Searching for a new home can be a daunting task, but there is a certain excitement in the process, too. Seeing a variety of houses to get an idea of what will work best for you, having your offer accepted by a seller, and then starting plans for your new home is a wonderful experience. However, there are a few steps you need to take first, and certain things that you should be looking out for on your search.
Price
One of the first things you will think about when buying a house is the price. It’s not only about what you can afford on your budget, but also the quality of the property in question. A lot of things can affect the price of a house, such as location, how much work needs to be done on the house, how big it is, etc. If you see a house that has a price that seems too good to be true, it probably is. It’s worth doing some research into average housing prices before you start viewing any properties.
Location
The location of the property is just as important as the house itself. You will need to make sure you feel comfortable in the area and that it has all the right amenities to suit your needs at a reasonable distance.
For example, if you have kids, what are the schools in the local area like? Is there a healthcare clinic nearby? Is the neighborhood safe? All these questions need to be asked and you should take the time to investigate to make sure the location of your potential new home feels right for you.
Mortgage
Another important step in buying a property is securing a mortgage. Most banks offer these loans and you will be subjected to a credit check first before they will discuss the amount you want to borrow. They could also provide some financial advice during this process. It’s worth being aware of the different types of loans you can get when purchasing property, such as conforming and non-conforming. You can read this blog post to learn about non-conforming loans and see if they could be a good option for you.
Condition of the Property
Before you finalize a deal with the sellers, make sure you have the property inspected. While the house may have looked in good condition when you viewed it, there could be hidden problems in the basement, attic, or other hard to reach places that need to be addressed. If the property does require some home improvement or structural work, you can use this to negotiate the price with the seller, or at the very least, avoid buying a home that will turn into a money pit.
Is It an Investment Opportunity?
Although you might be looking to buy a home where you will be settled for some time, it’s always worth thinking about how much of an investment the property is going to be. For example, is the area up and coming? If the answer is yes, this could increase your property value in a few years. Also, having enough room to extend the property is another good way to see a good return on your investment in the future.
If you’re thinking about buying a new property, make sure you’re thinking about these points to get the best deal.
