1. Only Buy A House If You Intend To Stay For A Long Time
Some families make the mistake of buying a house when they're not yet sure if they intend to stay in the house for the long term. This mistake can cause a loss of investment if you're not careful, especially if the value of the property changes due to the economy or the surrounding area. Better ask yourself, is this the house where I want my children to grow old in? Is this where I'd like to have my grandchildren? If no, then you might want to consider renting first as the safer option, until you find the house that you really want to own for your family.
2. Make Sure You Stick Within your Budget
First be sure to analyze your monthly spending so you can be realistic about buying your first home. A good tip is to first list down all your expenses like food, transportation, savings, debts, and even detailed accounts of luxury items like restaurant bills. Whatever you have left after paying all those bills is what you have left to pay for your new home. This is the value that you need to use to narrow down your search for a new home.
3. Find A Good Inspector
Finding a good inspector can save you a lot of grief and regret in the long run. Don't buy the house on your own, but seek professional help. There might be serious flaws hiding behind the walls, and structural defects which can only be detected by an expert. This will seriously affect your reselling price if ever you decide to sell, or worse, it might compromise your family's safety. Look for an inspector you can trust, preferably someone part of an official association recognized by the government.
4. Get The Right Real Estate Agent
Try to look for a real estate agent who has good experience and who you can trust, someone who will give you quality advice. Not all real estate agents specialize in the same kind of property, or the same kind of locations. So try to look for a real estate agent who has had good experience in your chosen neighborhood.
5. The Neighborhood Is Just As Important As the House
It might be your dream house, but what if the neighborhood is unsafe? Or if traffic and noise is just too uncomfortable? How about the neighbors? Remember that buying a house can potentially be a lifetime investment, and will affect your entire family, so make sure you also think of the neighborhood. OF course, check if your house is accessible to important places such as a local grocery or mall. A good school near the area can also potentially increase the value of the property.
6. Always In Writing
Don't rely on oral agreements, such as when it comes to the actual price, the condition of the house, insurance, or any other details of the package. Remember that buying a home can potentially be the most long-term investment you'll ever make. You need to have the right documents especially when unforeseen problems come up. Also, when signing the final contract, make sure that you understand what you're signing. Again, the real estate agent plus a good lawyer will be very beneficial here.
These are six of the top tips when considering buying your dream house and lot. Remember, wiser is better, take it slow and take your time, don't rush into your purchase. This decision can last for many years, even your whole life.
Some families make the mistake of buying a house when they're not yet sure if they intend to stay in the house for the long term. This mistake can cause a loss of investment if you're not careful, especially if the value of the property changes due to the economy or the surrounding area. Better ask yourself, is this the house where I want my children to grow old in? Is this where I'd like to have my grandchildren? If no, then you might want to consider renting first as the safer option, until you find the house that you really want to own for your family.
2. Make Sure You Stick Within your Budget
First be sure to analyze your monthly spending so you can be realistic about buying your first home. A good tip is to first list down all your expenses like food, transportation, savings, debts, and even detailed accounts of luxury items like restaurant bills. Whatever you have left after paying all those bills is what you have left to pay for your new home. This is the value that you need to use to narrow down your search for a new home.
3. Find A Good Inspector
Finding a good inspector can save you a lot of grief and regret in the long run. Don't buy the house on your own, but seek professional help. There might be serious flaws hiding behind the walls, and structural defects which can only be detected by an expert. This will seriously affect your reselling price if ever you decide to sell, or worse, it might compromise your family's safety. Look for an inspector you can trust, preferably someone part of an official association recognized by the government.
4. Get The Right Real Estate Agent
Try to look for a real estate agent who has good experience and who you can trust, someone who will give you quality advice. Not all real estate agents specialize in the same kind of property, or the same kind of locations. So try to look for a real estate agent who has had good experience in your chosen neighborhood.
5. The Neighborhood Is Just As Important As the House
It might be your dream house, but what if the neighborhood is unsafe? Or if traffic and noise is just too uncomfortable? How about the neighbors? Remember that buying a house can potentially be a lifetime investment, and will affect your entire family, so make sure you also think of the neighborhood. OF course, check if your house is accessible to important places such as a local grocery or mall. A good school near the area can also potentially increase the value of the property.
6. Always In Writing
Don't rely on oral agreements, such as when it comes to the actual price, the condition of the house, insurance, or any other details of the package. Remember that buying a home can potentially be the most long-term investment you'll ever make. You need to have the right documents especially when unforeseen problems come up. Also, when signing the final contract, make sure that you understand what you're signing. Again, the real estate agent plus a good lawyer will be very beneficial here.
These are six of the top tips when considering buying your dream house and lot. Remember, wiser is better, take it slow and take your time, don't rush into your purchase. This decision can last for many years, even your whole life.
About the Author:
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