7 Thing You NEED To Know When Buying A House

Buying a house is a major step in anyone’s life. That is why the process of searching for a home is long. There are many things to consider when looking at different houses to buy. While issues such as price and design are major factors, they aren’t the only issues that should be considered. These are the good guidelines that should help you narrow down your options.

Here are the 7 things You NEED to Know When Buying A House

1- The Search

Today searching for a home is much simpler than in the old days. With websites such as Zillow, Compass, RightMove, you can find endless home available on the market. Not only that, you can also view pricing in the area you’re looking at, along with recent/previous purchases. Meaning you can compare prices for different homes, and what they recently went for! You can educate yourself on what houses that fit your criteria are going for. That's another thing, always have a list of criteria. Numbers of rooms, bathrooms, parking spots, and all else should be considered. This will help you narrow down you search and make it easier to look for the best suitors.

2- Location, Location, Location

The golden rule in real estate: location, location, location. When I say location I don’t necessarily mean prime location or even high end. If you are looking for high-end areas, you will have to consider that prices will be more expensive. What I mean by location is consider a location that is ideal for you. A location may not be high end or prime, but it may be right for you. It could be that it is close to your work, or has a lot of shops you like, good transport routes/links, or it's just a clean and safe area. Locations should be objective and personal to you. Keep this in mind next time you’re on the lookout for the right home.

3- Neighborhood Qualities

Continuing to piggyback of the idea of location, once you’ve found a suitable area, you should go a step further and see what that area has to offer. Where is the nearest hospital? How many schools are in the area? Libraries? Are businesses in the area doing well or on the decline? Is it a social area with a lot of public spaces and social scenes? At the end of the day an ideal area should reflect what you like. When you’re buying a house, your investing in a home. Your home is not only the house, but the area around it. Waking up everyday and looking out the window, the first thing you see is your neighborhood. Make it a neighborhood you would look forward to waking up in.

"A location may not be high end or prime, but it may be right for you"

4- Design

Design is key for many reasons. The number of people living in a house is one. Another could be accessibility, structure, floor plan, etc. Do you prefer open space with a lot of natural sunlight? Or multiple rooms each serving a unique purpose? Design is key because in most cases, home purchases are usually accompanied with refurbishment works. You should consider whether or not additional cost are needed for home improvements or alterations. After all a house becomes a home when you add your personal touch to it!

5- Price

Nowadays prices are extremely transparent. This leaves an opportunity to negotiate. You should look to hire a qualified agent to find a property that is negotiable, and trust them to negotiate on your behalf. Agents earn their money's worth by knocking off a few thousand from the asking price for you. What you save from the sales price, you can put back into the house in home improvements. Besides, getting stuff for cheaper is always fun!

6- Finance

Are you going to self-finance? Or go for a mortgage? If you are going for a mortgage, really educate yourself on mortgages and how they work. Don’t rely on a mortgage broker to do that for you. Look at different banks and their rates, and study the options. This should be your most important search! Don’t cut corners when choosing a right mortgage and bank for you. Study up on mortgages and interest rates; get advice from an expert if you need to. But don’t just rely on mortgage brokers to do the job for you.

7- Purpose

Why are you purchasing this property? Is it for your own use? If so what’s its purpose? Is it a family house or a vacation home? Or are you just looking to expand, or change area? Are you purchasing this home for investment purposes? Meaning are you looking to rent it out to a tenant, earning you extra cash at the end of every month? If that’s the case you should consider the size of the houses. Also, whom your targeted tenant is. Read up on the market, what kind of properties are getting most returns? Which kind are most likely to resold down the line? All these are questions that need to be answered before you go on your house hunt so that you can be clear on the type of house you are looking for.

That’s it! The 7 Things You NEED to Know When Buying a House. Today the house buying process has been extremely simple through the use of the Internet and different online platforms. Read up on the market, have a list of criteria, and look at different options before making a choice. Hire expert help in areas that you are not well informed in such as mortgages and price negotiations. And buy yourself a house! Buying a home is the best decision anyone can make!