One of the most important decisions in our life is the selection of the house we want to purchase and usually is the largest investment we ever make. Before making such a crucial decision one should be aware of all the points which go into the buying process. Let us go through all the major points the buyer should keep in mind from the time he starts his search for the ideal home to the final closing.

* First begin with going through several properties, at least 10 to 15 and take help of a real estate agent to get a general idea about the housing market and the kind of housing available in the locality you prefer to buy the home in.

* You have the right to inspect the house before making the final decision of purchasing it. Check all the details provided in the inspection report to see if the house needs any major repairs and make sure that the inspection has been done by a professional company.

* Determine all the involved costs before the closing like applicable homeowner dues, maintenance costs, taxes etc. Also make sure that all the utilities such as water, electricity and water are functioning properly and check the potential problems that commonly arise; pests, septic system, molds, radon gas levels and other such problems.

* If you need to get a mortgage for financing your purchase, consult a professional financial consultant and discuss your income level, monthly expenses and how much of borrowing you will be able to afford.

Also keep your debt to income ratio within reasonable average limits so that you can show the mortgage lending bank a satisfactory income level to afford the mortgage payments every month. Before the finalization of the loan if you take on another higher debt payment (like purchase of a new car) then your debt to income ratio will get affected and banks will hesitate to provide you with the finance.

* Whatever you discuss with the seller and the promises he makes should be in writing. Make sure any part of your home buying contract is not in any verbal form as it has no legal enforceability. From seller point of view also he cannot remember all the promises and assurances he may have made unless those are in written form. The purchase contract should be in written form and be signed by all people involved in the sale.

* Before the closing make a final walk through after the house gets vacant to be certain that there is nothing unusual you haven’t noticed previously. It is possible that some sections of the home were not checked because they were covered up behind the furnishings. You may discover stain marks on the wooden floor that were covered beneath a bed or many of the doorways have been damaged at the time the seller was taking out things out of the house.

* At the time of buying you should know if there are any restrictive covenants that are going to be part of the deed. A restrictive covenant can have important influence on your decision of purchasing the home. It is a kind of legal obligation in the deed inserted by the seller and enforceable on buyer. An example of such a covenant would be like, to maintain a sight line for some neighboring properties, not to build anything on certain parts of the property, not start running a business from home or maintain a satisfactory level of repairs.

Explore all the positives & negatives of the purchase before signing the final contract. Take your time in making the right selection and the first home purchase will become one of your memorable and pleasing experiences to cherish for life. Also take advice from friends, real estate professionals and family members so as to avoid making mistakes with your purchase.

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