To buy a dream home in America

Buying a home is one of the biggest financial decisions of most people's lives. Immigrants come to America and naturally dream of buying a home of their own. Bangladeshis also put the matter of buying a house at the top of their dream-fulfillment list.

Buying a home in New York is expensive compared to other US states and requires proper planning. Home prices in New York City continue to rise due to improved communications, easy access to health insurance, and high rental demand. Immigrants also keep New York City as their first choice in terms of amenities. But due to the constant rise in prices, buying a home in this city requires preparation and financial consistency. The specific process of buying a home is therefore essential to know. If you don't have enough ideas, sometimes you have to admit to cheating. The process involves various people including real estate agents/brokers, mortgage brokers, attorneys for both parties. Many people accept financial loss or harassment without informing these processes. So there are at least six important things to keep in mind while buying a house-

1. Hire a real estate agent/broker

Real estate agents/brokers are licensed by the State Department and their activities are regulated by law. Many people think that an agent/broker is needed only to sell a house. But this is a misconception. It is also important to hire an agent to represent you when buying a home. In this case, the six things he will follow are a) dutifulness, b) loyalty, c) visibility, d) privacy, e) sense of responsibility and f) reasonable care. If you as a buyer buy a home through a seller's agent, that agent is not legally bound to fulfill these obligations to you. Your seller's agent will be the customer and the seller will be the client. In this case the seller's agent is not representing you and the matter will go to court without an attorney. So hire an agent early on.

2. Get pre-approval for home loan

Your financial capability is the main consideration for buying a home. Bank will give you loan depending on your demonstrated income. One of the main determinants in this regard is your credit score. Get an idea about house prices, taxes, electricity, water and gas bills, insurance etc. in different areas through a real estate agent. This will help in budgeting. In case of multi-family the rent received will be added to your income. Different banks and financial institutions have different types of loan schemes. Take the suitable loan scheme. You can get a first time home loan with just 3.5 percent down payment. Individuals with military or veteran status can purchase homes with zero down payments. Before viewing the house, keep the required down payment in the bank. This will make the home buying process smooth and fast.

3. Find and select a home

Appointing an agent will show you the house according to your needs. Otherwise choose the area as per your requirement and find home. Consider school district, zoning, accessibility, etc. when choosing a home. Depending on the zoning, you can search for single-family or multi-family homes. New York City houses are primarily brick or frame attached, semi-attached, and detached. If the home is in violation of city ordinances or any improvements or alterations are made, the building department approves them; Or find out if there are complaints. The agent can assist you in this regard. Know the number of bedrooms, bathrooms, dining, drawing etc. you need. Verify the certificate of occupancy of the house. New York City requires all houses built after 1938 to have a Certificate of Occupancy. You can check it yourself on the building department website.

4. Offer the price of the house

When you find a home you like, check the market before bidding. New York City home prices are determined based on home size, accessibility, physical condition, school district, distance from Manhattan, and geographic area. You can get an idea about house prices through some free websites. But he cannot be fully relied upon. That's because they're based on data from across the US, which doesn't apply to New York City for the most part. In this case, you can determine the price by looking at the comparative prices of houses of the same size and sold only in the last 3-6 months through Comps Inc, Geo Data, Property Shark etc. A real estate agent will assist you in determining the price. Offer the price yourself in writing. Ask the agent to register the offer and send it to the seller's agent. In many cases your agent may present the offer to the seller in the presence of another agent. You have a chance to bargain. Remember that the seller and his agent must adhere to the Fair Housing Guidelines and Equal Housing Opportunity while accepting the offer. No discrimination can be made. Must provide copy of your loan pre-approval and proof of funds at the time of proposal.

5. Check with home engineer

If your financial offer is accepted, be sure to check with a home engineer before signing the contract. Single-family homes cost $450 and multi-family homes cost $800