Buying your own house is one of the most exciting, but also one of the most stressful moments in anyone’s life. On one hand, you will be looking at the place you will call home for decades, if not your entire life. On the other, you are faced with a sizable financial investment that took years to build up. Simply put, you’ve got a big decision on your hands. That’s where this article comes in. Namely, there is always that moment in our lives where we go “I wish I knew that before I…” Well, this article will share with you the exact things most people wish they knew before buying their first house. Read on to find out.
Do your research right
The first thing you should do is get some good research under your belt. And we do mean good. Too many people just check out the local ads or simply let their real estate agent do the work. While the agent will most certainly be the most useful factor here, understand that that 10% of space they don’t cover might hide away a gold mine of information and good houses. So, websites, newspapers, magazines with good housing listings, word of mouth, everything. The actual research should take a long while, who knows whether your dream home is just around the corner, with an amazing price.
However, there is another aspect of research that might be more important than just finding good prices. Namely, spending hours just looking at homes will give you a very clear idea of the housing trends and prices in your chosen area. This will make you a savvier buyer and will help you understand what to expect.
A budget for now and for the future
Drafting a budget is pretty important, that one is pretty obvious. What too many people forget, however, is that they need to take other things into consideration. Everybody knows that you need to remember your mortgage or loan payments every month. But what about maintenance? What about bills? A larger home will have greater expenses. How much can you actually afford it now, and later?
Next, think about the future. Do you want to have (more) children? Will your parents move in with you? Can the house handle this, does it have more rooms, or do you need to invest in it even more? Do you enjoy yard work and constantly improving your home? For example, let’s say you always wanted to build a deck and set up a nice patio pagoda. Do you have enough room? Will you even be able to afford that while still maintaining everything?
Get it inspected
Now, let’s say you found the one, the home of your dreams. Everything looks perfect at first and second glance, it’s big, it’s sturdy, it’s in a nice location. But, that doesn’t mean you should buy just yet. Unless you have experience in construction, architecture, or basically any field tied to home building, you need to get a good building and pest inspection going. There are things that a layman will simply not notice when looking at a brand new home.
Certain subtle signs of mold, damage to the foundations, wood rot, – early stages of these issues can be easily hidden by an unwitting seller or an unscrupulous agent. We advise you get an inspection going, just in case, before you sign the papers.
Understand that mortgages and loans are flexible
It’s sad how many people don’t know just how flexible mortgages and loans can be. Of course, you should go to as many banks and lenders as possible and see what they are offering. However, our advice here is that you can always move things around.
For example, you may want to get your home financed in a way that gives you the lowest possible installments per month possible. On the other hand, you may be happy with something larger, but with minimal or no increases and interests over the years. Another option is setting things up in a way that’s great for people who want to move out after five years.
Conclusion
Buying a house is a big decision, one that should never be taken lightly. And you should always keep the standard pieces of advice when making the decisions. Things like making a good budget, finding a good real estate agent, the works. But you also need to understand some equally important, but oft-forgotten things as well. Never forget that home financing can be very flexible and can be personalized just for you. Furthermore, always have the place inspected before you put your signature on any contract. Finally, plan your budget not just for the moment, but for your future as well.