Buying a home is a great feeling. They say, “Home is where the heart is” and it is so true in every sense of the word. One doesn’t buy a home too often in the entire life and it is thus important that you be very careful while buying it.
For most of us, buying a home is one of the biggest investments of our lives. It is thus important for us to be scrupulous while buying our first home. Angus Reed, a well-known property expert tell us the essential things we must look for while making the purchase (Read more about him at – Angus Reed Bio).
Affordability: One shouldn’t bite off more than one can chew. When you start looking for homes, you will see a lot of them that matches your dream home but are above your budget. You may feel getting carried away because of the looks, but remember to stay within your budget.
The best way to determine how much you can afford is, by getting the pre-approval. Banks and other financial institutions can give you this figure if you go to them and as for the loan you are eligible for. You must only see homes that come within the limit.
Location: The location of your home is very important. It should be in a place where you think the prices of the home are going to get higher in future. If you need to sell this for any reason, you should get higher than what you invested. Also, while deciding on the location you must consider if the public facilities like gardens and transportation connectivity are good in the area. Do not buy your home in an area that is being developed and doesn’t have many inhabitants just because the place has the potential to give good returns in future.
You should feel secure living there, while looking for a home, consider checking the neighborhood. Do not buy the property if the neighborhood is not safe.
Ready for move-in: It can be a good option for the first-time home buyer that you select a place that doesn’t need a renovation. You might not know exactly how much money will you need to renovate a fixer-upper. A DIY project can take longer than what you had expected and if this happens, the cost of renovation will increase too. It is thus important that you buy a house that is move-in ready.
Decide on the price of the home by looking at the life of items such as water heater, energy efficient windows, and electrical wiring. Take a look at the bathroom and the kitchen and note if anything needs to be updated. Make sure the items you need immediate attention is noted.
Starter home: People sometimes think about buying a starter home for a period of around five years before going for the home of their dreams. If you’re considering this, remember the probability of you over-staying at the starter home is always higher than what you anticipate. It is important to consider that you might need some extra space, even if you don’t have a family now since you may need this in future. If you purchase a one-room home, you are reducing the number of potential buyers for your home.
Considering the above four points before making a purchase can be very helpful. Be clear with the broker about the kind of home you want and what you don’t. Also, tell him what is certainly above your budget.
Buying a home is one’s dream, don’t be afraid to be too selective!