People are still searching for a home abroad, but regardless of whether you buy in Spain, France or the UK, purchasing a property can be an experience that is both stressful and rewarding. The process can be lengthy from start to closing, as offers have to be accepted and home inspections must be done. When purchasing a home, knowing what to expect can help make the experience go more smoothly. A home buyers’ checklist is a starting point for many buyers.
Home Buyers’ Checklist
A checklist allows buyers to grade the properties they view by giving them a rating of good, average, or poor, in a number of areas. Checklist categories should include: the layout and design of the home; the neighbourhood and what it offers; the available schools in the area; and how convenient the property is to businesses and services. Using the checklist allows buyers to enjoy the home tour, with the opportunity to evaluate and compare the homes later.
Having a list of money questions can keep buyers on target and help them avoid getting in over her head financially. Prospective home buyers can obtain a mortgage pre-approval before shopping for a home, by working with a bank, mortgage broker or other lending institution. This ensures that they meet the credit and income criteria for obtaining a loan. A mortgage pre-approval can cut down on surprises at closing, and entice the sellers to accept your offer over the competition’s. Additional questions for the lender may include how much down payment will be required, and if the interest rate will be variable; which can go up or down, depending on market conditions; or fixed at the rate given at the time of closing.
After Purchase Checklist
As closing draws near, buyers need to take steps that will make the transition from their old home to the new one simple and can do so with an after purchase checklist. Buyers should arrange for moving assistance in advance, in order to ensure the availability of the movers. The buyer will also need to purchase homeowner’s insurance and any additional special insurance that may be required. If the buyer is renting a property, he will need to notify the current landlord of his intent to move out. Utilities, phone and internet services, and any postal delivery services, will also need to be notified of the change in address.