Buying a home is a major life decision. My friend and I recently lamented over the skyrocketing cost of rent. For this reason, we agreed that saving the funds to eventually buy your own home is a better option.
It is important to note that becoming a homeowner is more than just painting and gardening.
Here are 5 things to consider when buying your own home:
Are you financially ready?
Irrespective of how attractive the mortgage plan might seem or your realtor’s amazing sale skills, you need to be sincere with yourself. Ask yourself, “Will this purchase bankrupt me?”; particularly in the case of a mortgage. Go for what you can afford or what you can pay off soonest. Also, note that the cost of buying a home is beyond the house pricing costs. What is the extent of repairs and new fittings needed? Also factor in the cost of relocation.
Location, location, location
The location of the house is of paramount importance. What is the proximity to your workplace, your kids’ school, family clinic, and place of worship? Do you want to be close to commercial centres or rather distance yourself from them? You also need to think about the commute to places your will visit regularly. Unless you are willing to make some major changes in these, the location of the house may affect your spending on transport or fuel.
Do extensive research on the community. How safe is it? How are the roads? Is it an area prone to erosion or flooding?
Does the house match your personality?
If you are like me, you love to have a lot of space for your clothing. This means you need to take a close look at the closets and storage spaces. If you love to cook and hold big dinners, then inspect the kitchen area. Are the cupboards suited to your height? Is there enough table space? Based on the size of your family, you need to also look out for bigger or smaller rooms, garage size and all.
It is important to consider all these factors bearing in mind that any major structural changes to your house can be both expensive and time-consuming. You should seek out a house that is move-in ready unless you a prepared mentally and financially for a huge renovation.
A family home is usually a lifetime purchase and because most families can afford only one, buy a house that will fit the present and future needs of your family.
Detailed inspection is critical
Even if your realtor went to college with you, you need to inspect the details thoroughly. Refrain from going along with with your realtor says. Chances are, they’re just looking for a sale. Check the ceilings, the plumbing, the electrical works and lighting. Everything! Hire an expert in these different areas to check out the soundness. You don’t want to buy a house and then find that you’re being soaked every time it rains.
Think long term! Is this building in this location one to appreciate or depreciate with time? Is it one that I can upgrade or expand? How durable is it? You may also need to look into the building plan carefully. Is it safe or would the walls fall apart in the next few years?
Take the paperwork very seriously
Acquiring a new house is a contract. Ensure the documents are properly handed over. Get your lawyer to look things over if possible.
When the keys are finally in your hand, you must feel certainty in saying, “Home sweet home.”