Tips on house hunting abroad – in USA or Canada!
Have money? Like shopping?…
When it comes to housing today, it is a ‘buyer’s market’. ‘House for sale’ signs are multiplying in every neighborhood; with lots of sellers eager to sell. It is a good opportunity for those who are looking for house.
The process of finding and purchasing a house can be fun or a headache, depending on the circumstances or how you approach it. In most of the cases, the main reason for a house purchase is:
- upgrading to a house from an apartment,
- moving into a new area due to job or business or family reasons,
- buying a house for renting out, or as an investment.
Regardless the reason, the house buying process is quite similar in all such cases in USA and Canada. Many of these steps or commonsense rules also apply for rest of the world as well.
Here are the key factors and main steps to consider before and during the house purchasing process:
Selecting the real estate Agent: The house hunting in itself is an adventure. Some people try it by themselves, while others hire a real-estate agent – the realtor. A good real-estate agent is instrumental to finding the right house and closing the deal smoothly and efficiently. A real-estate agent can simplify the whole process to an art. So, it is very important to hire a good and reliable realtor. Make sure to interview -yes, interview- multiple agents and ask all the appropriate questions including:
- their qualifications, experience and background,
- do they work alone or in a team?
- their track records or success rate,
- knowledge of the area,
- overall chemistry or easy to work with,
- Any other factors that are important to you: For example, possible issues of the language barrier etc.
Many Indians hire a realtor from their own community while others prefer a professional strictly based on the qualifications.
Know your budget:How much are you willing to spend, or how much can you afford, is always a good question to ask. There are many online tools that can help with calculating the monthly mortgage amount, and other expenses related to house buying and maintenance.
Mortgage pre-qualification: It is important to make sure that you are able to secure the financing for the house. Talk to your bank or a mortgage expert/broker, and find out how much mortgage you can get. Make sure that you feel comfortable with the loan amount, and the resulting monthly payment. Read the rest of this entry »
