Buying your first home is a very adult thing to do. But what should be an exciting time of your life – you will finally feel like a grown-up no matter how old you are – is very daunting. You should ask yourself the following questions before beginning the process.
Q: Can I afford the expense?
A: Buying a home depends on your income, and expenses can vary depending on multiple factors like taxes, Home Association Fees, Insurance, among others. Try out our mortgage calculator to show you a broad monthly payment. Luckily, first time home buyers can still get a home since there are wide variety of loans for first time home buyers.
Q: Would it be better to continue renting a place?
A: If you don’t have the capital to put down, and your income is unsteady, it’s probably a good idea to continue renting. One major benefit of renting, you aren’t liable for any major damages like roof issues, among others.
Q: Can my nerves take it?
A: Depends on the person(s) involved. Buying a house is one of, if not the biggest financial decisions you will ever have to make. It’s stressful for sure, but keep a focus on your budget and you should be OK.
Three essential questions, and ones only you can answer, despite the hints we gave you. Still, you do have somebody on your side, and that is your real-estate agent. To provide you with added peace of mind, they will guide you on your slippery first rung of the property ladder, answering any questions you have to help you make the right decision. Your first step is finding an agent you can trust, though online reviews help, and you should also ask friends and family for recommendations too. Once you have the right person, ask these questions.
Q: How long has the house been on the market?
If it has been on the market for a long time, there may be issues with the property. Any defects will show up during the inspection phase, and if there are problems, you should move your search elsewhere or try and lower the asking price.
Q: How old is the property?
There is nothing wrong with buying an older home – some of them have exciting period features – but with age comes repairs – and there may be more need for repair work than a house that has only been built in recent years.
Q: What is included in the property?
Most sellers take their stuff with them to their new property, but occasionally they will leave specific items behind. As a first-time buyer, this can be a good thing, as it will save you money on buying new goods if they are already being provided. Of course, if you don’t like them, you can ask for them to be removed, but in either case, you should ask the question beforehand.
Q: What features are available?
There are specific features that attract home buyers, and while some of them will have been placed in the advertisement, it is still worth asking what’s available. Features many home buyers look for include insulation, the latest in smart upgrades, storage space, and childproofing.
Q: What amenities are nearby?
From shopping malls to leisure centers, it is worth knowing what amenities are within walking distance. What you are looking for depends entirely on your interests, so ask the agent, and spend time walking around the area yourself to find out more.
Q: Have there been any offers made on the property?
If there have been no offers, you are in a good position to negotiate the price. If there have been a few, you will be forced to compete with others if you want to secure the purchase. Either way, ask the question to find out where you stand and ensure you know your budget before making your own offer.
The final question: Should I buy?
This depends entirely on the answers you have acquired from the real estate agent. Provided you have peace of mind after interrogating them with your barrage of questions; you should be able to make an informed decision.