Buying a house for the first time is exciting for everyone. This is a long investment so it is normal to be concerned about the whole process. Mortgage, down payments, financing, shopping for a house- these are not easy tasks. But we are here to walk you through the process and make it easier for you.
1. Don’t make an impulsive decision
A house can feel like the one the moment you look at it. Maybe it seems perfect and too good to be true, but don’t make any impulsive decisions. Sleep on the idea for at least a couple of days and consider all the facts. Is it the right distance from your work? How’s the neighbourhood? Taking a decision right away is never a good idea, despite how perfect it seems at the moment. But don’t overthink it, just compare what you need and what you can compromise.
2. Check wiring and plumbing
Check the condition of the wiring. Faulty wirings can cause fire, electrocution or explosion. The best way to be sure is to hire some professional and check your home’s wiring, electric meter, wylex consumer unit and switches. Also, faults in the plumbing system can be dangerous too. Water leakage, sewage problems even explosions can happen because of faulty plumbing. It is better to be safe than sorry so get them looked at before buying the house.
3. Know the maintenance cost
Buying a house alone costs a fortune these days. Once you have bought the house and the renovations are done, you may think you don’t have to spend more money. But most people ignore the fact that houses have repair and maintenance costs all around the year. You have to winter-proof the house, and clean gutters and front yards in the fall. Landscaping, painting and many other maintenance expenses may have slipped from your mind. The bigger your house, the more money you have to spend on maintaining it. So know how much you can afford before taking the final steps.
4. Hire professional help
Buying a house is a difficult and overwhelming process. There are a lot of legal and financial terms and conditions and chances are you won’t understand most of them. You will also have to deal with realtors, insurance companies and banks. Doing it all alone is frustrating and almost impossible. You can seek professional help to walk you through the process and understand them.
5. Be realistic and stick to a budget
If you are buying a home for the first time, hate to break it to you but there is a little possibility that it will meet your expectations. Browsing online for homes will help you understand what you can afford ( and set a boundary for your expectations). When you have an overall understanding of what you can afford according to your budget, start visiting the houses in person. And stick to a budget if you don’t want to recreate later. Remember that after buying the house there is renovation and maintenance cost to consider.