Buying A House – Are you planning on buying a house on your own? Many of you would have read through articles on the internet that has fancy titles like things I need to know before buying a house. Most of these articles are very vague in nature and a common man reading such articles will never know the important things that he needs to know before buying a house. The most common question that you hear from a first timer is “ I am buying my first house what do I need to know”.
Buying a house is not child’s play, very often people tend to rush a deal only because they feel that the price is good. There is no contention on the fact that price is, in fact, one of the most important factors that will influence your decision to buy a house. However, it should not be the only factor that will influence your decision.
There is a lot of other things that you need to know when buying a house before you go ahead and put your signature on that purchase contract. Listed below are some very important tips that will help you make an informed decision when it comes to buying a new house. Buying a house on your own is no easy job. You will keep asking yourself I am buying my first house what do I need to be afraid of.
Zero in on a reputed real estate agent or company
The first thing you need to know when buying a house is that this is not your expertise. You cannot go and just ask anyone what are the things I need to know before buying a house.You are not an expert in this domain and there can be many pitfalls in this journey that you might not even be aware of. Hence the best option is to zero in on a trusted real estate company or agent who can hand hold you in this entire process right from searching for your house to buying it, they will also update you on everything you need to know before buying a house. The biggest worry in your mind will be I am buying my first house what do I need to be careful about. A good real estate agent can resolve all these doubts that arise in your mind.
Contracts are always negotiable, An important thing you need to know before buying a house
Another very important information that you need to know when buying a house is that it involves signing a purchase contract and some other legal documents. Most people have a big misunderstanding that these contracts are of a standard nature and cannot be changed in any manner.
This is completely wrong. You can take as much time as you want to study the contract before you agree to sign it. In case you want to make any additions or deletions you can always bring up the point. Tell your realtor or estate agent to list out all the things I need to know before buying a house.
Keep the future in mind
Never go ahead and buy a house thinking only about your present situation. This decision could turn out to be completely wrong in the future. First of all, you need to know when buying a house that it is a long-term asset. Your family status could change in the future, the number of kids that you have today might change. Depending on such changes, your requirements could also change.
Hence, before you end up buying a house give all your future plans a very careful consideration. Remember, buying a house on your own is a Herculean task.
Don’t fall only on the looks
A very important aspect that you need to know when buying a house is that you must not be attracted only by the looks of the house. You need to ensure that the quality of the product that you are buying is also extremely good. Only then will it feature as a long-term asset on your balance sheet. You will have to carefully examine each and every nook and corner of the house and note down any issues that you confront.
Make a clear forecast on the additional costs
You need to know while buying a house that the expenses that you will incur do not end at the cost of purchase of the house. There will be a host of additional expenses for which you will need to prepare yourself well in advance. For example, if you feel that you will need to change the paint on the house while forecasting the cost for this don’t just calculate the cost of the paint, also factor in the labor cost that you will have to incur to get the painting job done.
Keep a tight leash on your budget
Another key point that you need to know while buying a house is to never overshoot your planned budget. Your financial planning has to be extremely sound and foolproof when it comes to your mortgage on buying a house. This is because financial emergencies can occur in life at any stage and one must be fully equipped to face them. If you have taken on a mortgage that is very high, then even a slight disturbance in your income level can disrupt your whole financial situation.
Negotiate without mercy
Bargaining and negotiation are two things that you need to know while buying a house. If you are not good at this then take the help of someone you trust who is good at it. Never shy away from negotiating the prices, remember it’s your hard earned money at stake here. You will have to keep paying your mortgage for years and you are taking on a huge financial liability. Hence every penny that you can save here will count.
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