Buying a home is often an exciting yet painstaking adventure. Finding a property that ticks all your boxes could take a while and may require some compromise. Keep in mind that finding such a home is a highly emotional process. But if you allow your emotions to take over, there is a good chance you will make costly mistakes. Since property ownership has far-reaching implications, it is in your best interest to take the time and make a rational choice.
Your primary objective is to choose a property you can afford. Unfortunately, many people make choices that prevent them from achieving this good dream. There are several considerations that a person makes when viewing houses. This may be personal style, lifestyle, or even the type of family. However, there are some critical features that you should check first. Here are some of them;
1. Price Range
You simply can’t buy what you cannot afford. Whenever you are looking at houses, check the price first before looking at the features. It’s fun looking at what you cannot afford, but this may land you into unnecessary debt. Even after getting your desired home, keep in mind that you will need to pay utility bills, and meet other expenses tied to your household.
Before engaging a real estate agent, you could check out websites where you can view various property listings in the comfort of your home. Additionally, ensure that the lender of your choice pre-approves the loan, and you project the mortgage payable. This will ensure that you stick to your budget strictly. Make sure you acquire a property that you can afford to avoid falling into financial chaos when repaying your mortgage.
2. Consider the Future
Moving is quite stressful, so it is your best interest to maximize your stay in one house. Apart from your immediate needs, ensure the house of your choice also meets your future needs. For example, when looking for a house as a newlywed couple, it may be important to consider a future family expansion. In this case, look into the number of bedrooms and bathrooms or the availability of outdoor space. A move-in ready house is always a plus, but also consider a house which can accommodate future personalization. A house where you can add your style and make it a home.
A house with poor interior décor can improve with renovation. However, the location of the house is permanent. The environment around your house is critical to your comfort. Before purchasing, enquire about natural conditions such as susceptibility of the area to flooding. Such risks call for more insurance cover. Also, it is impractical to live in a location where you have to drive miles to get to school or work. In case you have a family, consider whether your children are comfortable moving schools if that is deemed necessary.
Simply be conscious of our lifestyle and how it fits in the location. Proximity to essential services such as healthcare is also a key concern. Websites such as Movoto provide details about the context of the property. You could check on such platforms before requesting for a physical house tour.
5. Have a List of Must-haves
Does the house meet your basic needs? Basic needs may differ from one person to another. For example, for a person who works from home, a home office is a basic need, which is not the case with someone who works away from home.
Moreover, it is important to get your priorities right. To do these, you can create a list of things that the house must check off. This could be things like a huge garage, a gaming room, a huge updated kitchen, and so on, depending on your preferences. Houses that do not meet those basic needs are instantly crossed off, which increases your chances of landing your dream home.
6. Check the House Condition Keenly
Mortgage and moving costs are already huge financial commitments to take up. Therefore, avoid renovations costs if they cannot fit in your budget. Some of the things to check on include; floor condition, HVAC system, plumbing, the roof, and the structural system. These things are very costly to repair and should be repaired by the seller before selling.
However, some sellers give a low price point for their houses due to the repairs they need. Be aware of whether that is a project you are willing to take up. In case of minor cosmetic issues such as the carpet, you can proceed with the purchase. Ensure that changes you need to make to the property are well within your means.
6. Age of the House
The age of the house determines the rules and regulations under which it was built. It also determines the condition of the house to some extent, as older homes are more likely to be worn out. If you are looking to buy old homes, it is important to grasp some basics about the building codes of the time. This will help greatly in any upgrades or repairs that may be needed. Do not hesitate to ask for help from professionals such as realtors or architects, who may have a better understanding.
Keep in mind that buying an old property means more repairs. Some repairs, such as floor replacement, roof replacement, and more, can be very expensive. Unless the property is available at a low price, you should avoid such. After all, you don’t want to spend all your saving performing property repairs. Just choose a nice home that will give you the right value for your money.
When looking to acquire property, the numerous options available may leave you frustrated and disoriented. The above tips will ease you into your house hunting experience. This will ensure you effortlessly land a home within your budget, where you feel safe and comfortable. Also, you will be able to avoid mistakes that most property buyers make. Happy house shopping!