Buying a house is an exciting and nerve wracking time! I now that the “perfect house” can blind some buyers, but it’s important that you don’t jump into such a large purchase before thinking it through. Serious cases of buyer’s remorse may follow if you don’t.
Buying a house should always be perceived as a long time investment. This is why one shouldn’t hurry when making such an important choice. Buying the wrong house can have a negative impact that will be felt on the long run and there are few things that you can do to change things for the better.
Here are a few pieces of advice that can really guide you when buying a house…
Always investigate everything.
Everything! Even if you think you don’t need to, do your research! Find out all the details regarding the developers, property history, structural integrity, and potential vermin problems. It’s not worth it, even if the price is tempting, to buy a lemon when it comes to a house. It may look pretty, but that doesn’t mean it’s worth it. Always have any potential property thoroughly inspected in every way you legally can before purchasing.
Be leery of offers that seem too good to be true.
In real estate, when an offer seems too good to be true, that usually means that it is. When the location is right and the price is too good to be true, there may be something fishy going on. Pay attention to everything, from the land on which the residence was built on to the materials used. Get a good lawyer and read all the clauses before signing any document.
Don’t neglect the legal aspect.
Don’t try to scrimp on a lawyer when buying a house. This is the area where you want to splurge. A good property lawyer can give you a heads up on potential problems and help you understand exactly what you’re getting into. Always read twice or thrice a legal document before signing it. If you don’t understand a certain clause, ask your lawyer to explain everything for you. When you’re buying a house, never be afraid to ask questions, even if you think they may be silly. That’s what a good lawyer is for; they’re on your side! Come to think of it, sharing a lawyer isn’t always a good idea either. In the event that a problem arises in the future, a shared layer will usually be forced to pick a side and that side may or may not be yours.
Location, location, location!
You may have found a spacious flat or house that seems perfect, but how’s the location? Is it a good neighborhood? Is it safe enough to start or raise a family? Is it close to hospitals, schools and different markets and malls? Does it have a yard for the kids? Is it close to the place you’re working at? If not, maybe it’s time to consider a different location that’s more advantageous for your needs. I know it’s hard to give up on The Perfect House, but in time something just as good (or better!) will come along. I promise!
Think of all possible costs.
If the house is in a deplorable state, think of all the money and time you would need to spend to get it back into good condition. An old, decrepit house may have truckloads of charm, but it takes a lot of time to be turned into something modern. You will have to constantly check its progress and communicate with the workers on a daily basis. A lot of materials will be used in its reconstruction and a lot of money will be invested in such a place. Before buying a house, you should also take into considerations other costs that will need to be covered in the future. High taxes, costly insurance, homeowner’s association fees, outrageous utility costs, and general maintenance might all be reasons to hesitate before signing on the dotted line.
Some of the best advice I can give anyone buying a house is to estimate high! Everything—including your down payment, closing costs, utilities, house payment, and other costs—should be estimated higher than you’re expecting. If the costs are lower than your estimate, then yay for you! However, if you estimate your costs much lower than they really are, you may find yourself in a bit of a financial pickle after buying a house.