When you depend on your list, you get an extra benefit of ignoring “list creep.” List creep is when prospective buyers see shiny objects in houses they are shown and all of a sudden, they also need those sparkling things in their new house too.
5. Shop for a House
Agent at Property Buy-Rent will help you make a list of potential homes available in your selected neighborhood, and you will visit each house for an introductory tour. This maybe involves going to open homes, or perhaps you go on a private tour. This is often considered the most interesting and fun part of the house buying process.
When you visit different houses, you would like to take notes of what you like and what you dislike & things you would like to change. Our agent will highlight some considerations while you are in each home for sale in Lahore. Give attention to little things like is there are too many outside noises which is coming inside the house. The master bedroom is located in a more personal & private area of the house, or is it in a region near to the public section? If there is a possibility, you should also try to visit the neighborhood during various parts of the day & evening, to have a basic idea of the traffic and environment of the neighborhood.
6. Make a Proposal
Once you have found your dream home for sale in Lahore, the very next step in your house buying process will be thrilling. It is time to make a proposal! Our real estate agent will create a purchase agreement, which you will take a look at, sign it, and submit to the Property Buy-Rent. The sellers of the home will review the proposal, and then, they will have the choice to either accept it or reject it, or make a counteroffer.
7. Mortgage Application for Home for sale
You may have to sign some paperwork throughout your prior approval process, but mostly all of the mortgage applications & reports require signatures, the moment you have entered into a contract to purchase a house. Our Mortgage Advisor will check and review all the paperwork with you and give you with a list of any upgraded items you may need to deliver at that time. Normally, at this time and moment, your authentication & application will go through the process of underwriting.
8. House Inspection
You have to through the house inspection process with your real estate agent. A house inspection is an important aspect of the house buying process because it will find any possible issues with the house that maybe not be visible to the naked eye.
Our house inspector will make a full report for you, writing down any items that may require repair. Most of the purchase agreements are unpredictable upon finalization of a house inspection, which allows the purchaser to work out with the seller to complete any required repairs. Your agent will help you out with any required negotiations at that time.
9. BE REALISTIC
It is good to be picky about the house and neighborhood where you want to live, but do not become rigid, irrational, or blinded by little imperfections. If you insist on living in a no-through road, you perhaps miss out on good houses on streets that are just as peaceful and private.
On the other side, do not get so excited by a “wow” characteristic, that you may get forget about other big issues like ‘’noise levels” that can have a major effect on your standard of life. Use your preference list to assess home for sale in Lahore, keep in mind that there is no such thing as the ideal home.
10. Purchasing the Property
The last step in your house purchasing process is the closing appointment. You will receive a report called a Closing Disclosure. Mortgage Advisor will share and review the Closing Disclosure with you to see that each and everything is correct and accurate. You will work out with your agent & the closing company to organize the signing appointment.
On the day of signing, you will arrive with your CNIC, and you will sign your finalized paperwork. Theagent will attest your documents & send them back to the moneylender for a concluding review. The moneylender will review and sign on the complete final documentation, then free the closing agent to documentation. The funds will be disbursed from the moneylender, and you will officially become a homeowner!
When you have found the ideal home for sale in Lahore, stop looking! Some purchasers like to keep searching listings of home for sale even after having an offer accepted, expecting something great to be listed. Be optimistic and confident in your selection and make the decision in buying a new home.Each and everyone deserves to find the house they have dreamed of. With the fair amount of research, it is quite possible. Use these imperative elements as points of consideration as you & your family begin the house purchasing process.
You can find various houses for sale in Lahore and their sizes vary from one society to another. But the most common sizes of plots in the housing societies of Lahore are, 1 – 2 canals, there are also 5 Marla house for sale in Lahore, 3 Marla house for sale, etc. But the middle-income group usually looks for 5 Marla house for sale in Lahore. There are so many options in so many societies to buy a home for sale in Lahore, but it’s completely your choice what society you would go for.