The Ultimate Checklist Before Getting A Home On Mortgage Loan

One of life’s toughest decisions is getting a house.   It is tough because there are a lot to be factored in before you can make the right decision.

7 List of Important Things to Consider in Getting a Home from Mortgage Loan

Before looking for real estate properties, ask these questions. “Do I have enough cash to buy a house? Should I get a mortgage loan?”  After which, follow this checklist as your guide before getting a home on mortgage loan:

a) Floods

One of the most important factors potential home buyers neglect is if an area is prone to flood.  Yes, with the rising sea level brought about by the global warming phenomenon, this is one factor you should look into.   Things to look out for are water lines on the walls.  Also check the local newspaper for incidences of flood in the area.   All this paranoia will pay off once you move into a home without any worry.

The Ultimate Checklist Before Getting A Home On Mortgage Loan

b) Crime Rate

This is the most obvious.  Who would want to live in an area where your life is cheap?  Look at the crime rate and see if you can live with it.  If not, then look for a house in another area.

c) Need for Repairs

If you are not getting a newly-built house, make sure it is in good condition.  If not, calculate the cost of the repairs needed and see if the amount is within your budget.  Carefully check the need for major repairs such as leaking roofs and termite infestation. These might need a fairly large sum of money.

d) History

Looking into the history of a prospect home is something that can turn out to be a positive or negative thing.  You either find interesting facts to help you decide to buy the house, or something negative to change your mind about your decision.

e) Location

Check if your future home is near any medical facility.  Emergencies and accidents can happen any time of the day and having a hospital or clinic nearby will assure help is close by.  It would also be helpful to secure the contact numbers of these institutions for emergencies or any urgent situations.

f) School Zone

If you have kids who are still going to school, looking for a nearby school will lessen the expenses of transportation.  Most importantly, you can immediately come to school during an emergency.

g) Water Pressure Level

Some areas have low water pressure at a certain time of day, while some luckily experience strong water pressure all day.   Knowing the details will help you know when to do the chores which need water, such as doing the laundry and washing the car.  Getting a water tank is also one way to ensure you have water all throughout the day.

The decision to get a mortgage loan is a tough one.  Yet the decision to choose which home to buy is tougher.  With this checklist, one will easily know which home is a best buy.

 Victoria Anderson  is a finance writer for Guarantor Loans Direct. She writes about personal finance, business, debt management and other finance things.