Stop! Don’t Buy That House Yet!

by Mike on March 10, 2017

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You have probably heard it a thousand times before, but buying a house is probably going to be the single biggest investment you make in your life. This means it is a huge decision, one that requires a lot of thought, understanding, and preparation. As such, there are a few things that you should absolutely know before you commit to buying.

Buy For The Future

Don’t just commit to a home based on what you want from a house today because, well, your long-term plans may differ from what you want right now. Perhaps you don’t plan on staying in your current job for much longer, or it could be that you will want to start a family a few years down the line. Whatever it is, really consider it, and think about how this may affect what you want from a house. It could mean that you want a garden. It could be that you want three bedrooms instead of two. It could be that you won’t always want to be a bachelor. This is important because it will take around five to eight years to pay down any real equity, so if it isn’t going to be the house for you in that time then keep looking.

Try Before You Buy

Always try before you buy. The last thing you want to do is put down hundreds of thousands of dollars only to find out that you don’t like the house or that you despise the area. The latter point is one of serious contention and comes up a lot. So why not look at if there are any houses for rent in the area first. Or better yet, why not speak to the seller and see if they would be willing to let you rent for a year first. The more confident you are that you are making the right decision the better.

Trust Your Agent

It is not a secret; Real estate agents get a cut of the sale price, which often puts buyers off using a realtor. The reason for this is, it tends to drive up the overall cost of a purchase. Most realtors want to pocket as much commission – from both sides of the sale – as they can, so make sure you use a realtor that you trust. Go with your gut. Ask as many questions as you can. Ask to see their portfolio and look for any testimonials you can. There are some realtors that will really look after your interests and guide you through the entire process. They will also negotiate the best price for you while ensuring you get the best home buying experience possible.

Know What To Look For

As a rule, always look deep into a home. Don’t just walk around and look for cosmetic damage that you know will be cheap to fix because these things won’t come back to haunt you. What will is the more expensive things like retiling the roof, replacing the boiler, water damage from that time the fire service had to put out a fire next door by flooding it. Kitchens and bathrooms – and anything that involves a plumber – tends to be an expensive job. Remember that.

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