10 Things to Consider When Buying A Home for the First Time

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  • Post last modified:Nov 4, 2020
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Buying a home can be exciting and highly exorbitant at the same time. Owning a house for the first time is a big step in life and a huge achievement for a lot of people.

This means you have put in a lot of effort and time to get things done. Hence you should ensure that you don’t make any mistakes or leave out important considerations when buying your house, because doing so may cost you money or peace of mind in the future.

Below we compiled a list of important things you should prioritise and consider when buying a home for the first time.

1. Location

The location of the house you want to buy is crucial hence you need to make sure you choose the right location which won’t cause you inconveniences.

When considering the right location, you should ask yourself a couple of questions such as; is the place I’m buying offering convenience to my workplace in distance or is the property near schools? In case you want your children to attend schools nearby. Security and the commute in the area are also important factors to consider when buying a house.

Houses are priced based on location. Some areas can be detrimental to the value of your house if you decide to sell the house again. Rather buying a house in an area that will allow it to appreciate in value over the years is highly beneficial.

2. Long-term

Think about how long you want to stay in the house. When buying a home, consider if it falls into your long-term plans. Buying a home for just now can cause you future discomforts such as lack of space.

Deliberate first if the house would be big enough for your kids if you planning to have a bigger family or if it would still remain the house of your dreams later in the years.

Don’t forget your house is probably the place you will spend most of your time at, entertain your friends, and probably grow old in so the way your house looks and feels is of utmost importance.

3. Budget

Doing a house search can get you carried away as you can find a lot of houses in the market with so many beautiful features you like. But as one puts it, all that glitters the most is certainly not gold.

It is imperative for one to stick to their budget when doing a house search. You don’t want to find yourself having to eat only home-made dinners every other weekend because of failure to budget.

Even if you qualify to buy an expensive house that will probably take more than 30 % of your gross income, it will end up causing you financial strains. So rather choose to buy a home that you will enjoy paying for and that will not leave you with financial burdens.

4. Financial costs

Buying a house can have several added costs that you should definitely be mindful of. Be sure of all the costs you will incur when buying a house. These costs include deposit, transfer costs, property insurance, and/or utilities for running the household.

The house you intend to buy may also need you to keep up with maintenance which may include fixing and maintaining the pool, garden and security.

Be diligent in finding out the taxes, rates and maintenance costs of a property before purchasing it. Real estate specialists emphasise on this point because at times one house may seem cheap at the purchase price but incur high taxes while on the other hand one house may seem expensive but have lower taxes.  

5.Know what you are buying

It is of paramount importance to know precisely what you are buying. As a buyer do a thorough screening of the property, ask questions and be sure of the state the property is in. 

Older homes tend to need more renovations and upgrading if these have not been done yet, they will cost you money soon.

Check for things like roof leaks, structural damage, water seepage, faulty electricals and gas and plumbing installations etc. These are all important to check before purchasing a house.

6. Find a good Realtor

Now that you know and understand exactly what you want, finding a good realtor is a good move. Realtors are also known as real estate agents whose job also entails helping home buyers buy and negotiate prices when buying a property.

Getting yourself a savvy estate agent to help you throughout the process of buying a house from negotiating the price to inspecting the house will be of much benefit to you.

Keep in mind that the seller’s real estate agent has the seller’s interest in mind not yours thus getting one that will stand in for you will be to your advantage.

7. Mortgage Originator

This is one route you should consider taking up when you are buying a house. Mortgage originators will help you secure an ideal home loan that fits with your budget. 

A good mortgage originator will help you get offers from as many home loan providers to choose from.

The mortgage originator will go on to explain the advantages and disadvantages of each one, on the basis of your financial situation, which will help you choose the most ideal home loan option.

A mortgage originator will go through your credit history with you to help you fix any loopholes that may stand in the way of you getting the ideal home loan. A Mortgage Originator will definitely make the process easier and manageable. 

8.  Patience

When searching for a perfect home, you will definitely need the utmost patience. This will stop you from getting overwhelmed by the whole process because it might get frustrating at some point.

Patience will also assist you to make rational decisions and avoid rushing into unnecessary agreements that will cost you and cause you to regret later on.

9. Don’t rush into contracts.

It is imperative to take your time when making decisions and when making considerations on whether you like a property or not before signing the final contract.

Weigh all your available options and factor out the ones which may cause you unnecessary costs or you find to be less desirable.

Do not let anyone including the seller or agent talk you into buying something you are not fully satisfied with. Be sure of your choice first before buying.

10. Deposit

Consider trying as much as you can to put down a high deposit. This way you can be able to pay less in instalments.

Conclusion

With the above considerations you are quite guaranteed to attaining a home you will not regret purchasing. Since this is a big deal consider taking caution in every step you take in the journey of buying your house.

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