Buying a home is a major milestone in a person’s life. Buying a house can be a painstaking and daunting process from start to finish. You must first get pre-approved, then find the right home for you and your family, then submit an offer. But when you take the negative aspect out of it, buying a house is one of the greatest achievements in life, and all good things require effort.
Yes, the home buying process takes time and tests your patience, from viewing your first dream home to completing the legal process and then moving in with your family. But keep in mind that all goals require hard work. This hard work begins with writing down your priorities: budget, location, timeline, etc. If you do this in the very beginning you can always use it as a reference during the process especially when you’re questioning whether you’re making the right decisions. Essentially you must make sure that the house meets all the requirements for you and your family.
In this blog post, we will outline some important details that you should remember and consider when buying a house.
The location of the house is very important and should be on the top of your priority list. Choose a home that is easy to get to and close to a grocery store, school, hospitals, and friends. The house you buy is the place where you will be for many years or in some cases a lifetime, it is the place where your children will grow up. The better locations can increase the value of your property as the market value of nearby areas increases, therefore giving you more equity.
A reputable agent and legal advisor are just as important as the location of the property. If you are not knowledgeable about real estate, you may find it difficult to negotiate terms and conditions, negotiate commission percentages and understand legal documents. Therefore, it is always recommended to contact a reputable agent and legal advisor whom you are sure of. Before contracting with an agent or legal advisor, do your research. Ask family, friends, and neighbors for referrals, check online reviews, and/or ask for past client references.
If this is your first experience buying a property, be sure to set a reasonable budget and stick to it. Only you know what you can and cannot afford so being firm on your budget will assist when searching for properties and making an offer. Keep in mind that after buying a new home there are additional expenses such as moving costs, new furniture, construction/remodeling costs, etc. If you buy a home above your budget, you can find yourself struggling to cover any additional costs associated with moving into your new home which can cause undue stress during what is expected to be a happy time in your life.
Your dream home can be stressful if you don't have enough space to accommodate your personal belongings and future plans to build a family. Prioritize according to your current possessions, number of people in your current family, and desire to build a family. These priorities should be considered when looking at potential homes. You should consider the number of bedrooms, bathrooms, kitchen layout, living room, office/den, and parking. Don’t forget if you are a pet lover or have a domestic animal, take a look at the backyard and patio areas as it has the capacity to house any pets.
Choose your neighborhood and surroundings wisely as you will be living there for many years. You would like to be safe and quiet at home, so you should find an area with less traffic, noise pollution, and low crime rates. Lastly, keep your privacy in mind, and choose a house with proper gating.
As with any large purchase, don't buy on impulse. When buying a new home, keep in mind your future plans and goals. Will you add to your family, adopt a pet, would you like an income stream from a tenant, work from home, host big gatherings, etc? Reflect on your earning potential, goals, plans, etc., and be sure that your potential new home will check all the appropriate boxes.
The age of the house is important. Old pipes, electrical wiring, water damage, etc. can be expensive and timely to fix. It is important to ask about major updates to the home before making an offer. If the house needs replacements and repairs, consider your total budget before moving forward with an offer.
Buying a new home is a big financial decision and commitment. Taking the time to plan ahead, reflect on your future plans, and prioritize your goals can make the process more smooth and more successful. If you want to know more details about it contact me right now for a free consultation by calling (240) 393-6756 or emailing [email protected]
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