Finding the perfect property can often feel like an uphill challenge, as there will be many factors that can sway your decision. To help make the process run smoother, find out the 13 things to consider when buying a new home.
- The Right Real Estate Agent
An estate agent can determine whether you have a stressful or hassle-free experience. You must therefore do your homework to ensure you hire the right real estate agent for your needs. For example, if you were looking for homes for sale in Colleyville TX, you should hire an agent from the local area, as he or she will know the ins and outs of the property market in your desired location, so can help you quickly find and secure your dream home.
- Establish a Budget
Before you start looking for a new home, it is important to determine your budget, so you will know exactly how much you can repay each month, and whether you can afford to make the repayments over 10, 20 or 30 years. You should then present the figure to a real estate agent, who can find properties within your budget.
- Factor in Additional Costs
In addition to the mortgage repayments, you should also factor in additional costs, which could shape your future finances. For example, you will need to pay for mortgage arrangement and valuation fees, legal costs, moving fees, furnishings and so much more.
- The Best Mortgage Type
The mortgage you choose can determine how much money you will pay for the property. For example, a 15-year mortgage will offer a third of the interest in comparison to a 30-year mortgage, so you’ll pay less for the property, as a result. So, a short mortgage length will equal a lower interest rate, so you will receive the same property for a cheaper price.
- Consider the Future
While it’s important to consider your current budget, you must also consider your future finances. It might be easy to afford a three or four-bedroom property at the moment, but your finances might become a little tighter once you decide to start a family, get married or buy a new car. Leave a little room in your property budget to ensure you can always keep up with the monthly mortgage repayments.
- Form Your Own Opinion
Once you start looking for a property, you can trust many family members and friends will be quick to offer their helpful advice. While they might have the best attentions, it is wise to take their opinions with a pinch of salt. The property principles they followed might have been accurate in the past, but that doesn’t mean they are relevant in the current property market, which continually fluctuates. So, form your own opinion and only listen to expert advice.
- Potential Property Issues
A property might seem perfect at first glance, but you might discover a variety of issues when you start to delve a little deeper. For instance, the home might have hollow walls, the heating or air conditioning may not work, and the walls could be riddled with mold. So, knock on walls, open doors, look at the property’s crevices and try its different systems for yourself to make an informed choice. You could discover that perfect property is not so perfect after all, so you can avoid making a big mistake.
- Hiring a Home Inspector
If you want to be 100% confident a property is in tip-top condition before you make an offer, you should hire an experienced professional home inspector, who will have an eye for little details to pinpoint any big or potential problems. As a result, you can avoid buying a property that will require various expensive repairs down the road.
- Listen to Your Head Over Your Heart
Your heart might have fallen head over heels in love with a property, but you must also think carefully about whether it is the right financial investment for your needs. Look beyond the aesthetics and consider whether you can afford the mortgage repayments, or if the property will help you to secure a return on your investment when the time comes to sell. Always buy a property with your head and never your heart.
- Negotiation Tactics
A professional real estate agent can negotiate on your behalf, but it is the buyer that will need to state how much they are willing to spend on a property. It is important to discuss the best negotiation tactics with a local real estate agent, as you could start off low and work your way up, but you could risk losing the property to a more financed buyer.
- Consider the Garden
Many people love the idea of a big and beautiful garden. Yet, a large amount of land will require regular maintenance. If you are not passionate about gardening, or do not have the time to maintain a large exterior, you might be better suited to a smaller outdoor space that is easier to manage.
- Pick the Perfect Location
The location you choose will more than likely determine your happiness in your new home. Not only must you learn more about the crime rating in the neighborhood, but you should consider its proximity to hospitals, local schools, public transport, family and friends, and the commuting distance to and from work.
- Have Patience
Finding your dream home can sometimes take time, but it could also be a cinch. It is important to remember not to rush into buying a new home simply because you want to leave your existing property. Have a little patience and never settle for second best. Take the time to view different properties until you have found the perfect home for your needs and budget. You can trust it will be worth the wait.
Do you have any informative advice for buying a new home? Please share your helpful tips by writing a comment below.
