6 Tips for First Time Home Buyers
You need to be very cautious while buying a new home because it’s once in a lifetime investment and one wrong decision can spoil everything. Various factors need to be considered when you start searching for your dream abode. However, there is no need to feel nervous. Since you have decided to possess your first home, here are some helpful tips for you.
Pay attention to your budget: You may want to buy a 5 bedroom villa because you like the large houses shown in movies, but ask yourself whether you can afford it or not? Otherwise you will face financial troubles later. Taking a loan is always an option, but bigger loan amount means hefty EMI and long term commitment. Therefore, budget should be the first and foremost concern.
Think long term: What are you going to do with the house? Will you stay there forever or do you wish to sell the house a few years later? Do you have 2-3 kids? These things need to be considered because your selection should be based on these factors. If you wish to sell the house 5-10 years later, then select an area where the price of property will rise very soon. Similarly, if you have 3 kids, then you must opt for a minimum 3 bedroom property to accommodate all your family members when they grow up.
Make a list of items that you need to check: Ideally, you should not select a home based on your emotional desire, but no matter how hard you try, house buying is an emotional process. Therefore, you should create a list of “must have” features, “nice to have” features and “best to have” features. Every time you visit a new house, take the list with you and tick the features in your list. This way you will be able to select the best house within your budget.
Think about other expenses: While you calculate the cost of buying a new property, don’t only think about the price of the home and tax. There are certain other factors that you need to consider as well. For example, is the house located in an area which is far away from your office and your son’s school? In that case, you have to count the cost of commuting as well. It is always better to buy a house in area which is well connected by bus and subway.
Check the neighborhood: You must roam around the nearby area of your shortlisted house to get an idea of the neighborhood. It takes only a couple of bad neighbors to make your life hell. Besides, the safety and security of your family members is another major concern. Would you like to stay in an area full of bachelors if you have a teenage daughter?
Read the papers before signing: When you find a home that is located in a nice neighborhood and comes within your budget, you can ask the property agent to create the contract. Read the contract carefully to know each and every terms & conditions. Unless you are happy with the terms and conditions, don’t sign the contract.
Follow these tips and you will be able to buy a new home comfortably. If you want to buy a previously owned property and need professional help for home improvement, you can always call top 10 resources for any type of home improvement requirements.