Buying a new house hast to be one of the most joyous and satisfying moments a person can hope to have in life. However, the very gravity of this situation, the substantial amount of money you intend to invest, and all the fond memories you intend to make in your new home put too many important things at stake to approach this task lightly.
So, let us take a look then at a couple of important things you should know before buying a new house to make your next purchase into a safe haven you and your family have always dreamed of.
A GOOD LOCATION IS A KEY
The property you are going to buy may have some smaller or bigger deficiencies some of them easier to repair than others. However, the poor location can’t be fixed with all the money and effort in the world. That is why, before spending any money, be sure to double-check the neighborhood, access to various amenities and major traffic lines, vicinity to industrial centers that may be causing excessive pollution levels, etc. All these things can dramatically impact your quality of life so it’s good to put them as the number one priority.
DOWN PAYMENT IS NOT THE ONLY CASH YOU WILL NEED TO SHELL OUT
Home-buying is a process riddled with various expenses that can take quite a heavy toll on the future owner’s budget if the funds are not set aside some time ahead. These expenses cover everything ranging from closing costs and one year’s worth of home insurance to small repairs, impromptu Home Depot runs, and other smaller expenditures that come with moving in. Learning more about the prices and saving in advance will help you save your credit cards from unnecessary debt when things finally start rolling.
TOO MANY PEOPLE WILL TRY TO ROB YOU
The budgeting we have mentioned above will be made considerably easier if you manage to avoid some of the unnecessary and underhanded costs that come along the way. Take for example junk insurance which is essentially a set of overpriced premiums you are asked to pay as a part of the contract but are essentially useless to you. And then there are expensive materials, bundled services you don’t need, and all other expenditures that are explained in the fine print. If you want to avoid excessive debts, your job will be to read through all of them.
BE VERY CLEAR ABOUT WHAT YOU WANT AND WHERE YOU’RE HEADED
Going into home-buying without knowing exactly what you want and what you need only drags out the process, wears you out, and stacks up the associated expenses. That is why you absolutely need to have a very clear list of requirements you will pass down to the realtor. Also, it is highly advisable to imagine where you and your family will be in 10 to 20 years. The necessities you have now will undoubtedly change as time goes by and trying to guess these changes correctly can make your purchase much more worthwhile.
THE CONDITION OF THE LOCAL REAL ESTATE MARKET
These simple facts will put much of your future decisions into perspective. The complete list, of course, is hard to comply but you can start the research by checking the average age and price of the properties in the area, demand for the homes and inventories for sale, the competition you might be facing, and plans for future developments. Knowing these things can turn a perfect purchase into a waste of money and an ugly duckling into a steal. Also, you will get a much better idea about the money you are ready to spend.
We hope these few tips will help you make your future property hunt much easier and help you find the home you and your family will enjoy in many years to come. Even if we put all the emotions aside, buying a home puts a great deal of money on the table and an even larger responsibility on your shoulders – you need to make sure everything’s all right. Now, you know where to start.
Guest Contributor: Diana Smith