Tips for buying residential property

Tips for Buying Residential Property Everyone has the “American Dream� of owning that special house but for some it may take longer than for others but when you are ready there are some things that you need to consider before making that big purchase.

Decide the location If buying a house is for a family then you should have a family meeting to get ideas on where you would like your new home to be located such as in the city, centrally located to schools, shopping malls, work, or out in the country. You need to take in consideration how far you want to travel each day to work, what the schools are like in different locations, how close you want to be to your neighbors, etc. If you are single or just starting out as a married couple or have small children you may want to consider how far it is to the nearest playground, traffic, is there places to walk, etc.

Type of house you want This is the next thing that you want to consider. What type of house you are looking for depends on whether you are single, have a family, newly married and starting a family later, etc. All of these will factor into whether you are looking for a home with two or three bedrooms, a ranch style house, one or two floors, condo, cottage, farm house, etc.

Your budget Knowing what your budget is in regards to how much down payment you have and how much you can afford to pay on the mortgage, insurance, real estate taxes each month will help to narrow down the type of houses you should look at. You do not want to look at houses that are not in your price range because if you find one out of your price range that you really like you may be tempted to purchase it and then find you cannot make the payments or find yourself have to live on an extremely tight budget to afford it.

If you find that you are confused or not sure exactly what you want talk to a real estate agent and give them the amount of money you can afford along with what you are looking for in a house or condo and let them show you what they have listed. Using a real estate agent does mean there will be a fee but they know all the legalities and will make sure that all the inspections are done, that the house measures up to the standards you want, and can also help you with the mortgage and how to make an offer on the house.

The article is written by Avisha Jain who is a real estate investor and has bought/sold properties in residential projects in Kolkata, India. She has also worked with companies like Ruchi Realty to promote their real estate Kolkata projects.