What to Know When Buying a Home
Whether you are in the market to sell your home and buy a new one or invest in buying and selling homes to make a profit, it is important to know what to look for. Buying a home involves a look of researching and knowing what to look for (down to the fine details) will ensure that you make a good purchase.
On that note, here is everything you need to know and look for when buying a home.
Set a budget and look within your means
Every individual will have their own budget to buy a house. It typically depends on your savings, credit score, earnings, and other financial things that are personal to each and every person.
Therefore, it is important to have a budget in mind before you start looking. It can be pretty underwhelming when you find properties you like and then speak to a mortgage broker and realize it isn’t within your means. Therefore, ensure to set a budget and only look at properties within your means.
You can search yourself online using real estate websites before going to look in person. This will ensure that you know every financial detail about the property before you look around and get your hopes up. It can be an awful feeling looking around a property and discovering it is out of your budget. Therefore, looking online at the financial details first will give you peace of mind that you are looking at the best properties to suit your budget.
The location
Each person will have their own preference on location and where they would like to live. Again, it can depend on budget as some areas have higher price houses based on their location and access to local amenities.
Therefore, before you search for a new home make sure to decide on your preferred location(s). That way, you can narrow down your property search and not spend too long searching in areas that might not actually fulfill your needs.
When looking for a location, it is useful to look at what’s around. For instance, if you have children then you will likely prefer to live somewhere with a local school, doctors, shops, and parks. You will want your quality of living to be as seamless as possible to feel well suited to the area.
Previous owners
When you go to look around the property, you might want to ask who previously lived in and owned the house. This will give you an indication of its history and how much the home was cared for.
You will likely not be able to find out much about the previous owners online, so asking the estate agent in person will help.
You might even get the chance to meet them if they are home when you go to view the property, which will give you a clearer indication of them and the home’s history.
Compare it to other properties
Comparing the property that you have chosen to look at with other properties in the same area will help you understand if you are getting a good deal.
This is especially useful if you are purchasing a new home. For instance, comparing it to an older home in the same area will give you an indication of whether you are getting enough for your money. You can assess its space and price per square foot.
Should you realize that you aren’t getting the best deal, but still like the property, then this will give you room to negotiate the price.
Assess its condition
Although the home that you are interested in purchasing might look great, it might not actually be in the best condition. Therefore, it is essential to assess its condition to ensure that you aren’t going to experience endless issues when you buy it.
For instance, you might not realize that there are issues with the boiler or damages to the roof. These red flags will show up in surveyor reports but discovering them before you are 90% you are going to buy the house will avoid the disappointment. Some issues you can fix, or ask to be fixed before moving in, while others you might not think are worth it.
Doing as many condition assessments as possible will ensure that the property is in its best condition, which will ensure you get a good deal.
View it in person to get a real feel for it
Every home will be in a different condition depending on the age and previous owners. Some might look better in person and some might look worse. Therefore, it is important to go and view them in person to know exactly what it looks like.
It will be a brave move to put a deposit down and sign the contracts for a home that you haven’t seen before.
Have a checklist of must-haves
Every person will have their own preferences for a home. Some people prefer more bedrooms while others prefer more socializing space. Either way, everyone has their own must-haves and it is a good idea to have a list of yours when buying a home.
A checklist will ensure that the property ticks all of the boxes, or as many as possible. Taking the list with you will make sure that every small detail is present (or can be added) so that you can achieve your dream home.
Focus on the bigger details
Although you might notice small minor cosmetic details that aren’t up to your standard, you will want to focus on the bigger things as these matter most. You can touch up minor details, or use it as a way to reduce the price.
The bigger details are those you likely cannot change, or at least not for a small amount of money.
View it more than once and take a friend
Viewing a home alone or with whoever will live with you is of course how a house viewing should go. However, to ensure that it is perfect (or as close to perfect as possible), it will help to view the house more than once. That way, you can go in with a fresh mind every time and likely identify new things about it that you didn’t notice before.
Likewise, taking a friend to view it with you will help you attain an honest outsider’s opinion. They might help you discover things about it that you didn’t notice, which could be for the better or for the worse.
Find out who the neighbors are
If you are moving into a neighborhood (anywhere surrounded by other houses) it is a good idea to know about the neighbors before you make a decision. The neighbors might enhance your living experience or make it difficult. Therefore, finding out who they are before you choose the house will ensure that you are making the best choice possible.
You could ask the owners. They will likely report their honest opinion or give you an indication as to who they are. Or, you could go and talk to them yourself.
Have a list of questions
Finally, when you are viewing the house with the estate agent, make sure to have a list of questions ready so that you can attain as many details as possible. Although you can likely get in touch with them after the viewing, knowing the details there and then can help your decision.
For instance, asking questions about council tax, the age of the property, minimum price, what’s included, and the construction details will ensure that you can use this knowledge to decide whether or not the property is going to be right for you.
