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Whether you are a first time home buyer or a senior citizen with five other properties, you must be fully aware of the fact that finding the right property can present a real challenge. The buyer should not only “fall in love” with the house but also consider many other aspects of the property and the neighborhood. A very common mistake people make is to choose the home first and then look for finance. This is completely wrong. It is also common for people to act on whims. They see a house, they fall in love at first sight and the next thing you know is that they have purchased it. This is incorrect in many different levels and chances are things will not work out for the best. Planned out decisions overshadow impulse based ones by far.
I will assume you have a clear idea of how much you can afford to borrow and have already find means of finance for this purchase. Then let us get down to business.
Location, Location, Location
Whoever said those words was a wise person. This is the most important factor when going home hunting. The location of the property can greatly vary its price and should be taken into account when choosing your future home. Needless to say, if you will be acquiring a property as an investment property, your future earnings will depends mostly on the place where it is located.
What makes a neighborhood the perfect place to live? Well, that depends on your particular situation. Things to bear in mind are: proximity to your work, its nearness to schools, how noisy the surroundings are, how much traffic you will have to face, closeness to public transportation if you do not own a car, etc.
Another very important factor is security. Is it a safe neighborhood? This is one of the top concerns of home buyers, specially for those who have kids.
The House Itself
Now that I have made my point clear regarding the location of the property and its importance, let us focus on the property itself.
First and foremost, make sure the house fits into your budget. What is the point in setting one if you will not stick to it? If your calculations made it clear that you could only afford to spend $150,000, do not look at homes which go over that price. Chances are you will end up liking one and buying a home you will not be able to afford can turn into a financial disaster.
Before you begin the process of home hunting, set some standards the house should meet. For example, if you have two kids, and you want your kids to have one room each, do not look at houses with less than three bedrooms. Your current kitchen is small and dark? Go for a spacious new kitchen with huge windows. This might seem like an obvious thing to point out, but it is very common for people to choose a home with the idea of renovating it later on. These renovations will surely turn out to be a lot pricier than they had anticipated and they will most surely never carry them out. |
