Things To Consider Before Purchasing a New Home
You have just reached a new level of income and the next logical thing seems to be purchasing a home. As exciting as it sounds, purchasing a new home is a decision that should be preceded by critical thinking and consideration. Some things you should consider are;
- Assessing your finances: Number 1 on the list. Having interest in a property or land for sale does not automatically mean that you are capable of making the financial commitment towards acquiring that said property. Try not forcing yourself into making an impulse buy which may end being a bad decision. Consider. Buying a house seems like it’s the right thing to do, but considering that that you might have to take out a loan or mortgage plan to purchase your new home, you need to really think about it, would your current income be able to cover the loan repayment? If yes then you can go on with the purchase.
- Evaluate your needs and long-term goals: If you already have your long term plans and goals set out, evaluate them to be sure that the house you are about to put money on is really a priority. You might WANT to buy a house, but do you really NEED one at the moment. Are you planning on staying long in your current city or is there a chance that you would move to a new city or country in the nearest future.
- Doing your research: Having assessed your finances and come to the conclusion that buying a house is within the right part to meeting your needs and achieving your long term goals, Next you would have to carry out extensive research on the property and real estate market in the area you are looking to buy. Find out the type of properties available, their market value, the future prospects and lots more.
- Hiring a local real estate agent: You need experts with better understanding of the market, someone who has been in around the market and can give you deep insights on what’s hot and what’s not.
- Decide what type of home is right for you: By now you would have known that there is so much in the market, and probably you are a bit confused and find it difficult to come to a final decision. Considering your budget, personal taste, family size and other preferences you should be able to form an idea of the perfect home that would satisfy you at the same time not stretch your budget.
- Be Flexible: Yes you might have an idea of the perfect home, but unless you can find available land for sale on which to build your home from scratch, there has to be some compromise. That perfect house you imagine may not be available, but I bet you there are properties that come close to it and serve the same purpose
- Negotiate terms: When you find a property that might just be the one, no matter how much you like it, do not be in a hurry do dole out cash on it. Negotiate to get the best possible price and payment plan possible
- Have The home inspected by an independent professional: Thanks to your real estate agent for finding you this property, but consider getting the house inspected by a third party, just to be sure. In a bid to quickly sell off a property, some real estate agents may not reveal all the truths about that property. To avoid unpleasant surprises and discoveries about the house you already paid for, it is better to take this step before buying a house.
- Get to know the area before buying: When you buy a house, you are also buying into an area and everything that comes with it. Get to know more about the neighbourhood, how people move, security situation, the facilities, social services and amenities.
- Ask about builder’s reputation: Get information on the real estate developers that built the house. Ask the neighbours their experiences dealing with the estate developers.
About The Author
Rachel Stinson has always had a knack for writing, analytics, food, fashion, and places. Blogging has combined all four for her with an added bonus of enthusiastic audiences. She expertly analyzes real estates, restaurants and dignam with respect to pricing and people involved and can express her opinions in an unhesitating, engaging manner for all matters.