:: Better Homes ::

Residential

Commercial

Short-term

Search by Agent

To Rent

To Buy

to (AED)

Price range

Bedrooms

0 to 9

Advanced Search Map Search

Type of service		City		Area specialty

Top things to know before buying a home

Don't buy if you can't stay put

If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner - even in a rising market. When prices are falling, it's an even worse proposition.

Start by shoring up your credit

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

Aim for a home you can really afford

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

Buy in a district with good schools

In most areas, this advice applies even if you don't have school-age children. Reason: When it comes time to selling, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.

Get professional help

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.

Before house hunting, get pre-approved

Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

Hire a home inspector

Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.

Need more buyer resources? Click here

You can view our other checklists here.

Source: http://money.cnn.com/