Buying a new house is NOT an easy thing to do. Other than making the right choice, there are other parameters to be considered before making the final decision.
Here are some steps that can make your journey to buying the right house easier.
STEP 1 : CHECK YOUR FINANCIAL CAPABILITY
Check your current income and expenses. Calculate the amount that you can afford to pay your monthly loan instalment. And always leave some spare change for surprises that your house will give you.
For example - pipe burst and roof leak. All these needs money to be repaired.
STEP 2 : PLAN ACCORDING TO YOUR BUDGET & FAMILY SIZE
How many bedrooms do you need? Consider the future of additional family members.
Is a guest room necessary when you can let your guests use your children's rooms for a few days?
Do you need a bigger garden or space, where you can extend your house in future?
Remember - having an extension to your current home is definitely cheaper than moving into another house, and also very much less stressful.
STEP 3 : ENGAGE WITH A LICENSED REAL ESTATE AGENT
Real Estate Agent is the mediator between you and the seller. He will play a crucial role in getting you the right deal. Always check the years of experience in the business, number of clients served and your own specific requirements.
Agents usually have a pool of database where they can easily find a house that suits your requirements. Important thing is to get an agent who has been in business for long.
Hence he also would be able to provide your advices on how about to get the agreements done, which lawyers to deal with, types of home loan available. If you need contractors for renovations and repairs, good agents would be able to recommend contractors that are reliable.
STEP 4 : CHECKING OUT THE NEIGHBOUR HOOD
Drive by the neighbour hood and see the house’s appearance from the outside. See the kind of the neighbours that you will be living with.
You also may want to do it on a weekend evening – there is when the neighbourhood will be more live.
STEP 5 : CONTROL YOUR EMOTIONS
Never let your emotions get in the way of home buying. Be as realistic as possible. Do a thorough research before buying the house.
Take into considerations such as budgets for repairs that will be only known after to move it, monthly loan repayments, any security services to pay, etc.
STEP 6 : HAVE A CHECK-LIST FOR YOUR WISH LIST
Prepare a list of observations in the home that you have visited so that you can compare them with other homes easily.
A good idea would be to rate the houses - based on your family’s wish list.
Note down 10 priorities that your dream house must have and ratethem in the range of 1 to 10.
STEP 7 : NEGOTIATE AND BE REASONABLE
If you are using an agent and have found the right home – negotiate on price. Keep in mind that negotiation is a part of any deal, even buying a home, and it will take time before the deal finalises.
When the offer is accepted, have a licensed home inspector check the house thoroughly and review the report along with your Real Estate Agent. The real estate agent can help you make each step of home purchase easier.
Remember.....a house can never be a home, if your heart and family is not at peace.
Good Luck with your house hunting.
