Housal News and Articles

Published Date : November 4, 2021

Want to buy a new house and don’t know where to start?
Have a quick look at the tip guide. If you want to learn more about how you can buy a house, sign-up for Housal.

Get Pre-approved
The first and the most crucial step in buying a house is getting your pre-approval done. It should be a written pre-approval with a mortgage specialist or mortgage broker. It includes the verification of your income, your credit history, your down payment, anything related to your money. Make sure every credit is clear. Sometimes even an insignificant amount can affect your credibility.
It would be best to discuss the deals with the mortgage specialist and the broker and, based on that, choose with whom you would like to go further.

Make a list of your requirements.
Before looking for houses, make a list of what you need and are looking for in a place. The list can be about anything, be it the number of bedrooms, window sizes, or the backyard. Make sure you keep the list in mind every time you go to check a house. It often happens with people; they get excited by one feature and don’t realize missing out on another. Your list can get modified as you go out checking properties. So, get your list done concerning the must-haves and the deal-breakers.

Look in the right place.
The most convenient way is to look up online. It is less time-consuming and easy. One of the most reliable websites is Housal. There you can find the best property deals on Apartment for sale, Condo for Sale, and many more based on your location and need.

Contingency Fund
It would be best if you had money set aside for both renovation and repairs. No house will be perfect as per your requirements. There will be something that you would like to change about a particular room. Spending too much on buying can leave you on a low budget for a while. Keep some amount aside for that purpose only. Also, saving an amount of one percent of the house’s worth can be helpful for maintenance.

Stick to the budget
You have started your journey keeping a budget in your mind, so try to hold with that only. Sometimes you like a property that is way out of your budget, and it tempts you to buy it. You might be able to buy it for now, but it can leave you with empty pockets for a long time. Your budget can be a little flexible, depending upon your affordability—plan with a reasonable amount.

If you require further assistance, feel free to contact Housal. We are proficient in making good deals available to you. Any need like an Apartment for sale or a condo for sale is satisfied here. Join us Today.

Buying a Diamond in the Rough

Published Date : April 20, 2020

It may be your budget, or the thrill of doing it all yourself, but you are in the market for a diamond in the rough. But just how rough can a house be before a lender decides not to take the risk on a mortgage?

When you negotiate the contract, make sure that you include a provision for a home inspection for structural integrity, defects and potential problems. This isn’t part of the appraisal; it is a separate detail. A home inspection ascertains the health of the house you are buying. Whether it be a bad roof, leaky plumbing or termite damage, a professional inspector will find all the major problems. As part of your report, you will receive a list of what needs to be repaired or replaced, the time frame and the potential costs. If you are buying a fixer-upper, you may find that your lender will require an inspection. Some will and some won’t. But you should insist on one to protect your best interests.

What if you luck out and there are no major problems, just minor ones? Maybe the carpet is worn and needs replacing. Perhaps the deck needs a little work. New paint and fresh air could be all it needs.

Minor, cosmetic concerns are usually not strong enough to scare away lenders, but could lead to negotiations between the buyers and sellers. Unless you’ve done this before, you may find a good agent is invaluable to negotiate for you.

If you want certain things repaired by the seller, such as the mailbox fixed and the deck painted, make sure it is in the contract. If it is, the seller must perform. You may be able to have the appraisal include the repairs spelled out in the contract. This can help you when getting a mortgage, as lenders will only lend on the lesser of the appraisal or purchase price. Just make sure that it is all in the contract.

Occasionally, your seller may ask to perform the repairs after closing. Many buyers simply ask for a seller’s concession. Instead of installing a $5,000 carpet before closing, the seller agrees to reduce the purchase amount by the $5,000 it will cost the buyer to put in new carpeting.

But if you don’t have that $5,000 in hand to buy the carpet, don’t expect your lender to give it to you. Even if your contract states that the seller will give you back $5,000 after closing, don’t expect it to happen. Cash allowances written into contracts can’t happen. The lender will not allow the seller to hand over cash at closing. Your real estate agent should steer you away from this and help construct a sales contract that will please both the buyer and the seller. But don’t expect to come home with $5,000. It just won’t happen.

Buying a fixer-upper can be rewarding. You get to choose how you want to improve the home. But it is a lot of work and definitely not for every buyer or lender. Your best bet is to be completely upfront with your lender about your intentions. This will help the transaction to go smoothly.

Browse unlimited listings at Housal and choose your diamond.

First-time home buyer tips.

Buying a Diamond in the Rough