Home buying may seem like a dream come true to you, however you must realize that there are several problems that you may encounter when you are buying a house. Many people do not consider the long term impacts of home buying without proper legal advice. Long term effects of such negligence may also lead to bankruptcy and foreclosures. Therefore, you must contact a bankruptcy attorney to tell you all about the law regarding foreclosure, before buying a home.
When it comes to purchasing a house for you or your family, you may face a lot of problems. The most probable of the problems might be the ones concerning mortgages. Because of the credit crisis these days, many lenders will demand 10 % of the property value. This is because even lenders these days are not sure as to whom they should rely on. By asking for a 10%, they are ensuring that you are a reliable borrower. This will mean that your credit rating will come into account. You will also need three year audited accounts to show them if you are self employed. Another problem associated with mortgages would be if the lenders are not willing to lend you the money on a property that they think is worth lesser than the amount you are asking for. This may be the case with flats and the houses with short lease.
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The next trouble maker is the estate agent. However, he might not always be a trouble maker. An estate agent is basically a middleman between you and the seller. Many estate agents may also pressurize you to arrange a mortgage according to their mortgage advisors. However, you aren't bound to do this. You can either count on him or you can arrange for it independently. To make sure that your estate agent is a reliable person, you should ensure that he is a member of National Association of Estate Agents. Also make sure that he provides you with a home information pack (HIP). This will give you details about the house, its warranty, energy efficiency information, etc.
Next is the house itself. You need to be a critical spectator when you examine the house. Inspect the roof of the house and the area under it to see if there are any water or mold marks. Ask the seller about the time when the roof was last replaced. Check the plumbing and the wiring of the house. Don't hesitate to ask them about the recent repairs they have done in plumbing and where have they done it. As for the wiring, check if all the light fixtures are done properly, and whether all the lights are operating or not. Finally, check the basement and the foundation.
There may be a lot of other problems when you are going to buy a house. If you are a home buyer for the first time, you must look for an appropriate guidance and a reliable person who can give you an authentic and a free word of advice. Keep up a critical eye and choose your options wisely.
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