Are you ready for your first home-buying? The excitement of people who are first time home buyers is indeed indescribable. But as you prepare for this big house purchase, you must have several things to take into consideration. These tips will prevent you from committing a big mistake and waste of money. Remember that your house will be your abode for years or even for your lifetime so never give any incidence for failure in the choice.
Tip No. 1
Determine what you really want your home to be. This includes the design and the size. Would you want a one or two storey residential building? Or perhaps you have the number of rooms in mind. You should also include a plan for the additions in the family so that the space will not be constricted. Even if your house is a brand-new one, think of future renovations and extensions. Are these improvements feasible in the present structure of your house?
Tip No. 2
You have to think of the location of the property. You have to find the area you would want to settle in. Maybe, you have preference for proximity to your job, or at least accessibility to transportation. There are those who give priority to the house’s distance to the children’s school. You might also want this and also its nearness to markets or supermarkets or parks. In deciding your location, you should look into the future – future schools of your children. How accessible would it be to this house you intend to buy? Your neighborhood will also determine your choice of location. This will be the environment for your growing children. Another consideration is the trend of increase or decrease in property valuation in the area. You would not want a house whose valuation will sink in a few years time.
Tip No. 3
Have in mind substitutes in case you fail in finding your first choice. You should have a fallback. There are times when the available houses are not close to the perfect dream house you have in mind. You should decide whether you will postpone buying or you would settle for some other types.
Meticulously inspect the house, in case you find your choice. Look into the facade, the fence and the curb. Then inspect the interior of the house. If you are buying a new one, research on the architect or builders of the house. How well are they regarded in the home construction industry? Then if you are purchasing a renovated one, you have to give extra attention on the possibility of maintenance problems.
Tip No. 5
Find your lender. You have to know how much you can borrow. This has big relevance on the price of the house. Your mortgagor might not approve a loan that can cover the required full payment – at least after your required equity. Then you have to check on the amortization schedule of the lender. You might be thinking of a closed deal but only to find out your lending institution cannot grant your requirements.
Find you qualified buyer’s agent. And when the deal pushes through, you have to study the contract carefully. You can seek the legal advice of a solicitor. It is best to be safe on the legal aspects so do not sign any contract without legal consultations.
There could be more considerations but with these six basic tips, you are safe in your deal. As a final advice, do not be taken by the physical appearance of a house, check every detail that goes with the buying of your first home.
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