Things to Consider Before Buying a House

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Buying a home is considered a dream for some, but exciting statistics show that the US homeowner rates increased (even with the pandemic!), to 65.8% in 2020! However, buying a home is a significant investment, making it imperative to make the best decisions. What's more, ill preparation might cause you to make avoidable, yet costly mistakes. That said, here are certain things to consider before buying your dream house.

Payment Plan

A CBNC survey indicated that home prices increased by a whopping 13.2% in March 2021. Therefore, it's prudent to determine your payment plan options before going house hunting to prevent financial strain. For instance, you can educate yourself about the intricacies of mortgage payment plans to choose a suitable financing option. While most payment plans require a 20% down payment, you can agree with your mortgage provider on a more customized option. You may also use a house payment calculator to determine how much you can pay monthly.

Location and Neighborhood

You may want to factor in the property's location before completing a purchase. A superb location will automatically boost your home value. Should you decide to sell it in the future, you will be at a significant advantage. Besides, you need to determine if the neighborhood is friendly and has low crime rates. As a tip, try to get familiar with your potential neighbors to determine their lifestyle and area's nature for an informed decision. Perhaps, you can walk around the area to determine your new home's proximity to hospitals, bus stops, and schools, among others.

Type and size of the house

It's best to choose a house that suits your needs and preferences to prevent overspending and other regrets. Residential properties are varied and you may determine the right one based on your budget, required space, and maintenance costs, among others. For instance, you can opt for a single-family home should you desire privacy with your family or a multi-family home if you have an extended family. Perhaps, you can purchase a condominium if you desire a home without the additional yard upkeep. It's also prudent to factor in your home specification like yard size, room numbers, and kitchen features. By all means, determine if you want an urban community, a cul-de-sac, or a rural neighborhood. This information will help you make the right decision.

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Condition of property

It would be terrible to purchase a home before discovering its run-down nature. Not only will you incur additional costs and experience financial strain, but you might face significant stress. Therefore, it's advisable to have a home inspection contingency plan to determine the property's condition. For starters, you can check the foundation, grading, garage, and roof to ensure that your future home isn't hazardous. You may also inspect the HVAC system, electrical and plumbing to determine if they need repairs. By doing this, you'll determine if the house is worth purchasing.

While purchasing a home may be a dream come true, a lot could go wrong if you neglect the proper steps. By assessing the above factors before purchasing your ideal home, you'll start off on the right foot.

2 comments :

  1. Thanks so much for the info, my Gano kit and I are interested in buying our first family home so this u fees me a little too think about!!

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  2. Great tips, a home inspection is a must!

    ReplyDelete