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7 House Buying Tips Everyone Should Know

15 December 2017 No Comment

Buying your first house

Buying a house is a big step for everyone, and an even bigger one when it’s your first time, so you need to make sure you’re going to get the perfect place for you. How do you know for sure you’ve found your ideal place? You’d be surprised how many people find out problems about their new investment that they weren’t aware of before, so let’s look at the musts of buying your property.

Market research

Firstly, not all properties are listed under the same real estate agents, and not all of them will share the same prices, so it’s best to look near on everywhere you can, as saving money on a house purchase can make a big difference to your budget. Not only do you need to look at different agents, but you need to look at the areas in which the houses are in. No one wants to move somewhere they might feel at risk, nor do they want to have to deal with horrible neighbors, so make sure you find out about these kinds of things before you plan on moving into an area. An easy way to do this would be to ask around the area and talk to the neighbors to find out what it’s like to live there, it can really help you out in the long run.

Think about your future

It’s easy to buy a house thinking about your current situation, but what are your plans for the future? You might only be looking for somewhere small and convenient to you, but does it fit your goals in life? If you’re not wanting to have to move later on, then you should think about whether you’re going to have more people living with you, or even raising a family there. Life can go fast sometimes, and you never know what can happen on a day-to-day basis, so if you feel you should prepare for that, think bigger!

Getting a loan

It’s not uncommon to get a house loan when purchasing a house, this is because it can take you a lot further than your budget can, and it saves you from having to wait that extra time when you can just pay it off as time goes on. If you feel insecure about owing money, you can always just check with a home loan calculator to find out what it would be like to live with that debt. You don’t have to loan a fixed amount either, it all just depends on how far you need to loan to take you, so pick something to suit you and it may just work out for the best. Getting a loan isn’t difficult either, it’s as simple as going to your bank and applying while providing the necessary information from the house seller and yourself.

Consider renovating

It’s easy to see a house as a canvas, and why shouldn’t you? You are going to live there after all, so it’s best to make sure you can feel good about where you’re living and having it personalised to suit you. It’s important with this kind of thinking that you know how much renovating the house to have it your way will cost you, and if you can’t afford that you need to consider if the house can work for you without the renovations. Renovating can be expensive, if you’re looking for more than just a colour change and new wallpapers, your costs could be dipping into the thousands.

Is it an investment

If you don’t plan on staying in your house for a long time, you should consider if you can make money back on it when the time comes to move. Essentially the housing market can be a gamble, if you’re in it to make money, you do have the risk of losing money, rather than gaining. This is where market research comes in handy, as you can look at the changes of house value through the year, and see what kind of thing increases the price the most, and how to ensure your profit. For most first time buyers, however, making a profit back may not be a consideration, but it should! It can be wasteful if you pass up an opportunity on a property that will give back to you when it’s time to leave, and can even help you decide the right place for you.

Check the signal

It’s the worst feeling when you find a beautiful home, and then it turns out to have that one unexpected but game-changing fault. While you’re on house tours, it’s very important to check how the signal is in the area, as you don’t want to cripple your forms of media when you move in. It’s not an obvious fault when you visit, so you should make sure you check just to be sure, and avoid the disappointment should you find out about it once you’ve moved in.

Why is it being sold?

It’s in your best interest to find out why the previous owner wants to sell, and while you might not always get the truth, it can help to tune your taste. It could be that the owner is unhappy with the neighborhood, or the house has faults to it that might not show on the initial viewing. Better to find out now before it’s too late. It could just be that the owner is bored of the area and wishes to move elsewhere, or maybe the house doesn’t fit their current lifestyle so they need an upgrade. The reason for moving isn’t always negative, so don’t be too afraid to ask about it and find out whether the house is right for you, it’s your future after all!

You can make that scary investment not-so-scary if you prepare yourself properly, so look out for ways to make sure you’re getting the right house, and learn how to look for faults, no matter how small they are. Even the smallest of faults can be frustrating overtime, so don’t just brush off the things that might bother you, think about a solution.

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