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Must-Know Guide to Buy Your Second Home

Posted on 2016-05-15 21:54:20

If you are thinking of buying a home for the second time, you must have some experience of buying the house. But, opposite to what you think, the real estate also changes, the rules and regulations change. When you are purchasing a new property, you must never wait. Unlike any other thing on earth, property is the one that gets expensive by the day. The home that you thought you could buy last year might be double the price today. So, if you are thinking of buying a second home, just go with it now before the price gets increased. Here are a few tips which will serve as a guide to buying your second home.

The facts

Points to consider before you buy a home in Bahria Town Rawalpindi are the land price, the place or the neighborhood, payment structure, size of the home, down payment, total cost, and interest rates and at last rules and regulations by the government.

The land price

The first thing that you must know when buying a second home is the price of the land. Many people overlook this significant element when purchasing a home. The more the land price, the expensive is the house. Make sure that you study and do proper research on the property and the land price where you are going to buy your second home.

Many sellers try and trick the buyers by telling the price of the land more than its worth. Research the local directories and realtors to enquire the actual land price.

The neighborhood

 

If you are buying a new home with a family, then survey the area and the neighborhood. See if the place has all the facilities, schools, parks, shopping centers, transportation, recreation centers, libraries, etc. make sure that you know what you need, then buy the home in that place.

Buying a home is not an easy task, you will be moving with your family to a new location. So you need to make sure that the neighborhood is also safe. Search the web for any safety concerns of that area. You can visit the official website of that place and see the criminal records.

One of the best ways to make sure the neighborhood is safe is by visiting it yourself. Before you buy, go see and the place yourself.

See the home yourself

If you are about to purchase a new home, then you must make sure it is in good condition. Many times the people who are selling their houses are because of some problem with the property. Visit the place, see the property yourself. Do not just trust the real estate websites. 

Today these real estate websites have eased the process of buying a second home. Visit the website and see the property and make a deal. But this is not 100% safe. The pictures on the real estate website might be misleading. It is why it is important that you visit the place yourself and see the entire home from the inside.

Down payment and the size of the house

In the real estate investment, the down payment depends on the size of the home you will buy. Make sure that you choose the size according to your needs, a house that has a couple of bedrooms, a garage, and kitchen will do nicely.  Be careful when making the down payment, there may be hidden charges, the seller might add the taxes and hide those. There are many hidden fees or taxes that you need to beware of.

Total cost

When you buy your second home, you must know the total cost. Once you make the down payment and calculate the interest rates if you are buying on the monthly payment, you will know the total cost. If the interest rate is so high that the total cost is almost double the amount as compared to a one-time payment, do not buy that home in monthly payments. Make sure that you have the budget to buy the home with a single payment. It will financially be beneficial.

At last do your homework

To ensure what you bought is the best, do your homework. Visit real estate websites, visit the places, compare the land prices, compare the down payments, compare the neighborhood facilities and create a worksheet sheet. It will make things even easier.