Buying a house is usually one of the most exciting phases of our lives. The fact that we try hard to save enough money to buy one makes it one remarkable purchase. After all, the price of a house is nowhere cheap.
Now that you have decided to finally buy your own house, make sure that you make the most out of the experience. To make sure that you have a good home-buying experience, we’ve gathered five steps that you should not take for granted when buying a house.
This is a contributed post and does not necessarily reflect the opinions of Meet The Harris Family.
Know how much you can afford before house shopping
Of course, we all want to buy our dream home. But first-time homebuyers should accept the fact that one must set a realistic budget before you even go shopping for houses. This will eliminate the heartache of finding a house you love but can’t afford. Check how much of your savings you can allot for the home purchase. If you’re planning to take out a home loan, determine how much down payment you can afford along with the other expenses you’ll need to factor in.
Create a list of your must-haves
Now that you’ve determined your budget, the next step is to list your non-negotiable home features. This can include the size of the house, number of rooms, and even the location. Consider your lifestyle when picking out your non-negotiables. This will make it easier for you to find a home that can cater to your needs. But be prepared to be flexible. What your budget can afford may not be able to check all of your checklist.
Find a suitable home location
Just like in business, location is essential to your home-buying success. You’d want to make sure that the house is in a good and safe neighborhood. Search for the area’s local safety and crime statistics. If you’re interested in town living where you can live, work, and play with ease, you might want to check out websites such as lancasternewcity.com.ph. What these companies offer is perfect for Filipino families whose ideal home location is one that is close to the city but has enough distance from the city mayhem.
Consider your long-term plans
Many first-time homebuyers make a mistake when prioritizing their short-term goals as they buy a house. You may know what you want in a house, thinking that it could meet your needs for the next few years. But if you don’t think about your plans for the next five years or so, then you may just be wasting time and money on buying a home. Keep the five-year rule in mind. If you think that you can’t commit to staying in a house for at least five years, then you’re at risk for a financial hit.
Make a competitive yet educated offer
Now that you have found a house that you can see yourself living in, make a decent offer that is well within your budget. Of course, you’ll have to factor in the other costs of the home purchase, including the closing costs, home repair, maintenance, and utilities. Be honest with the seller about how much you can comfortably afford. Don’t make a low ball offer, or you might end up turning off the seller.
When buying a house for the first time, avoid some of the worst mistakes a buyer can make. Make sure that you get to buy a house that can meet your needs for the next five years, to say the least. The house itself should be in a good location and has enough space to accommodate you and your family. Of course, make sure to buy a house that you can afford to avoid being house poor. Keep this list in mind, and you’ll be more ready to take on your first home-buying experience.
