A new house always comes with a sense of responsibility and ownership. And this feeling of ownership is authentic and irreplaceable. But, along with the same house-ownership comes a plunge of daunting decisions and considerations. There are plenty of factors to be kept in mind before getting yourself into the process of house hunting. An abundant amount of research, full-fledged planning and weighing all the possibilities, etc. are a few essential portions of house hunting. Apart from these basic necessities, here are five crucial things to know before buying a house.
This is the foremost and the most important aspect you must consider before buying a house. Question your each and every thought related to house buying. Ask yourself questions like, do I really need a new house? And if yes, why do I need it? Can I really afford it? Will this property have any future resale value? How long am I planning to stay in this house? If you have short term plans then it is better to rent than buy. Remember, house buying always begins with the present as well as future considerations.
Considerate planning with thorough research
Now that you have already taken the golden decision, start with your planning and research. Plan your budget and also plan on how do you want to go with the payment method. If you plan to go with the mortgage scheme, make sure you check your credit score and also the banks that are ready to fund your project. If needed consider hiring an agent. Learn to master the art of negotiation. If you need a good deal, you really need to work hard for it. Research and legal check your desired property, look out for different housing schemes. A successful house purchase is only possible with careful determination and research.
Inspect your property
Examine your property from every angle. Look for any electricity or water-related issues. Check the size and infrastructure of the property. Double-check the ceilings, the flooring, the walls and obviously, the toilets. Make sure the builder of the property is renowned and has a previous work history. If possible, take reviews of the customers who have bought some property from the builder. Have a thorough read on the builder-buyer agreement.
The vital external aspects
External factors like the distance between your house and the local train station or the bus stop. Analyze things like, does your locality have a good hospital? Are schools and the marketplace nearby? What and how is the parking scene? Identifying your locality is one of the important things to consider before buying a house. Also, calculate the distance between your workplace and the new house. Scrutinize your whole locality, crowd, neighbors, etc for your own safety. We might often neglect these factors but, at the end of the day, these few things make a huge difference.
Pressurizing yourself won’t help
We all know how challenging as well as how important it is to buy a house. But, never pressure yourself with things. Always remember that the estate agent works for the vendor and might use tricky tactics to get you up for the offer, at such point, do not pressurize yourself to do something which you might regret later. If the deal doesn’t meet your budget, don’t panic or don’t make an impulsive decision. Work things out! See if something can be done with the budget or wait for some time till you figure something out. Also, don’t stretch your needs to an extent where you end up getting nothing. It is good to have needs and necessities but overdoing it will and expecting everything to be perfect may disappoint you, especially if you have a tight budget. So, the bottom line is to never stress yourself out and to work smartly towards overcoming your compromises.
Here’s what some of our homeowners have asked us
How do I prepare myself to buy a new house?
Before buying a house, first, ask yourself if it is the right time? Once you have confirmed then recognize your needs, search for a house that fits your lifestyle. Evaluate your budget and check your credit score. Precise planning is the key, if your budget doesn’t match the house budget, start saving immediately. Also, keep an eye on housing loan schemes and the mortgage process, if possible get an agent to make your work easy. Once you know that you have managed the housing budget then start looking out for your property.
How can I buy a house with a low income?
If you plan things accordingly, there are many ways you can make a purchase with a low income. Basic things like addressing your credit, researching your market, saving for the down payment and planning the budget according to your convenience, will surely help you buy a house with low income.
How can I plan my house budget?
House budgeting is one of the most essential things to consider before buying a house. For starters, you can start by writing down your total monthly income. Then, know your essential expenses. Then, list the number of unreasonable expenses, see where you can cut off your expenses. Try to cut down as much as you can and keep your main focus on monthly savings. Once you have a proper track of your expenses, it will be easy for you to finalize your home budget.
What if I already own a house, should I buy another before selling my current home?
One of the biggest benefits of buying a house before selling the current one is the fact that you have a suitable property lined up. You can either sell the property in the future or can rent it. But if you are unable to purchase the new home without selling the current one, this can actually lead you to great trouble by affecting your purchase offer.
How do I negotiate while buying a house?
Start with researching the market property. Make sure the price you are offering is reasonable and try to stick to your deal. Keep emotions away and let your practicality talk. Make the vendor believe that you are genuinely interested to buy the property and give him the benefit of a few special conditions or offers.
What all things did you consider before buying your new house? Let us know in the comments section below