Buying a home is an exciting step and can be a huge financial commitment. It’s a big commitment and for first time home buyers, it can sometimes be rather challenging. There are so many steps, tasks and requirement which may often time get overwhelming and feel you with much anxiety for fear of making an expensive mistake.
There are, however, some things to consider before buying a home. The following are a few essential tips to consider as a first-time homebuyer:
- Affordability: When making your real estate decisions the first question to ask yourself Is “how much can I afford”. When investing in real estate you should put into consideration how much you can afford, and keep in mind the upfront costs as well as the ongoing costs of ownership, such as maintenance and utility expenses. When buying a home for the first time, it’s important to stick to a budget as you are most likely to suffer any regrets. The future is quite uncertain and you do not want to put a strain on your finance; Purchase within your comfort zone, when the time comes time to make an offer, never go above your budgeted purchase price.
- Location: Location is one of the most important factors to consider when investing in a home. You need to find out the positioning and neighbourhood of your home. Are there good schools? Is it close to a hospital? Is there adequate public transportation? It can be a very costly mistake if you purchase a home without taking all these in to account. An online search can assist with getting to know an area.
- What’s on your wish list? : Before you begin the journey for the search of a new home, create a list and write down the negotiable features that are needed for your new home. Determine what your wants and needs are. Making a list of everything you want in a property and the surrounding area – that way you can remain clear and objective when viewing properties.
- Engage a real estate agent: Buying a home without a real estate agent can be somewhat risky. It is a huge financial decision that can be very complicated especially when you have no idea about the real estate market. Buying your home will start with a real estate agent. Getting the service of a local real estate agent who has the experience, negotiating chops, a large network and local knowledge to help get you through the process to close on the right home for you is pivotal. Carry out deep research before selecting an agent Is key to the home buying process.
- Property inspection: Property inspection is an important part of the home buying process that should not be missed. A property inspection if done right, is one of the smartest ways of buying the right property. Do not underestimate the benefits of home inspection. Going for inspection gives you a great avenue to see and know every little detail about the property you intend to buy.
Here are some of the main items a home inspection should vet:
- Structural issues
- Roof problems
- Mechanical issues
- Plumbing concerns
- Electrical troubles
- Overall condition and basic home functionality (i.e. windows, doors, vents, lights, fans)