2. IMPORTANCE OF STEPS TO BUY A
HOUSE
Nearly 80% of people buy houses by taking a
mortgage, and 50% of them are not equipped with
steps to buying a house is good.
There is a very important thing related to the steps to
buying a house, which is about the mortgage.
All things related to mortgages, because of lack of
knowledge about this could end up losing their homes due to
foreclosure.
3. Step 1
Consider the Benefits & Financial
Implications of Owning a House.
The advantages and disadvantages of buying a house
The financial implications of buying a house
4. Step 2
Calculate The Deposit &
buying power
How much deposit do I need?
How can I obtain the deposit needed?
Determine Your Buying Power
- What can I afford to buy:
apartment/terrace/detached house?
5. Step 3
Establish your Goals and Needs
What type of property do I want?
What features do I want?
What is my preferred location?
6. Step 4
Arrange for Provisional Finance
Sources of finance
Cost of finance
Type of loans
-Prepare a down payment to be steps to buying a
house next, as a record average asking banks
about 20% of their estimated price
7. Step 5
Find the right home.
Through Real Estate Agents
- Handles the sale of properties in 3 sectors:
residential, commercial and industrial
Through newspaper classifieds
Other ways of locating the right house
8. Step 6
Analyses the House Location
General location
Specific location
The physical aspects of the actual house
Financial analysis
9. Step 7
Find a good lawyer.
Make sure you at least talk to them on the
phone and ask them how much they charge
Ask as many questions as you can, but you
probably away won’t get more than 5-10 minutes.