Buying a home is the dream of the majority from the beginning of adult life, but a great long-term responsibility. That is why we must make an informed decision and have a proactive process. To help you with this task, we have developed a list of actions to follow to help you feel calm at the end of your purchase.
1. Determine the following:
- Near where do I want it to be? my home?
- How much space do I need? Why?
- What? more important: the location or the size? ?Both of them?
- Would I be interested in a property to remodel or do I want it new and ready?
- Is neighborhood stability a priority?
- What? characteristics, amenities and services I wish? Which one do I really need?
- Have I identified the house yet? it's time to contact the seller.
2. Make a? location analysis ? according to you? lifestyle . Take the routes at the times that you usually do regularly: to work, to school, to the supermarket, etc.
3. It is important to check with a simple note that who is? Selling the home is the actual and legal owner of the home.
4. If it is one? urbanization with access control , verify the monthly payment of the? maintenance fee? and if the owner is a day.
5. Although it is not very common, but would you like to know if there is one? complaint from a neighbor to the administration .
6. It is important to know if the neighbors are aware of the ? Community expenses and / or spills , and not find one? bankrupt community .
7. Do you know the? community rules? in case they forbid parties and whether or not they allow the keeping of animals, for example.
8. If the house is more than 10 years old, do you hire a? electrician qualification ? to verify the conditions of the? electrical system . This may represent an additional investment, in case you need repair. The same should you do with the? plumbing . Could you include? repair costs or home improvements in the amount to be financed and this you must know in advance to request it from the mortgage bank .
9. Check the? Minimum sale value - marked by the community in which the property is located to see if the price is competitive.
10. Verify your ability to pay - whether you buy in cash or with a loan, you will have to add the attorney and registration expenses, and in the case of a mortgage loan, in addition to the monthly fee that we will have to face more the expenses of the establishment of the mortgage.
11. Choose a mortgage bank wisely . Do not keep the first offer. Should? S do? Window shopping ?.
12. Looking for one? pre mortgage authorization .
13. Determine what you want to pay and choose one? loan option .
14. You must? Insure your investment against damages such as vandalism, hurricane, fire and earthquake ( hazard policy ), in addition to the mortgage bank requiring it. At this point you should begin to study the different options on the market.
15. Choose the bank that you understand? adapt to your needs and payment capabilities.
16. Ask the bank agent one? Complete list of documents and requirements and confirm with him that nothing is missing from that list. This speeds up the process and avoids continuous requests for documents, among others.
17. It is important that? Do you choose your insurance company well ? and know what their financial strength is, what additional benefits they offer and how many years they have been in the market. Do not accept at first intention what the bank offers you, there are many options. In? Puerto Rico there is a policy that returns money to you , if you do not make claims. You should also know that you can change companies whenever you want. The fact of choosing one at the time of your purchase, does not mean that you should stay with it for him? term of the mortgage.
18. Once you have submitted all the documents, keep in touch with him? Bank agent ? and follow up on the process.
19. Read every word of the contract at the time of signing. Many people, in a hurry, make the mistake of not reading and when unexpected situations arise, they realize that they accepted certain conditions that could affect them in the future.
20. Hold a? record of all expenses incurred on the property? and keep in a safe place, in addition to a digital copy, all the documents corresponding to the transaction.
21. You already own your home, a place forever or for investment. Take care of your house by giving him the? proper maintenance , over time you could sell it and if you don't take care of it, depreciate.