You’ve crunched the numbers, figured out your financing, and finally decided you’re ready for your first home! Buying. a house is more than just mortgage applications and open houses- below are 7 points to consider before buying.
Beyond the property price, there are extra costs attached to buying a house, such as title transfer taxes, and mortgage fees. Common financial wisdom says that you should stay in your newly purchased home for at least five years to recoup those costs. To make your first home purchase worthwhile, look at your five-year life plan and see if it includes staying put for a bit,
Pick ‘n’ Fix
There are definitely financial pluses to purchasing a house that needs a lot of work versus a move-in ready home. It could allow you to buy into a neighborhood you couldn’t otherwise afford, and you can design the home exactly to your tastes. Keep in mind that layout changing renovations will take time and can eat up a good amount of your budget – especially if you’ve come across unexpected problems. The property value payoffs can be significant, but be sure you’re willing to roll with the punches that come with a full-blown renovation.
If you’re thinking about buying your first property in 2020, consider the sort of home that will best suit your lifestyle. be honest about how often you’re home. If you travel a lot for work, maybe think about a townhouse for minimal maintenance. Older homes require a lot more attention then newer builds, so decide ahead of time if you’re up for all the upkeep. Buying a house is a massive undertaking; make sure you’re getting the right one for you and your way of life.
A house should cover the needs of its occupants, so make a list of who’ll be living in yours and their requirements. If you’re a senior who’s finally ready to buy into the market, consider a single-storey, ranch-style with limited stairs. If you have pets, maybe skip the condo and look for a home with grout-floor access instead. If you’re a young, childless couple but want to start a family soon, two bedrooms may not be enough.
Don’t Sweat The Small Stuff
A home’s potential could be hidden under piles of the seller’s stuff, so be sure to look past that when house hunting. Remember, you’re buying a house, not the previous owner’s tastes and so much can be changed after the purchase has been finalized. Wall colors, appliances, floor coverings and drapes- all these can be easily swapped out to better suit your style. Don’t let the dwelling’s imperfections stand in the way of your making a smart first time purchase.
Making a features wish list is an exciting first step to becoming a first time homeowner- there is where your can dream! Be warned that when you actually start looking and see what’s on the market, you may need to mitigate those musts. It might not be possible to get all those “gets” in one go, so prioritize what’s most important right now. Your can always add those desired features down the road, but you can’t change the neighborhood or the size of your backyard.
Expect the Unexpected
Unless you’re buying a brand new home, chances are that when you finally find the house, there will be something wrong with it. A house inspector can flag anything from small fixes to major structural issues- so be prepared. Deciding if the issues are deal breakers is up to you, but a thorough inspection can help with negotiations, so embrace the bad news.
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