If you in search for a house, there are many things that you have to consider before taking a decision and mistakes that you have to avoid in order to feel confident enough on your choice and not let any opportunities that may arise slip away just because you were not prepared.
In this article, we cover the decision making process that will help prepare you to be ready to make the right choice and analyse what makes a property the perfect house to buy for you and your family.
Here are the key things to consider to buy a house:
1) First and foremost, you may have heard this before, but it never gets old. Location, location, location!
We do not need to elaborate too much on this, it is clear that location is extreamely important both for your convenience but also as a future investment in case you may decide to sell in the future. Afterall, a property is not just your house, is a lifetime’s investment and you should really keep your options open in making such a decision.
Keep in mind that location is not limited just to deciding the city or area but also in the neighborhood which should meet your expectations and give you not only peace and safety, but also a better chance for a future return on your investment. Be carefull not to pay for a private and peaceful location if there is a trend for appartment building in the area. You may regret it sooner or later.
2) Your needs! The most important factor in deciding what, where and how to choose the right property for you. This may be determined by your long tert goals, your age (are you close to retirement, do you have kids that go to school?), career, financial and social status, taste and expectations.
3) Financial Health. How much can you actually afford? Before you start house shopping, be realistic about what you can afford, and tailor your search accordingly. Do not start looking before you know what you can afford. This may keep you away from stretching beyond your comfort zone. Also, it may be a good idea to have a look at the macroenomic expectations (where the market is headed in the long term).
4) Your wants! After setting a budget based on your need, you have to decide what you want. Do you want a house that is big or small and cosy? Classic or contemporary design? Does the garden space cover your expectations? What type of house will suit your needs? It all comes down to what you want!
Some things like location and size are not fixable, the rest are! Do not let the little things discourage you from purchasing a house that suits your needs. The furniture can go easily in case you buy a used house. At the same time, do not get overwhelmed by cosmetic fixes and inexpensive upgrades that may trick you into falling for a higher price.
5) Overlooking Important Flaws
Always keep in mind any important flaws that the house may have. Do not put too much confidence on your repairman skills if you are not a professional. It may be more expensive to fix it than you may think even if you fix it yourself. You don’t want to get stuck with a money pit or with the headache of performing a lot of unexpected (and potentially expensive) repairs. Always look out for any excessive mould that may have caused serious damage to the walls. Making a good inspection is always a good choise.
6) Hire a professional: In general, it is always good to do your research in order to be confident in making the right choise but in the end, you should leave the rest to the pros. Hiring a good and well trusted estate agent will not just save you time, but inspite of what many people think about sparing the fees of estate agents, it will most probably save you money as well.
This is because they know the market value at any given time, the demand and supply and ofcourse they do not want to overcharge since they usually prefer selling fast and moving on. A private seller may set an unrealistic price before decing to go to a real estate agent. Also, the experience and expertise of the real estate agent might save you from any unpleasant situations if you go on your own.
Nevertheless, this brief overview should help you fill any gaps in your knowledge about buing a house. The more you know about the process beforehand, the more confident you will feel and the less stressful it will be to make the decision when you find a suitable house.
Get the house you want for a price you can afford. Just remember, there is no good or bad times in buying a house, you just have to do your research and follow the guidelines!