Top 10 Things to do Before Buying a House

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Buying a house is one of the most important decisions one has to take as soon as one starts earning. It is also a very hard decision and even though it might look like it is very easy to buy a house in this day and age of the internet and estate agents, it is definitely not the case!  One does not get an opportunity to buy a house in his life many times and hence it is very important that the one you decide to invest in is the correct choice otherwise you will regret it within few weeks of moving in. For something that’s time consuming as well as costly, here are 10 things you should do before you decide to buy a particular house.

 10. Discuss!

Discuss

Discuss

The first step to almost anything and especially buying a house is to discuss about it as it should cater the needs of everyone in the house. Right from your better half to children to anyone else who is going to be in that house with you. You may have to compromise on some factors but it is better to decide that before you take the next step rather than realizing it too late. Discussion may not only be about major issues but could be about smaller things that need to be sorted out before one begins house hunting.

9. Check out the Neighborhood

Neighborhood

Neighborhood

This is done after you have decided on the pricing and the other important things like how big a house you can afford. Checking out the neighborhood is very important, mainly because when you buy a house, you just don’t associate with the house but your identity will be connected to the area it’s situated in. Spend few days walking around the area and knowing things like how clean and hygienic the area is what places of your importance are near the house and alike. Look out for places that you’d want nearby your house. It maybe a school, or a super market or a hospital!  Take someone’s help and go along with that person so that you can get an outsider’s perspective on it, do this on foot or by bike as it is much easier to go around the smaller places with small lanes.

8. Consider the Home’s Possible Resale Value

Resale Value

Resale Value

Even though you would expect to live in the house you’re about to buy for a long time, (most plan to stay for 10 years at least) you never know what comes along your way and you would need to sell it. Hence, it is always advisable to buy a house that would be easy to sell and would also not result in you losing a lot of money. With the economy fluctuating on a weekly basis, one can never be sure of the future resale value of any property, but you should get an approximate idea about what might be a good probability.

7. Scout the Areas you like

Scouting

Scouting

What area in the city you decide to buy a house can say many things about you and your standard of living. Hence, scouting area that you would like your new house to be in becomes a important factor. In most cases the areas that you put down to scout are decided by default by the budget you have for the house but even then scouting areas and looking out for the best possible one is advisable.

6. Have the Home Inspected

Home Inspection

Home Inspection

You like the house, you can afford it and only thing that’s left is for you to make the deal and put pen to paper, but, before that it is always safe to let someone inspect the house. Inspection may not necessarily mean in a way that you need to see if all the fittings are intact but also for things like pest control, water availability, repair work as you do not want to spend extra on the things you were too lazy to check before finalizing the purchase. Remember, being hasty is not the way to go when buying a house!

5. Consult Friends who recently Bought Homes

Consult Friends

Consult Friends

Buying home is one thing that requires a lot of opinions and consultation so that you can see the pros and cons of different factors of the house you want to buy. Best advice can be from those close friends who have recently purchased a house or a property. They’ll not only tell you about the market prices but also share the background check and the things they looked out for when they were buying their house. This can also help you know the next step and not waste your time in knowing what all you need to take care of.

4. Negotiate As Much As You Can with the Seller

Negotiate

Negotiate

Negotiation is very important factor when it comes to real estate. Be it a space you’re buying for office or commercial purpose of a house no matter how big or small it is. Agent’s job is to get the best possible price for the house without quoting something so out of reach that it won’t sell the place. Hence, it is important that you think rationally and negotiate a price that is nearer to the one that suits you and isn’t too heavy on the pocket. It is likely that agent will might sway you away with the ‘attractions’ of the property but that’s his job; and yours is to make the deal as cheap as possible! Remember, there is nothing wrong in asking for more money, nor is there in asking for the price to be cut down. Don’t forget to negotiate; it might save you some valuable money.

3. Think about a house that you can Afford

Houses

Houses

It’s a natural reaction to buy a house that’s spacious and bigger than the one you’re planning to leave, but, it is not always possible to do that when you have a strict budget to work on. This is the case for most of the house hunters and hence it is important that you go house hunting with a firm idea of what price range you are looking at. Considering other costs just as taxes, maintenance, insurance is also advised as these costs can end up being a pretty hefty amount afterwards.  A rough way to calculation is that you can afford to buy a house that costs you about 3 times that of your current annual salary.

2.  Consult a full-time Realtor

Consult Realtor

Consult Realtor

This is very important when buying the house independently. Agents take a lot of cut from the buyers as well as sellers hence many of them go house hunting without the help of agents showing them a property. In these cases one often consults a Realtor so that they can get a better idea while finalizing the house. There are many part timers that often aren’t as qualified as the full time ones. A full time Realtor would have a certificate to prove that he is one. Advice from a professional from that field can’t go wrong.

1. Find your Price Range

Price Range

Price Range

This is the most important factor as without enough money, you cannot buy your dream house that you always wanted. Identifying your price range will decide what sort of house you can afford as well as what sort of neighborhood you’ll be living in as the pushier the pin code, they more you will have to pay for the house. If your price range is moderate, you’re likely to find a house that’s close to your basic requirements of the number of rooms and in a surrounding that’s not too bad but if it is too low, you will have to compromise on one of these factors and are most likely going to be disappointed. Of course, if your price range is high, you will most likely find no problems in buying the house that ticks all the check boxes.

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