Seven essential property buying tips
Buying a house is often the project of a lifetime and can become a source of stress and headaches if it is not approached correctly.
With our seven hot tips to buying a house, be sure to start off your search for the ideal property on the right foot.
1. Think about the future
Planning ahead when you have not even stepped foot into your new property is not easy, but it is one of the most crucial points. Buying is great if your finances allow it, but it will most probably tie you for the next fifteen to twenty-five years in the event that you need a hefty mortgage.
Life can sometimes get in the way of one’s projects, so assess the following before it’s too late: is your job situation stable? Are you expecting a rise in revenues? Do you intend to have kids? All these factors will help you decide what is best and give you a realistic goal.
2. Don’t hesitate to ask for advice
Before buying, you will have to investigate the property’s market price. Ideally, set up a few appointments with property advisors to get an idea of the price range in the city or neighbourhood of your choosing to help you compare and pick among the best offers.
3. Be methodical
Make a list of all the features you imperatively want to have in the property. This will save you time, especially if you’re visiting and comparing a great number of different houses.
4. Take your time
Don’t rush it when visiting a property. If you can, arrive a little in advance to get to know a bit more about the neighbourhood.
If you’re not planning on driving to work and back, don’t forget to assess the area’s options for public transport: are there any bus stops nearby, a metro, or a train station? How far are the schools, shops and other facilities? Don’t be shy and ask a neighbour or a shop owner for their honest opinion.
5. Stay alert
A seemingly spotless house can definitely lower your guard, but beware. Inspect every corner of the property in minute detail, including ceilings, the cellar if there is one, and the garage. Also make sure all the heating and plumbing facilities are in working order.
6. Ask for quotes
As a rule of thumb, an old property that needs TLC will almost always be less expensive than a renovated or new building.
It’s possible to make a profit if you play it right and the works that need to be done don’t go over budget. To avoid bad surprises, we encourage asking for the advice of a specialist and/or an architect before you buy.
7. Arrange a mortgage
You will have to spend a fair amount of time researching the mortgage plan that best fits your situation. Your own bank will most likely have something to offer, but be prepared to shop around for the best rates and terms.
Have you bought a home and have some top property buying tips to share? Tell us in a comment below!
Photo credit: Simon Stratford