There will come a time when buying a home becomes one of your biggest goals. Once you managed to get approved for a mortgage and you are now on a house hunt, it is easy to feel overwhelmed with everything you need to watch out for. You need to make sure you are buying a house you can afford. There is a need to ensure all of your nonnegotiables are there. But then, your emotions get in the way resulting in home purchase regret.
This is the very reason why experts always tell us to keep our emotions in check when making an investment. Thankfully, there are many ways you can ensure a more satisfying home-buying experience. One of these is to make sure you don’t forget to check these areas:
The Location
In real estate, location is among the biggest indicator if you are successful in your house hunting. Location matters even if you intend to live alone and you are working remotely. You want to make sure you buy a house in a safe neighborhood, somewhere where you can easily go to your preferred amenities and one that is near modes of public transport that you often take.
Deciding on your preferred location will make it easier for you to narrow your house hunt. But one should also consider other location in case your ideal choice has no houses for sale that meets your requirements. Limiting yourself to one single location can make the search too narrow and your choices too limited to miss out on other perks.
Be sure to also shop around nearby neighborhoods in your ideal location and see if any properties for sale can fit your ideal home. If you find an interesting home, consider the pros and cons if you choose that over other houses you’ve visited. You will want to cover all areas to make sure you won’t regret the location after the purchase.
Your Future Spatial Requirements
How much space are you looking for in a house? There is no point in saying yes to a house that can’t even provide you the amount of space you need in your new home. While it is true that you can make some adjustments, adding living space can be tricky especially if you only have enough funds for the home purchase.
Think about your lifestyle and your future goals in the next five years. If you plan on building a family, then you will need at least another room to accommodate the baby. If you work from home, then you will want to have another space where you can draw the line between your home life and remote work life.
Some millennials have home-buying regrets. Up to 12% of millennials regret buying a house that is way too small for their needs. If you don’t want to end up making the same mistake, think really hard before saying yes to a house smaller than your projected needs.
The Cost of Homeownership
Many people buy their first home without taking into consideration the other costs of homeownership. There’s the fact that there are other expenses associated during and after the sale other than the home purchase price itself. Failure to consider other costs can turn you into a house-rich, cash-poor homeowner.
Note that home maintenance and repair is a responsibility you can’t ignore. There are systems in your home that requires regular maintenance and checkup. You will need to hire the experts such as a licensed electrician, certified plumber, and reliable HVAC technicians, to name a few.
Owning a house requires you to set aside a portion of your salary each month to create a home maintenance fund. This will help you secure a budget for potential inevitable repairs and maintenance jobs. Remember that not unless you are a professional yourself, you will need to hire the pros at some point.
Rushing the Process and Dragging Your Feet
Some home buyers would immediately feel compelled to make an offer the first time they see a house. Others would take their sweet time thinking about which house they should buy. There is danger in both options which puts homebuyers in a tricky situation.
Rushing the home buying process can make you miss the important details that can impact your finances. You might say yes to a house minus a home inspection or even offer a higher price just to win the house over other buyers. Failure to do enough research on how much the house is worth and skipping an inspection can lead to many regrets in the future.
On the other hand, making the seller wait for too long can tire him out. This is especially true if they plan on getting rid of the property asap. The house you want and need might capture other buyer’s attention, and dragging your feet may prompt the seller to sell it to the other buyer.
Buying a house can be a complex and emotionally draining experience. You need to make sure you prepare financially, emotionally, and mentally for the purchase. Keeping this list in mind will help you make the buying process a worthwhile experience.
