Real Estate

6 things to keep in mind while buying a new house

Buying a house is yet another tedious and complicated process. It often makes the buyer psychologically, physically and financially tired. Your home is the place where you find solace and if that is not proper, it’s quite likely that you’d get frustrated. Obviously, you ought to prepare a checklist of the essential things before you kick start your ‘home search’. So, if you’re planning to buy a house of your choice in the near future, make sure you follow these essential tips.

Know where the market stands: It is a good practice to have a thorough research of the market before making any sort of purchases. Keep a tab on the properties that have been sold over the last six months. You can consult Angus Reed for pricing information.

Settling down versus investment: Understand whether you want to settle down in this house or you are just making an investment for odd times. A short term buyer would always back the investment case if it is an attractive property and also which can attract prospect buyers. However, if you want a house to be called as home, you need to take various things into consideration accordingly. For example, nobody would like to buy a house near train tracks or in the overcrowded areas.

Place your finances in order: You should always consider your financial position before buying a house. One must never spend his or her entire savings for purchasing a flat. Real estate is a volatile sector, therefore prone to inflation. Hence, it is wiser to search and buy property according to your spending capacity.

Don’t get overboard with the appearance: Buyers should always be resilient when it comes to purchasing a house. The sellers would portray their flat in the best possible manner. However, it is advised not to get lured and do necessary check before buying a flat. Look beyond the color of the painted walls. Focus more on the kitchen cabinets, appliances, and counters. ‘Cosmetic-issues’ can still be fixed but making changes to the kitchen and bathrooms is what really makes a difference.

Prepare a questionnaire: Have your questions ready and ask as many questions as you can. For example, you can ask, ‘how old the roof is?,’ ‘Is the heating system working properly or not?’ if there’s been some renovation work carried out recently.Buyers should ensure to check whether all building permits have been signed off and all the workers have been paid or not. Also, make sure to ask about utilities and home improvement.

Pay attention to the home intrinsic value: A home is a place where you’d be making memories. So it has to be a well thought as well as a wise investment decision. Ask yourself: ‘Is this the house I want to settle in?’, Is this close to the things which are important to me?’ Such questions would let you decide better about a home’s intrinsic value.

Buying a house is probably the toughest decision of one’s life. You ought to be very careful and conscientious about your every step that has to be taken to buy your very own dream house. Always remember that a house portrays something or the other about the people who’re living in it. Make sure it should be magnificent!