A decision for buying a house is once in a lifetime decision, but once you have taken a decision stand by it. When you are purchasing a house you are purchasing an asset that is going to be inherited to your children from you. We are highlighting a few important factors regarding purchasing a house that very owner wishes they knew before.
Are You Ready For A First House?
Buying the first house is not only about investment, but it is about emotional attachment too. Your first own house is a part of the land that belongs to you, just like your loved ones. Before you get involved in finding the best house, make sure you have realized the responsibilities you are going to accept. In contrast to flat life, owning a home means that every fee, repair, utility bills, maintenance expenses or whatsoever, you are going to be accountable for it. Buying the first step is a big decision and make sure you just don’t make it in hustle but are willing to enjoy the process too.
The basic you have to think before purchasing a house is its locality. Let us put things statistically for your easy and better understanding. There are some under developing housing societies that are located far away from the city but are offering houses at lower prices as compared to the housing projects that are located in the middle of the city but are offering houses at higher prices. Now you might think about settling far away just because the house is cheap. Here are some points we need to understand. What is the use of living far away and paying extra money for traveling? Every time you have to go for groceries, hospitals or to any amusement park you have to pay a large amount just for traveling? Plus the chances of doubling your house prices are also lower and you have to wait for ages to get your housing project famous. Before buying a house at such places estimate the other rising expenditure that you are going to add in your expense list.
Therefore, it is suggested to purchase a house where you are sure that your expenditure is not increasing and the chances of evaluating your house value are also higher.
Understand the difference between your wants and needs in a house
Take some time, sit alone and make a list of the things you want at your house. How do you want your house to look like, make a rough sketch? The number of rooms you need and add-ons like a swimming pool, wide car parking or a garden. Now make a list you need in your house. Do you need a swimming pool? No! Do you need a garden? Maybe! Do you need wide car parking? Definitely!
By this brief example, you have understood the things you want and the necessary things. This analysis helps you in managing your budget.
Before purchasing a house, research about the best housing societies with the best prices. Compare the prices based on plot costs and house construction. Go deeper. Ask the owner of the house to show you the history of the past 30 years of the house. How many people have traded it, at what price and why? If the house is not old enough, ask for the complete history along with the documents. Examine it like a suspect and do not purchase without complete satisfaction.
Plan the budget
Plan your budget wisely! There are some options where you can pay a down payment of half of the total amount of the house and you can pay the rest of the money in installments. If you are going to purchase a house under this rule, plan your budget accordingly. Look at all cons and pros of paying installment.
On the other hand, if you are going to pay the whole amount as a down payment, make saving plans accordingly.
Find the best real estate agent
Half of your tensions in the process of purchasing a house will vanish if you are connected with just, loyal, and honest real estate agents. Sometimes they just make you take the wrong decision because of their interest and profits. Getting help from an honest advisor may help you get the best house at the best price. Study about the best real estate agents before hiring one.
Don’t be afraid of asking infinite questions before buying a house
Something we all hesitate to do is to ask a question for our self-satisfaction. When it comes to making a lifetime investment by purchasing a house, ask as many questions as you want to the owner unless you are one hundred percent satisfied with the house. Ask about the neighboring families, electricity, gas, or water connections, ask about the security issues of the area or any other question that pops-up in your mind before making a purchase. It is better to ask than to regret later.