When it comes to joining the property market, get ready for a stressful and expensive journey. One way to minimize the difficulty is to ask yourself a few questions and to follow a few tips that everybody searching for a house should know about.
- How much can I afford? Settle only on the price that you can afford and from there, decide on the location and the type of house.
- Am I qualified to get a mortgage? Settle your credit standing because this information is needed by the lender to make it easy for you to get approved for a loan.
- How many years do I plan to live in that house? Think about the purpose of staying in that house and how many years you plan to stay and see if it is worth buying or maybe you have to consider renting.
- What are the important things I need to know in buying a house? Learn everything. You can start with the house. Research about it. Get a surveyor to inspect the property.
- Should I get a fixer-upper? A fixer-upper encourages you to buy a home that needs to be renovated. Be careful with this because you might end up spending more on it. On the other hand, he may be able to get you the cheapest house and you can save if you know how to work your way around it.
What you should do
- Learn all you need to know about the home buying process. the Department of Housing and Urban Development (HUD) offers a good resource with videos and articles.
- Consider the costs and benefits of owner versus renting and vice versa. Decide on the kind of house you want and be realistic with your wish list.
- Be flexible. Once you have decided on the price you can afford and type of house you want, browse around the Internet and continue to find other ways if you can’t easily get your dream house in the price that you want.
- Learn the basics of haggling. Oftentimes, homeowners are willing to negotiate.
- Hire a good solicitor. You need the help of someone who knows the ins and outs of the game. Find someone pro-active and recommended by family or friends.
What you shouldn’t do
- Don’t pay attention to the realtor ads. They don’t tell all the facts. They just want you to buy.
- Don’t get a house that you can’t afford. Life is short for you to work on multiple jobs just to pay for a house you can hardly afford.
- Don’t buy the most expensive house (unless you’re really rich). Be practical.
- Don’t assume all problems are covered by insurance. Insurance policies have many exclusions.
- Don’t buy a house just because it is an “investment”. Buy it because you like it and want to live in it. Most of all, you can afford it.
Before deciding to buy a house, make sure you are fully equipped with all the information that you need.