The single largest purchase most of us will ever make in our entire lives is a house. Buying a home can be exciting, scary and stressful all at the same time. There are, of course, so many things to consider when purchasing your new home, it can get overwhelming.
Today we are going to take a look at some of the most important things to take into consideration when looking for your new home.
Know Your Limits
The first and most important thing you should pay attention to when buying a house is knowing precisely what you can afford. Affordability should never be confused with what you can borrow.
You should sit down and do a total cost breakdown of every cost compared to your income. There is nothing worse than living to work. When looking for a house, you can find estimates online that should give you figures for the cost of living in the properties location.
You should also pay attention to the available repayment calculators that are available online. Using these calculators will enable you to see what your mortgage repayment will be month on month.
Do Your Research
If you stumble across a property that you think is perfect on initial glance, be careful not to get too carried away. Houses are excellent at hiding issues. Having an array of surveys carried out on the property should be one of the first things that are done.
There can be several issues with houses. Houses can suffer from underpinning problems which can be very expensive to address, and also the very wood that frames the house can be in jeopardy. Seeking out termite control is a simple solution to this issue.
Doing your homework can often save a lot of stress and pain in the long term. Homebuyers are now blessed with the readily available information that is sitting on the internet and waiting to be found.
Work With The Best
When it comes to making such an essential, and huge purchase, surrounding yourself with the best professionals you can is critical. You should be looking at hiring the best and most experienced home inspectors. These professionals will help you identify absolutely any issue pre-completion.
Also working with an experienced mortgage broker is essential when it comes to ensuring any finance is adequately structured to your individual needs. Mortgage brokers are great to use when it comes to purchasing a property.
More often than not, mortgage brokers have solid relationships with lenders and can get deals that will not be available to you.
Get To Know The Area
When buying a home, there is no such thing as being over-informed. Taking your time and getting to know as much as possible about the area you are moving to is essential.
By conducting research on potential areas, you can research the following:
House prices - Knowing the prices of properties in the area and what they have sold for previously will give you a good idea of what you should be paying.
Properties for sale - If the area is in demand, there will be little to no houses available, and the properties will be above expected price. A lot of homes for sale could mean a sudden decline in the area.
Local changes - An vital thing to pay attention to is any upcoming shops or local attractions. If new attractions are due to arrive in the coming years, this could see your property price rise.
Schooling - Getting to know the availability of schools is excellent, especially if you have or are planning on a family. Moving to an area and discovering the schools are poor would be disappointing.
Flooding - it’s good to know if the area you’re interested in is susceptible to flood damage whenever it rains. For example, everyone knows that Pinewood floods when it rains, so it’s probably not a good idea to buy a house in that area.
Crime rates- This is important for a number of reasons. No one wants to wake up to someone in their house, or parts missing from their car. Even worse, if you live in a crime ridden area, chances are, you’re going to pay a lot more for home insurance.
Prepare For Negotiations
As a home buyer, the most important things for you to remember is that you have the power. Many buyers become flustered and forget that they hold all of the cards.
Heading at negotiation like a bull in a china shop is a great thing, after all, you have nothing to lose should you negotiate hard. When you look at the bigger picture, $10,000 is a lot of money, and it is money that could be better used elsewhere.
Beware The Real Estate Agents
While some real estate agents can seem like they are on your side, you should remember they are hardened salespeople. The realtor is not working for you; they are only working for the vendor.
It is always in the interest of the real estate agent to make a quick sale at the best possible price. Real estate agents love to apply pressure to the potential buyers and try to feed you age-old lines like “Well, we have somebody else that will snatch this up today.” This is one of the oldest sales tricks in the book and only exists to bully you into making an offer.
Listen To Your Head
In life, our parents often give us a piece of advice that sticks with us always. This piece of advice is “Go with your heart.” When it comes to purchasing a house, please ignore that advice.
Follow your head. If something seems too good to be true, it is. If something feels wrong about the property, there is no shame in walking away. The critical thing to remember here is that this is a huge financial transaction. With transactions like this, being dubious and very careful is essential.
To conclude, you should always take your time when buying a property and research is going to be the key to finding your dream home. Buying a house is a huge thing; slow and steady will always be the best way when it comes to buying your new home.