Saturday, June 25, 2005

Home Buying Basics Part 1

We finally bought our home in the expensive California Bay Area after nearly four-to-five months of looking at various kinds of homes. Prices were just crazy all the time over our search time with people bending backwards to pay crazy premiums over asking price for what would be hard to call a home. Our refusal to pay these sort of premiums and wait for the right house and price paid off after five months. So I thought it might be useful to blog about what we learnt during the process of buying. This is a multi part series that I will blog called Home Buying Basics. I am hoping this will be useful to readers.

Disclaimer: These are informational articles that reflect my understanding and is purely my opinion and not a recommendation or offer to invest monies in a specific endeavor. I have understood and collected these informational bits personally. These may or may not apply to readers' specific situations and I am not responsible for any potential loss or liabilities.

Educate Yourself about Home Buying
One of the first things to do before starting out is to make sure you have some time slots invested during the day/evening for online searching and reading. In the area of home buying, the more you know, the better and the less the chances that you will be given misleading information. We used to spend an average of an hour browsing the net reading about various aspects of home buying to educate ourselves with the practices here in the USA. Later, as we had more information on hour hands, it became a larger effort to better understand the market by going more local. This we did completely online without the help of newspapers.

Where does one find information
Google is the one of the best places to start. Articles abound on sites like MSN, MSNBC, etc. The articles provide you a very good sense of what home buying involves, and the many peripheral issues to take care of given that this is big financial and emotional decision. It is extremely important to educate yourselves with as much information as possible in terms of giving your thought process necessary inputs to better plan on how home buying fits into your overall life plan. Over a period of time, the readings help you get the ability to distinguish useful information from a clutter of inputs so much so that within the first few paragraphs of an article you could judge if the information is correct, useful and relevant.

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