5 Questions to Ask Yourself Before Buying Your First Home
Wherever you stand in the property buying funnel – whether you have made up your mind or not, guaranteed the necessary capital, decided on the destination, region, or even on a particular property - since there is no signature in the paper bearing your name, nothing is settled yet.
In fact, you are right in the middle of a mind blowing process, with tens of offers and counter-offers, and streams of new information, red flags, promises and doubts.
Wish to make things a bit simpler? Check out the following five questions you need to ask yourself before buying your first house.
1. Have I Checked All Matching Options in the Region?
You have to make sure you have thoroughly checked all properties matching your criteria within the region or district engaging you. Confirm that you have used all available research channels: real estate agents, online ads, sale signs around the region, relatives or acquaintances. Often, a bargain comes literally out of nowhere.
2. Have I Secured my Budget?
Persons in search of their first privately owned home have an array of financing options available. State-backed loans, bank financing, or even parents willing to help them out. Whatever the case, even if you think you have enough money to manage yourself, check all available financial aid and financing choices. They can serve as a backup plan in case an expected situation severely impacts your budget.
3. Have I Inspected the House Properly?
No matter your experience in construction or carpentry, regardless of how many houses you have checked in the past, nothing matches a thorough home inspection performed by trained and skilled professionals. Take our word for it; this is not an issue you should consider cutting on. A professional home inspection will check from top to bottom the property’s structural status, quality, safety, as well as areas that might be well and running now but later require substitution.
In case this inspection unearths issues the seller failed to reveal, you will have an ace up in your sleeve when the time comes for an offer – that is, if you are still interested in the property.
4. Do I Know Enough to Make an Offer?
This is a tricky one. You need to rely on dependable, accurate information, and there is no other way to do that –especially abroad- without the help of an experienced real estate agency.
Furthermore, before making your offer, you need to ascertain possible taxes and fees, legal expenses, as well as the conditions your sale contract must include to shield you against any calumny, and ensure the seller does everything he should by the law.
As soon as you decide to make an offer, prepare for a battle royal. In most cases, the seller pushes hard for a better price, and counter-offers and denials ensue for some days until either an agreement is reached or both parties are convinced they should consider other options.
5. Do I Know Enough to Close the Deal?
Never close a deal if you are not 100% it is fully worth your money. Remember it is your first home. It is the place that is going to house your family’s dreams and plans for many years to come. So, before buying the place ask yourself: “Is there anything bothering me with this deal? Is there any reason I feel uncertain or doubtful?” If the answer is yes, then you do not know enough about the property. You need more time and information. If, on the other hand, the answer is “no,” you have found what you are looking for.
Buying your first home is a major step in your life. Sweet Home Real Estates will be glad to place its knowledge and experience to your disposal. Contact us, and one of our esteemed colleagues will help you in any way he can.