I think you’ll agree with me when I say:
It’s REALLY hard to find the house you dreamed for since your childhood.
Or is it?
Well, it turns out, knowing some important factors before buying a house can be a great help in solving our problem. And that’s what I’m here for. In this post, I am going to elaborate the top 10 factors you need to consider before buying a house.
But first, you need to ask yourself if owning a home is your ambition or just a fantasy before even considering whether you can afford it or not. Whether you are planning to buy a house in the next few days or a couple of years, it’s never too early to be aware of all the factors involved.
So let’s get down to business. Shall we?
We all know budget would be the first thing to consider before even thinking to buy a house. If you ask your friends and family, you”ll often hear “you should expect to pay” or “about this much”. DON’T rely on advice, rather find the real numbers through several online calculators or consult a professional. Whether you are planning to rent or buy a house, make sure to find out how much you can repay.
2. Rent or buy a house ?
It is not compulsory to own your home if your circumstances are not ideal. Some people might say paying rent is a waste of time and money, but if renting is more beneficial to you, then GO for it. Paying rent would be more profitable for the people who move around a lot or have a transferable job.
Make sure to check out which option is better for you, rent or buy!
It’s no surprise that houses in an area well connected to public transportation and the market would cost more than the ones in suburbs. This doesn’t necessarily mean you should buy a house in rural areas to reduce the cost. Each location has its own advantages and disadvantages. Find out what meets your needs and fit your budget before investing your money.
Most of us get involved in a lot of bargaining activities, whether to get 2 marks extra in our papers or reducing the rate of an item. Why not do it while buying a house too? It may not be considered ideal to get vendors reduce the rate of a vegetable by mere 5 Rs. but here we are talking about thousands (even lakhs) of rupees. Do check out some negotiation tips online.
5. Search duration
The search for a dream home can take longer than you think. Maintain a schedule to gather all the necessary information and documents required to buy a house. Operate on your own timeline but don’t delay the hunt. Remember – Time is of the essence.
6. Utilities and services
Do your homework and research the average utility bills per month for the prior owners or renters. This can be extremely useful, especially if you are new to the location. Talk to potential neighbors and find out what other charges could be expected to incur.
7. Maintenance costs
Inspect the house thoroughly before buying it. Does the toilet flush properly? Does the heating/air-conditioning work? Is renovation required? All these issues will be your headache after buying the house. If you buy a house that’s always in need of repairs, you are going to pay much more than you bargained for.
8. Hire professionals
Even if you think you know a thing or two about real estates, do hire a licensed and experienced structural surveyor and a pest inspector to examine the property before you buy. They will help to pinpoint any issues that could potentially end up becoming costly repairs.
9. Ready to move in?
Flaws repairs and structural improvements can be made at the cost of the seller before the buyer takes over the property. But if the house isn’t move-in ready or requires any repairs, the costs of those may end up being your headache if you didn’t make home inspections before buying the house.
10. Make a checklist
Prepare a checklist including all the major items or services you want in your dream home. Remember, it’s a financial transaction, so your terms and conditions must be met. If you are not satisfied with the house or anything related to it, don’t hesitate to walk away from the bad deal. There are a lot of better residential properties available out there.
That’s not all !
The above factors are some of the most important factors to consider before buying a house. But this doesn’t mean you can just sit back and let your experts do the work for you.
It’s going to be your home, not theirs so grab a pen and paper and prepare your future checklist. This will greatly reduce your troubles when you”ll start looking for a house to buy. Do comment if you have any queries or want to share your experience of “house hunting”.
House is just a building, it’s the family that makes it a home.
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