If you finally think you’re ready to move into a new house away from that rented apartment with leaking taps and creaking floors, and you’re looking for that perfect house for you and your family, then before you make an offer on the first weekend of open houses and jump at any opportunity that looks worthy on the outside, here’s a few things you might want to consider.
Make Sure you’re Actually Ready.
Trust me your horoscope sign might say it’s a good time but this isn’t a first date or first interview where if you screw up you can always try again. Buying your first house means you’re going to spend a great deal so make sure you’re actually ready before you start scrutinising for home loan. Check again if you’re up for that kind of financial commitment and draw a budget on your expenses are going to be after the purchase. You need to know what exactly you’re getting in to before it’s too late and the big regret wave washes you.
GetThe Best lender.
Again another mistake you could easily make is settle with the lender you first have contact with. That is wrong on so many levels. If you want to get the best deal then you need to put the same effort you put when you looked for your house. Shop around for the best mortgage broker like you did for your home. Match your financial history with what they’ve got and keep negotiating. Even a small percentage change in rates can make a huge impact. Look out for junk fees which can be listed out and similar with other fees.
Budget and Plan forthe Costs.
You might think you can pay for it all in one go, but unfortunately that’s not how it works. Be prepared for a lot of unexpected costs and make sure to prepare a budget and include all costs from how you’re going to deal the rental payments of your current home to paying the movers who always seem to turn up a day or two later than the said date. It’s always smart to plan early so if you think you want to be ready for any financial need then look for ways you can get extra money like selling the furniture that’s not absolutely important to have.
Focus On The Structural Stuff.
When you’re buying a new house you can get easily carried away with the superficial stuff and leave a good deal for a wacky reason. Try not to get distracted by superficial things like judging a room for its paint job or a living room for its antique decor. Instead focus on things like the foundation and the roof. Look underneath the sink and check for proper plumbing. Dig deeper for clear inspection but don’t think too much about the small things can be fixed too.
DIY Home Improvements.
Living with dust and debris won’t kill you. If it isn’t too much that is. So when you’re buying your first house don’t resort to getting a contractor to do every trivial improvement. This is your home and no one’s going to steal it from you. Even if it’s an old house if it’s at the best location and has more bedrooms for its price consider buying it. You can always deal with a bit of patience and DIY the improvements and remodelling to reduce the expense.