Getting your own house is one of the best investments you can make. For the young folks, buying that first house is not just an investment; its basically a coronation, a symbol that youve made it.
However, so many things can go wrong for first-time buyers if they dont know what theyre doing. This is why we made this guide for people who are buying a home for the first time. Follow the tips here and get yourself your dream home.
- Determine your needs – So what are the things that you need in a house? How many of you will live there? How much living space do you need? Do you need extra features such as a garage or a warehouse? Is it located near your workplace? Does it have the amenities that you need? Is the neighborhood safe? Those are just some of the important considerations you should take into account when looking for a house.
- Estimate your funds – Money is always an important consideration when youre in the market for a house. You may want this or that feature in your house, but the question is can you afford it?To determine this, you have to estimate your available funds. You need to determine how much savings you have, and check to see if you can handle the monthly payments, to complete the purchase with your current income. Also, determine how much money you can get via a loan or mortgage.
- Consider working with a real estate agent – Some real estate agents have earned a bad rap for ripping off their clients. However, working with the right agent is still very helpful, especially if youre purchasing a house for the first time.They can guide you in the shopping process: from looking for properties that fit both your needs and budget, to negotiating a fair deal with the seller, to completing all the paperwork. You cant go wrong when working with the right real estate agent.
- Search for homes – You can do your house search using a wide variety of mediums. You can drive around town and look for properties with a for sale sign. You can check out classified ads, both traditional and online-based. You can also ask a real estate agent if he/she can recommend a property for sale near you. The more you search, the more options youll have.
- Inspect any property youre considering – A prior inspection of the property is necessary before sitting at the negotiation table.Consider getting the help of a professional to do an inspection on your behalf. Not only will he/she identify flaws in the property, but youll also see if the property is even safe to live in to begin with. An inspection will give you an idea of what to expect should you purchase the property, and give you a baseline during negotiation.
- Negotiate – Negotiating is the last step towards securing your new home. This is an important step, because thats where you and the seller create a deal that will benefit both sides.Among the things to consider include the asking price of the seller, the condition of the property, and the costs youll have to commit to the property moving forward. It will be nice if you can secure a good deal. If not, you can always look elsewhere.
In lieu of buying a pre-existing house, there are certain advantages you can enjoy if you choose to hire a contractor to build your new home instead. A new house built from the ground up has features tailor-made to your needs.
Its also constructed using the latest materials and building techniques, giving it improved durability, insulation, safety, and security. Lastly, building a house from scratch can actually be more cost-effective, especially when compared to acquiring a pre-existing house with major flaws and/or features you dont need.
Buying a home for the first time is a unique and sometimes overwhelming experience. However, get this right, and youll get yourself the home of your dreams at a price you can afford.