A home is a place where one lives, especially as a member of a family or household. Home goes much beyond its concrete description. It is not just an abode built to live in. It is an impassioned aspect filled with values. It is a place where one feels comfortable. People need to stay in the home for their safety. It protects us from storms, heavy rains, snowfalls, wild animals, thieves and many more. It is very essential to build up a home when you grow up for the safety and betterment of one’s family after buying your favourite space for your dream home.
Owning a home is a financial milestone for many people, but the process of actually buying your first home is far more complex than most major purchases. Before you even consider placing your first bid, there are a number of important factors to consider. Here are the top 20 things you need to do when buying a home.
- Find a good real estate agent
When you get serious about buying a house, it’s time to find a real estate agent. Before picking someone to work with, you’ll want to make sure your personalities match. You’ll also want to assess whether the realtor is committed to finding the right home for you or merely sees you as another sale. Interview several agents before choosing one.
- Do the work
Most people buy a home a few times in their life. That makes it critical to get the right home, at the right price, and with the right financing. Accomplishing that requires you to put a lot of work in. Preparing to buy a home is a process that it often makes sense to start years before you’re actually ready to buy. Of course, most people won’t plan that far ahead, and no matter when you’re looking to purchase a home, there are many things you can do to make the process go as smoothly as possible.
- Don’t fall in love with one feature
Maybe you’d love to have a pool or a great view of the beach. Finding a home in your price range that has the one thing you really want is great, but it can also blind you to other problems. Having the right number of bedrooms is more important. Go after what you really want, but don’t forget what you actually need.
- Accurately track your expenses
To really understand the financial impact of owning a home, start by tracking exactly how much you spend each month on everything from groceries to entertainment. Write the numbers down in a journal or a spreadsheet. A good way to track your expenses is to pay for everything with cash. It will open your eyes and you’ll be shocked at how much you spend each month.
- Clearly define what you want and need in a home
No one ever really knows what kind of home they want when they start house hunting. If you’re a first-time homebuyer, definitely create a wish list for your first outing. After touring a few homes, sit down and reanalyze your needs and wants. You’ll need to adjust your expectations based on what’s available in your target neighbourhoods in your price range.
- Communicate your vision to your agent
After you narrow down your wish list, it’s critical that you share this information with your agent. Otherwise, you can waste valuable time and energy looking at the wrong homes.
- The Experience of People around You
When you start looking for a home, the first thing you find is people with a lot of opinions. It’s important to ignore everyone except those who provide grounded advice. Family and friends who have bought one house in their lives probably don’t know all of the important details of today’s home-buying process. People who have worked in real estate, home improvement and title industries for years probably do know their stuff, so listen to them.
- The Size of the Home You Need
If your budget allows, buy a bigger space than what you currently need (expected family growth included). Think about where you have lived before, and how much space your belongings really require. Less space than your actual requirements can bring many problems in long term.
- What Home Inspections Uncover
Tips for buying a house should always include information on inspections. A home inspection isn’t just a formality, inspections frequently uncover serious issues with a house including foundation problems, rot, pest issues, roof damage, mold, improper insulation, out-of-date wiring and much more. You need to know about these issues before you make a final decision.
- The State of the Neighbourhood
hen you are supposed to buy a home, you must take a walk! Go a few blocks in every direction and see what there is to see. How do the houses look? What’s going on in the yards? Are neighbourhoods being built up and refined, or are they run down and getting worse? What is the average age of the people you notice? If what you see makes you uneasy, reconsider buying a house there.
- Proximity to Work and Schools
Check the routes to work and nearby schools as appropriate. Note any public transportation stops as well. Don’t just look at a map: Travel the routes yourself and see what they are like, how busy they are and how much time it will take. Even if you don’t have kids, proximity to school can impact resale value.
- Look for Ventilation
It is important to look at how much sun the house gets, when it gets sun (morning or afternoon) and how hot it will get if you leave all the windows open. It’s a basic but important to consider, as it can be a permanent problem for you.
- Know every expense
There are a lot of fees that come with a home purchase above and beyond the mortgage. Insurance, repairs, association fees, property taxes. You should have the income and the budget to handle all of these things. A good real Estate agent will let you know about all additional expenses. You should also have some savings to cover emergencies with the home.
- Verify all information in the listing.
You need to verify that all the information given about the home is right. Sometimes real estate agents put things in the listing that they may not have verified or may just not be aware of the facts. Some of the more common issues that can crop up in a real estate transaction are understanding what stays with a home and what doesn’t. Many buyers, sellers, and even some real estate agents do not know what is considered a fixture and what personal property is.
- Make sure all renovations are up to code
If a renovation was done without a permit, it might not have been done right. No permit means that the work was not reviewed by an inspector, something you do not want in your new home. Buying a home without necessary building permits will become your issue in the future when you go to sell. It is advisable that you ask the seller to get the permits taken care of before you buy the home.
- Look for any water-related problems
A home in good condition will keep water where it belongs. Exterior moisture should not be making its way inside. Water flowing through the pipes should be staying in those pipes. Any precipitation that falls on and around the property should be directed towards safe areas, like away from your foundation. Your roof should be functioning as intended. Buying somebody’s water issues is not what you want. Water issues have a direct correlation to market value, as well as marketability.
- Make sure the electrical system is up to par
Current building codes require modern electrical wiring. Most homes built before the 1930s are not up to standard unless they have been renovated. These old homes use knob and tube wiring, which can be expensive to bring up to code. Keep in mind that many lenders and insurance companies will not work with a buyer if the home has tube wiring due to the hazards it creates.
- Know your plan for furniture
If you have furniture you like, you will want to bring it with you. Make sure your new home can accommodate it. Or, if you plan on buying new furniture, you want to purchase a home at a price that leaves you with enough left over to furnish it. This is why real estate agents often recommend to seller clients to clear all the things before listing their home for sale. Such homes can sell for less money when those with a lack of vision can’t see past it.
- Don’t stress the wall colors
Many buyers don’t have a vision when looking at homes. As crazy as it sounds there are customers who will turn down a home that meets all the criteria they are looking for. Skip a home just because of color of its walls is not a good approach. One of the easiest things to change about a home is the color of the walls. Paint is inexpensive and can be applied by you after you buy.
- Know the potential growth of your investment
Consult with your real estate agent and ask them their opinion on the prospects for profit if the general area continues to rise in value. If the return on investment is necessary, this is surely something you should find out.Without considering all these things, you may make a life time mistake. So, in order to invest at the right place, considering the above mentioned points is very important. If you focus on these points, it should help you to pick a home that is a good fit for your needs and avoid potential regrets later on.