Simple,7-Step,Plan,For,Buying, DIY A Simple 7-Step Plan For Buying A Display Home

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Purchasing a luxury home can seem daunting, even if you've gone through the process before. After all, you're making a major purchase. Your home will be one of your largest assets. In addition, there are numerous steps between the moment you decide to buy a house and the point at which you move into it. A lot of things can go wrong along the way. Plus, you're faced with a variety of design decisions, some of which must be made while taking certain constraints into account.Below, you'll find a 7-step plan for buying a luxury display home. It simplifies the process and makes the thought of going through it less intimidating. Note that the rules in your city may vary slightly from those in other cities. Even so, the following plan will help you stay on track while searching for - and purchasing - your dream house.Step #1: Determine How Much You Can Afford To SpendBefore you start looking for properties, determine the amount of money you can afford to spend. It does little good to find the perfect residence if the price is outside your budget.If you plan to obtain a home loan to make the purchase, you'll need to figure out your borrowing power. Lenders calculate the figure based on the borrower's monthly income, number of dependents, outstanding debt, and other factors.Step #2: Identify Needed And Desired FeaturesOnce you know how much money you can borrow, create two lists. The first list should contain the features you and your family need. For example, you might require three bedrooms and two bathrooms. Or you may need the house to be within walking distance of a school for your kids.The second list should include features you and your family desire, but are willing to forgo if necessary. For instance, you might want a home theatre, but are prepared to do without it in order to live near a good school.Step #3: Obtain Conditional Loan ApprovalIt's important to apply for a pre-approved loan prior to visiting properties and making offers to the owners. Not only will you have a fairly accurate idea about your borrowing power, which the lender will calculate for you, but you'll be taken more seriously by sellers.Keep in mind that most lenders extend loans up to 90% of a property's price. That means you'll need to have sufficient funds to make a 10% down payment.Step #4: Look At Display Homes Online With a conditional loan approval secured, it's time to explore your options. Many display home builders post information about their properties on their websites. You'll be able to see a photo of each house as well as its floor plan. You'll also be able to see the number of bedrooms and bathrooms it offers, the presence of a study or theatre, and whether the property comes with alfresco areas.Looking at residences online allows you to narrow your search without leaving your house. That way, when you're ready to visit select properties, you'll be able to maximise your time.Step #5: Make An OfferAfter touring a number of houses and finally finding your dream home, you'll need to make an offer. As a general rule, you'll be required to leave a deposit on the property. You may be given the option of signing a contract that secures the house. In such cases, the selling agent is prohibited from selling the property to another buyer unless you decide to cancel the purchase. Expect your deposit to be non-refundable.If the seller doesn't require you to sign a contract, he or she may sell the property to another buyer. Your deposit will typically be refunded.Step #6: Organise Formal Loan ApprovalThe conditional loan approval you obtain in step #3 expires after a limited period; the approval is likely to be good for 90 days. Its purpose is to give you an opportunity to find a suitable residence. Once you've found it, agreed upon a price with the seller, and made a formal offer with a signed contract, you'll need to obtain a formal loan approval.Formal approval depends on whether the house is appraised at a value consistent with the lender's expectations and whether it has been properly insured. Once you've been granted approval, a settlement date is chosen for you to assume ownership of the property.Step #7: Obtain The Keys And Move InOnce ownership of your new house has been transferred into your name, the last step is to pick up the keys and move in.The process of buying a luxury home for you and your family is simpler than it seems. You'll go through the same basic steps regardless of your location, needs, or budget. Review the 7-step plan we've provided above to help find and secure the home of your dreams. Article Tags: 7-step Plan, Display Home, You'll Need, Conditional Loan