When looking for a new home, the first thing you need to decide is whether to purchase a previously-lived-in house, or a newly-built one. There are pros and cons either way.
As for the former, it costs less and is well-suited to people who want to move into their new homes immediately, as there are no customizations that would delay the move. However, the benefit of the latter is that you have the freedom to come up with a suitable layout that matches your lifestyle. Also, you’ll have the assurance that the appliances that will be set-up in your new home will be brand new. Still the choice is with the buyer.
You still need to be aware of the process during the buying and building of your house. Read carefully any reputable resources you can find that provide you with the details you’ll need to go into every deal with ample knowledge.
It’s important to define a budget for your house. The price of your desired house should be two to three times your annual income; the percentage could go down if you have other expenses. The choice of what mortgage to take out, and whether to make a down payment should be carefully reviewed to prevent paying at an excessively higher price.
Experts suggest saving up to 20% for the down payment, and getting a mortgage with a 30-year term. Also, don’t consider only one house until you have researched the entire local market. Maybe there are better properties that are more suited to you.
Aside from learning the buying process and finding the most suitable home for your needs, do consider doing a survey of the neighborhood in which your potential new home is located. Is it near your school, shopping district, or job? Are the neighbors friendly, or do they give you the wrong impression? Remember that you’ll be living in this property and environment for some length of time, so always think carefully before deciding.
Another thing to note: If you’re not very knowledgeable regarding what to look for in a new home, bring along a professional. Hire a licensed home inspector to look at the house, so you can avoid having to make unexpected and costly repairs.
Once you have settled into your new home, the things on your to-buy list must include new keys or door locks. For your security, always change the locks on a newly bought home, as you never know who might have copies of its keys aside from you.
The process of buying a property can be challenging and tiring. However, with the right tips and proper financial review, you can find and buy your desired dream home!