Are You Planning on Buying a Home? Read This First.

Is this your first time buying a house? Congratulations! I know how exciting it can be but it can also be quite daunting and scary. A house is no small purchase that’s why you really need to put in a lot of consideration while making your decision.

It’s always better to be informed when you’re making any purchase, more so a significant investment like a home. So to help you out, here are some of the important things you need to know or do before buying a new home.

There is no easy way to do this but to rely on the recommendations of your family and friends. Find one who is really interested in finding you the perfect home rather than just presenting the expensive homes, just to make a commission.

You can really sense it once you’ve talked to a few agents. You can tell the ones who genuinely care about your needs based on the houses that they refer to you. In this case, go with your gut as well, if you don’t think the real estate agent is being truthful, go and find someone else.

Do you want a very modern house, one that is completely brand new? If you don’t need a big space, perhaps a one or two-bedroom apartment will do. But if you have the money to spare or if you can find a really great bargain, a stylish old home is always a great choice. Have you heard of period homes? Think about homes in the style of Art Deco, Victorian, Georgian, Art Nouveau, and others. These houses are truly amazing and would be worth every dollar. Here is a good resource if you want to know all about period homes or check out this infographic below.

How much can you really afford? You will have to be realistic here because you don’t want to gain a debt that you can’t service down the track. You may have to make compromises on the size and style of the house and even its location.

Take into consideration the down payment (if any), the mortgage repayments, and the interest rates. You will also have to think about the cost of ownership which includes house repairs or maintenance, and local council rates.

If you can get pre-approved for a loan, then ensure that’s organised and ready to go for when you find the perfect property.

This is important because there are some sellers who want to negotiate only with parties who have the clear means to make the purchase. If you have finance in place in advance, you will have a better chance of winning the deal for your dream house.

You are buying a home so I expect that you are planning to live in it for a long time. Therefore you will have to think about living in it long term, and whether the house will be able to accommodate your lifestyle. Does it have enough space? Is it located in a good neighborhood? Is it near a hospital and schools? Buying a house is also buying into your future so ensure there are amenities close by that will suit your needs.

These are just some of the important things you need to consider when buying a home. Do not rush it. Take your time as it is a big decision which will affect your life in the years to come.