Things to look out for when buying your first home
Buying and owning your own home is every adult’s dream. The freedom of rent, a nasty landlord or troublesome neighbors is something we all look towards.
However buying your own home is not a feat that can be easily achieved. It requires a great deal of planning, focus and dedication and we have put together a list of things you need to be aware of and put into consideration that can assist you as you embark on this journey.
Do you have an apartment for rent or home for sale?
What is your budget?
It is very important that you have a budget for how much you are will to spend in purchasing your home. Try to be as realistic as possible as it will not help you if you are only able to afford a house $200,000 but you are focused on purchasing one for $500,000.
You need to consider your current income, your monthly expenditure and how much of your savings goes into your budget towards your new home.
Do an accessment on your credit score to determine how much you can borrow and base your budget on how much you can repay now.
Get a professional real estate agent
As you are looking for houses for sale or searching for homes for sale in your target neighborhood take your time and contact 2 to 4 different real estate agents after going through their house listings.
This will give you more options and also the luxury of being able to evaluate them and determine which real estate agent is genuinely interested in assisting you in searching for your dream home.
Do your research on them, how long they have been in the business, their level of professionalism and how they interacted with other home owners who have bought their own homes through them.
Never allow yourself to be pressured into buying a home. Take your time and negotiate as much as you can and make sure you are getting the best deal for your money.
Consider the location of your new home
You should be aware that buying a house is a long term investment and the location of your home is very important.
Ensure you take a drive down your new neighbourhood and that there is a low level of crime rate and that the distance from your home to shopping malls and supermarkets is relatively short to determine if you can easily take a walk or will have to drive when you want to go shopping.
Are there hospitals close by? If you are planning to have kids in the future are there good schools nearby so it is easier to drop off your kids and are there playgrounds and event centers for family fun time during the weekends?
Take a good tour of your intended neighborhood and chat up the cashier at a supermarket to know what the neighborhood is like and what to expect when moving. It always helps to have a more experienced opinion especially from a resident of that area.
Hire a professional inspection company
Even though they might be a bit costly it is definitely worth the investment. Before you settle for home you want to buy you have to be sure that it is in good condition so you don’t have to spend money that could be used for something else fixing stuff you can have easily noticed and pointed out to the seller of the house.