Buying a new house is everyone’s dream and an exciting journey as you go through the process. People put their hard work and money into it to have their dream house. For many people out there buying a house means having security and a sense of accomplishment.
As exciting as it seems to buy a new house, it gets difficult too and can become a burdensome process. As you move into adulthood you start planning for your house and surely you don’t want any mishap after years of planning and hard work.
There are many things that you must have planned for your dream house like location, budget, small or big. And you need guidelines to prosecute further as buying a house is not child’s play.
This article is a guide for you with all the things that you have to pay attention to while buying a new house.
Now that you have money and resources to buy a new house but wandering from where to start and what should be prioritized, we have enlisted some basic things you need to consider while purchasing a new house, they are:
First comes the budget, how much you are willing to pay to purchase a house. Have you considered the cost of the house depending upon the location, size, infrastructure of the new house that you are willing to buy?
Do you have the required amount or can you afford it? Apply for pre-approved home loans and calculate if you can handle the mortgage and monthly expenses.
Accounting experts recommend that your mortgage should be less than 28% of your gross monthly income. It is a rule that you should stick to being on the safer side and eventually plan your budget accordingly.
Location, Location, and Location! Must be top on your checklist. The first thing you look for in a house is the location of that house.
Every location will have a different price for the house, like if you are getting a house on the outlines of the city then it might be cheaper than the ones that are in the city and have access to everything.
The location must be decided how approachable other important places are like schools, hospitals, gas stations, offices, and markets. Always try getting a house that provides you access to all the places in a short time, but of course, considering your budget too.
Finally, check the neighborhood, what kind of people are there, and always check the crime rate of the particular area.
No matter how tempting it might get but never go for a bigger house than your need, it just piles up the cost of the house and utility bills.
If you are single then buy a house that can have your future family too and if you have a family then buy accordingly how much space you need. Always have extra rooms for guests.
Do not get fooled by the dealers and inspect the house yourself. Check if there are any repairs required and much they can cost, it is a total waste to buy a house and pay nearly the same amount for the repairs.
Decide if you want a new house or an old one and accordingly the price will vary, keeping in mind that the old one may require more money for maintenance.
If you are buying an old house then make sure the previous owner is willing to do the damage repair and if not then lessen the prices of the house.
If you are okay with the location, price, and size of the house then check the age and conditions of the appliances such as ovens, refrigerators, air-conditioners, heaters, etc as it can cause you a lot of money. If an appliance’s age is more than 10 years then it is the right time to replace it.
Check out the wiring of the house and the electricity condition, if it’s working properly. Many people prefer installing solar panels in their homes and get all the electrical maintenance done by Beny.
Not just the interior but look out for the outdoor space also. If you have enough space for a garage, gardening (as some people love gardening), and backyard.
Consider the size of the bedrooms if they fulfill your requirements. Finalize the kitchen space, as some want an open kitchen and others want a separate corner for it.
The kitchen and bathrooms might not have updated designs in old houses then do the improvement & remodeling according to your preferences.
There’s no hurry in purchasing a house, do it rationally. Always seek advice from your friends/family who have bought their houses earlier.
Go and attend open house tours and finalize all the things you need in your house. Hire a good real estate agent who will help you out throughout the process. Apply for a house loan in advance to eliminate any last-minute problems.
Buying a house is not an easy step, it requires patience, time, and money. So don’t do things in haste and finalize the house once you are satisfied with all the aspects of the house.
And to make it easier for you we have listed the things that you need to consider while purchasing a new house.