When you feel that the time has arrived to buy your own home then this can be an exciting and, from a financial point of view, a worrying time for you. Before you decide to take the plunge an contact a real estate agent, there are some things that you should be considering. This will be a big moment in your life and it is always important that such things be thought about from all possible angles.
I was chatting with my friend , a real estate agent from Philadelphia and he was telling me the kind of things which people should be thinking about before they buy a house.
Do You Need to Own
Many people say that paying rent is akin to throwing away money but there are many advantages to renting property over buying it. If you plan to move around quite a bit or you simply want the ease of moving in to a ready made home then renting a property over buying it can make a great deal of sense.
Make Sure You Do Due Diligence
The last thing anyone wants is to buy a new home that has pre-existing problems and you should do your utmost to be sure that your new place doesn’t have any unexpected surprises for you. Pay the money to have the property checked out by professionals who will be able to test for signs of damp, mould, carbon monoxide leakages, structural issues or even worse, pests. Once you have the key and signed the contract the problems will be all yours so make sure that you know exactly what you are buying before signing anything.
Use Your Head
Don’t let your emotions get in the way of a bad deal and don’t be afraid to walk away if the price isn’t what you are looking for. Many of us will see a property and immediately visualize ourselves living there, when the deal isn’t right, many still go for it because they have become emotionally attached to the property. Avoid a bad deal and try not to get your heart set on somewhere until you know that the price is right.
Space Requires Effort
If the property that you have seen has a large garden or yard and lots of space around the home, you may see this as a benefit but it is important to understand how much work you will have to put in to these areas. Aside from the hours which you may have to put in, these areas could also suck up quite a bit of your money if you want them to look great and stay well maintained.
When buying a property you should ensure that you are purchasing one that you can afford now, not in the future. Taking on a high mortgage because of your perceived career progression would be quite foolish as you never know what is around the corner. Putting all of your money into a home can leave things very tight and whilst you will want to enjoy your new home, you don’t want to do it at the cost of living your life.