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Buying a Home in 2013: The Key Considerations to Keep in Mind

Posted February 26, 2013 by Lewis R Humphries to Real Estate 3 0
This post was written by a EasyFinance.com Community member. The views expressed below may not reflect the views of EasyFinance.com.

As the global economy inches towards a sustainable recovery, consumer confidence is beginning to soar. This trend is particularly prevalent in the U.S., where retail sales and the housing market have experienced something a resurgence in recent times. This is prompting many individuals to consider embarking on a search for their new home, whether they are first time buyers or already have a presence on the property ladder. With prices set to rise considerably throughout the year, now is the ideal time take your first steps into a thriving market.

Buying a Home: Striking the Best Possible Deal

With this in mind, what practical steps can you take to strike the best possible property deal? Consider the following options: -

The Need for a Sound and Reliable Budget: While applying for a mortgage will give you an understanding of your purchasing budget, there are other costs affiliated with buying property. Tasks such as surveying, conveyancing and refurbishment may all be necessary when purchasing property, especially if you intend to live there for a pronounced period of time. Managing these individual costs is key to determining on overall budget, and you should strive to minimise them where possible. So be sure to compare conveyancing quotes and the providers of home remodeling services, while commit to negotiating with companies where possible.

The Importance of Location: While it is common knowledge that location is a key consideration when purchasing a home, the reasons for this depend on your exact purpose for buying. If you intend to live in the property with your family, for example, then it is important that it is located close to reputable schools and local amenities. Should you be more concerned with long term profit or entering the rental market, however, then you may wish to consider a regions economic performance and portents for expansion. These factors cannot be ignored, especially if you to identify a property that is able to fulfil your long term aspirations.

Monthly Mortgage Repayments: In the wake of the recent global depression, U.S. banks and lenders have been forced to operate to a far more stringent set of regulations. This means that mortgages can be hard to come buy, so those who qualify are likely to accept offers as they are made. While in theory your annual income may be adequate enough to repay your debt, the loss of employment or unexplained costs could soon undermine the longevity of a real estate investment. With this in mind, you should not necessarily aim to purchase the most expensive property that you can afford, as it is far more sensible to secure an affordable mortgage that allows for some kind of financial contingency.

In Summary

While buying a home remained beyond the reach of citizens in the wake of the sub prime mortgage crisis of 2007, it is now emerging as a viable dream once more. With property prices continuing to soar, now is the ideal time to invest in a brand new home and lay the foundations for a more secure future. So long as your considered and able to plan in a methodical and detailed manner, then you can manage the costs and logistical requirements of moving effectively.

About Lewis R Humphries:

This article was contributed by Lewis on behalf of Compare Conveyancing Quotes. He has worked within the financial and real estate market for several years, and offers advice to those looking to make an impact on the property market.

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