1. Will you stay here for a few years, at least?
If not, it is probably not the best decision for you to buy a house, at least, not for now. Reasons? For instance, reselling it might not get you the same amount of money, while the entire moving or renting process will just turn out to be another headache. Balance things wisely, and decide if you really need a house, or if this is what you want. Ask the opinion of a specialist, to better weigh your options.
Moreover, it’s no longer true that owning a house will reduce costs for you! You’ll probably not spend so much on renting a place, but you’ll have other expenses instead. Depending on how much you want to risk, chose what suits you the best.
2. Does it meet most of your requirements?
Taking into account your needs and personal preferences, you must decide if the property that caught your attention can meet your needs. It doesn’t matter if the place is newly renovated and situated right on the beach if your job is miles away and you only have two bedrooms for six family members, for instance. All these small details can give you the hints you need to make your decision. Improve your chances in order not to make a mistake. How? By following some basic rules.
3.Do you have a professional by your side?
Probably one of the most important aspects when wanting to buy a property is having someone responsible and experienced enough by your side. As you are probably a first time buyer, you don’t have a clue of all the legal things you have to do. Don’t waste time and money, and get some professional help. A good realtor is definitely a must and can be a real source of information for you! Play your cards right.
4.Did you research the market?
First and foremost, you have to decide your priorities. Do your market research and see if you are ready to purchase a property. Due to the fact that it definitely implies a huge amount of money, you have to be fully aware of the entire picture. Revise the neighborhood, the property’s structure and get any additional details that might make your life easier. Irrespective of how much you think you know, there are always some additional details that you can learn along the way. Study the issue in-depth!
5. Why do you need a new house? Do you have strong reasons?
Be objective with yourself, have you really made up your mind? Why is it so important for you to be a homeowner? Will this be a huge benefit? Will this change your life for the better? As in any type of decision, think about the pros and cons as well and see if it is really what you have been looking for. Buying a house is more than just paying the money and having your own place. Later-stage investments are also part of the picture. It might be a step further for you!
6. Can you really afford a new house?
Do a little bit of research and see if you can afford all the investment! It’s not only about having the money for the house, there are other costs as well, including additional repairs, other purchases and hidden costs also. Your realtor, however can clarify everything for you in a matter of minutes! In this booming market it is better to be prepared than to regret it afterwards.
7. Are you in a hurry?
Being in a hurry is not something advisable in this kind of situation! You have to give yourself enough time to analyze everything thoroughly and take the best decision. The lack of time can only lead you to a huge mistake! If you don’t have enough time and you think this whole situation is overwhelming, then you honestly have two options: either you get a really good realtor that can take the decisions for you, either you postpone everything. So what do you want to do?
8. Do you really like one particular property? Should you buy it?
If you see the house as a long-term investment, then it is probably a good decision to actually buy it; if not, take a few minutes and analyze the entire situation. Does it actually have everything you have desired, of course realistically speaking?! Do you think it could work for you in time? All these questions and more should be alive in your mind! Don’t buy it in a hurry, because you’ll probably regret it afterwards! Understand the responsibilities you’ll have as a homeowner, and the costs too, or otherwise you might run out of money.
9. Does the neighborhood appeal to you?
Not only the house should be of interest for you, your neighborhood is also of great importance! Take your time and visit the house several times before actually buying it. See what are the reasons for which the former owner wants to sell it. To continue, another great idea would be to meet some of the locals and ask them about how life is in that area. Don’t panic if something sounds fishy, there are plenty of other properties on the market. You just have to find the one for you.
10. Did you visit the house at different hours of the day?
Another advice real estate specialists often give to newbies is to visit the house at different hours of the day. Without a doubt it is not sufficient to visit a house only once! By seeing how the sun illuminates the place, you might get a clue of how your heating bills are going to be while living there, and more than that, these visits will provide other similar details than can weigh a lot in the decision-making process! It might just be a great idea!
11. Have you met any of your neighbors?
As said earlier, meeting some of your neighbors can eliminate a part of your fears. Ask them everything you have in mind and thus you’ll get some new acquaintances and friends as well. Living in a community is all about communication. For sure, they’ll be pleased by your intention! Get together and make the most out of this!
12. Have you thought about reselling it after a while? Does it worth the money?
See if the price you are going to pay for the property reflects its real value. If you are already thinking about reselling it after a while put in balance that you might not get all your money back, or maybe you’ll get more (fewer chances). Who knows? However, this is just another aspect you’ll have to consider. One old rule might still apply: Every investment will cost you extra money!
13. Do you think it can be a suitable acquisition over time?
Closely linked to number 12, the 13 question you’ll have to think about is if this property can meet your demands over time. The specialists in this domain utterly advise buyers like you to see the future of this acquisition. Where will it lead you? To success or to regret?
14. Do you understand your responsibilities as a homeowner?
Another question that should set things clear for you is this one: Why is it important from the start to know how things really are? Well, it is vital to have a clear vision of what being a homeowner means. The number one thing is to be confident and pleased over time.
15. Do you have a back-up plan?
Have you thought what will you do if the current owner doesn’t accept your offer? A backup plan is something you need to have; you need to be prepared and have a solution to whatever problem might arise! Think of another possible option!
