What Should You Consider Before Buying A Second-Hand House?

​You’re one step closer to buying your dream house. It doesn't matter if it's a brand new or second-hand house, for you can always do work to make it great. But make sure that you are informed of the condition of the home before you move in.

Keep in mind that you'll see it as an investment opportunity when buying a house, not just because of the value it can give if you were to sell it. Rather, the sense of home it gives and the quality of living conditions it can provide long-term.

This Involves Spending A Lot Of Money
Have you thought of what your budget would be? Or is it within your monthly budget as you pay the mortgage? Don't consider buying a house a luxury, it will be expensive. 

You need to consider the 43% debt-to-income ratio for your mortgage to be approved. You have to look if you can still make up for your expenses while paying the mortgage. 

Increase And Decrease Of Interest Rates
Interest rates affect the mortgage price of the house. The interest rate either decreases or increases, to which you can see the difference in the mortgage you'll pay monthly. Monitor the falling and rising of interest rates for you to wait for the best time you can get lower interest rates for your new house.

Low Maintenance Of The House
You should give time to getting a house inspection if you want to make sure you won't spend most of your expenses, or insurance, on renovating or fixing parts of the house. 

Most old properties, especially antique in style, would have allotted maintenance expenses. 

Distance From School And Work
The convenience of location is essential, especially if the house location has access to markets, schools, work, and recreational parks. 

Deposit And Mode Of Payment
You must beware and be mindful of scammers or frauds. It's better to hand in deposit payments through checks rather than full cash. Checks can have timestamps of the transactions at the bank, while as to cash, you do not have a guarantee of legit receipts and transactions if it's given directly. Talk also to your lawyer on how to handle such payments and transactions. 

Conclusion
Secure your budget for financing your dream house. It would be a really busy project, but it will be worth it once you move in. It would be another milestone for you and your family, and make sure to celebrate it.

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