Buying a home is an important step in everyone’s life, especially when it’s the first time. Getting into a strategic debt situation carries some risks, but this purchase will surely prove to be beneficial for the whole family. Here is a list of 10 unconventional tips for first time buyers.
Consider long-term investment
Remember, when you buy a home, you are making a long-term investment at the same time. Think about your immediate needs, but also those in the future. Will it be possible to expand the family, raise the children or will it be necessary to move? If you plan to stay in this house for the rest of your life, think carefully about future needs. But if you like to change places, then see your home as an investment by analyzing its resale potential.
Make a lot of lists
When buying a home, the majority of people have a list with those they want to have and what they prefer to avoid. On the other hand, it is better to have more lists: list for what we want, what we do not want, what we would like but not necessary, etc. In this way, after visiting several houses, you will not forget your primary needs and you will not be mixed up by the choice. By buying a house, you make an investment and you do not want to make an emotional choice. With the lists, you make sure you make a more rational choice.
Keep in mind the extra expenses
Do not forget to include in your purchase budget the following expenses:
- The cost of transportation to work / gas costs
- Other dependencies (example: swimming pool maintenance)
Be aware of the presence of an owner syndicate
Not all neighborhoods have a proprietary union. However, if this is the case, make sure to be informed and ask for the contract. It does not matter whether you rent or buy a house, knowledge of the contract is essential. Make sure to be informed before making the purchase.
Think about funding alternatives
The mortgage is the most used means of financing when buying a house. But do not forget to check other possible options. A little nudge is never bad. You will be surprised to see the range of financial alternatives available to you: from grants to personal loans. Many of these alternatives have limitations, but it’s easy to find out. Even if you are not eligible for any of these alternatives, it is always a good idea to try and find out.
Read your contract
That’s self-evident, is not it? You will still be surprised at the number of people who do not read their contract. Buying a home is perhaps your most important decision, in addition to being a huge investment. You owe it to yourself to read the contract. Understanding it is crucial. Do not assume that your real estate broker has told you everything. Knowing yourself and knowing your future are the best you can do.
Do a search on your neighborhood / neighborhood
Knowing the neighborhood and neighborhood in general could be the deciding factor when buying a home. If you are parents and the neighborhood of the desired home is young and trendy, would you be happy to live there? And vice versa? Do your research and do not buy a house in a neighborhood that does not satisfy you 100%.
Buy the house and the view that comes with
If you do not like the neighborhood or the view from your window, then do not buy this house. Love the view is as important, if not more, than loving the house itself. You can always improve your home by doing some renovations, but you will never change the view it offers you. Do not buy a house just because you like the kitchen or the bathroom.
Ignore the furnishing
A fully furnished house looks better, but often it is less convenient for your needs. When buying a furnished house, try to imagine it empty so you can imagine how you will live there. Focus on important details, such as the size of the kitchen, the size of the bathroom, the need for renovations and not whether the furniture matches the color of the walls.
Remember the tips that have proven themselves
Aside from the unconventional tips above, remember the methods checked when you buy your home.
- Have an emergency fund
- Have an initial payment of 20% already saved (otherwise you can consider the options ” rent to acquire “)
- Improve your credit history
- Never buy a house that you can not afford
Many details must be taken into account when buying a house: contracts, neighborhood, money, future expenses. Do not think too much for now. Take advantage of the 10 unconventional tips to make your buying process more enjoyable and easy.