10 Things to Know Before Buying a House
Buying a house can be an exciting endeavor. But it is also one of the most stressful things you can do. You’re risking a lot of money, and the decisions you make will define your living conditions for the foreseeable future. And even if you’re just a simple investor buying property for profit, you still need to do some research to make sure you are making the right choice.
So before buying a house, ask yourself these very important questions:
1. What are your needs? You have to carefully evaluate your lifestyle and your requirements. If you’re in your 50s or 60s for example, then a multilevel home may not be a good idea. You may have to get a large lawn or even a wide property if you have large active dogs. If you have several cars, a big garage is crucial. If you have a boat, a waterfront property may be more suitable.
2. What are the things you like but are willing to compromise? A Rolling Stone song once said, you can’t always get what you want. So list down all the things you’d like to see in your future home, but you can live without if necessary. These are the things that can help you make a choice when you have at least two different properties to choose from.
3. How much can you afford? Again, you need a clear head here. You need a firm budget, and you have to factor in all the fees you have to pay when buying a house. That includes mortgage and home insurance.
4. What’s your credit rating? In all likelihood you’re going to need a bank loan to finance your purchase, and that means you really ought to have good credit. It may be a better option to discuss your situation with a reputable credit advisor before approaching a lender.
5. What’s the condition of the homes for sale that you’re considering? You can’t just fall in love with a house. You have to inspect it carefully and from an objective POV.
6. What’s the neighborhood like? Make sure that it’s not one of the “bad” parts of town, especially if you have kids.