Buying a home is an exciting, difficult time. Getting your own house, a place to call your own, it is a serious decision. This may, in fact, be the largest, most serious financial decision you make in your life. Feeling some pressure? Good, it means you won’t make a serious mistake that you can’t afford. Namely, we understand the impulse – you got money to burn, and the first home you see you want to make it yours. You’re afraid that it’s gonna get sold, that it’s gonna disappear off the market. Paralysis by analysis is real, and it can stop you from making a good decision, but at the same time, that doesn’t mean you should jump headlong into a decision like this.
We advise you to think things over, and actually check out the place properly. You would never buy a car without checking underneath the hood, would you? Then you should invest ten times the time into buying something as an expense and long-lasting as your home. Below you can find some tips on getting the best home you can.
Always think things through
Next, we advise you to not fall in love with the home you’re looking at. We understand just how tempting and difficult this might be, but do try to control yourself. Love, at first sight, is always nice and easy, but you need to wait just a bit more. Is the building in good condition? Does it really match everything you want and need? What is the down payment like?
You can have the best plan, budget, and agents behind you, but, if you simply buy the first home you see, you won’t really get the results you want. Indeed, the final decision is always yours, so try to shop with your brain, not with your heart.
Keep it steady
On the other hand, don’t get pressured. A good buyer’s agent will never tell you “you must buy this place by 6 p.m. or it will be gone forever.” Exceptions always exist of course, but ultimatums like these are never a good sign. This is basically the opposite of falling in love with the home. This is pressure being created by an unscrupulous agent, or a shifty seller. Sure, a good home will, of course, sell like hotcakes, but the housing market is in solid shape now, and you won’t have to worry about staying homeless if you have the appropriate funds.
Get professional advice
The title of this article, and the most important part – get some professional advice. Unless you yourself are involved deeply in the industry, you want a good property agent to help you out and give you some advice. Sure, you may save a buck or two by not employing one, but understand that you may end up with a sub-par home.
Namely, hiring trustworthy buyers agents is necessary. Everybody knows what a severely moldy house or cracked floors look like. The thing is, do you know the difference between some specks in the drywall and actual early stages of mold? Is the floor creaking because it needs to be fixed up a bit, or has the wood begun to rot? Is this home you’re looking at a fixer upper or a disaster waiting to happen? You need to inspect this home properly, either by having the actual agent do it or by having him or her call up a good contractor.
Be honest with your budget
And speaking of funds, think about your budget. Now, we don’t just mean the money you have on you at this time. You need to consider bills, expenses, maintenance costs, and improvement costs, essentially everything that will just drain your budget down the line. Sure, you can afford it now, but can your paycheck be able to support you in the future. You also need to figure out how much money are you willing and able to dish out every month.
So, we suggest you do some research. Ask around, see how much maintenance this kind of home will require every month. How large are the bills going to be? How much will your loan cost per month? Try to understand how much you will be able to afford each month.
Think about the future
Now, this was all money talk, but think about what you will want five, ten, twenty years down the line. This is a considerable investment that will change your life. Does it have everything you might want ten years down the line? How many kids do you want? Do you want a pool, a backyard? Are you the kind of person who might want this thing in ten years? For example, you may be terrified of having a family now, but do you want one day? When making an investment as big as this one, you need to think about the future, to predict it almost.
Before you buy a new home, you need to take many things into consideration. There are many pitfalls that can entrap any would be home buyer, pitfalls that basically saddle you with a home that will cost a fortune to repair, or that simply won’t suit you in ten years’ time. So, think about what you want now, but also what you will want in the future. Get some good, professional advice as well. Be honest with your budget, think it through, and try not to fall in love at first sight.
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