So you’re ready to buy the house of your dreams with all the cash in your hand.
You don’t want to regret making the worst decision of your life. Do you?
Buying a new hose is not as easy as it seems to be. Plus it gets super-tough when it’s your first time and you have no prior experience in this field. From assessing the building material used in the construction to the safety aspects of your new house, there are a lot of factors that get overlooked most of the times.
To save yourself from future regrets, I am going to list down 5 of the most important things to consider while you buy your dream house.
Without further ado, let’s get started.
1. Consider Re-sale Value
Most of the buyers will totally ignore this factor when it comes to buying a new house. Don’t forget that you are going to make a long-term investment and you must thing long-term as well. Plan for your kids as if this home will be good enough for your kids to live their lives in or not. Surroundings of the house also affect resale value in either positive or a negative way. For example, if you are buying a house in outskirts, there will be very less potential buyers that have kids going to school daily. Similarly, other factors like closeness to markets, parks, commercial areas, also influences the resale value.
2. Haste Makes Waste
Don’t fall prey to the first property you see and like. If you are thinking that you won’t find more properties like this, you are wrong and just cheating yourself. Chances are that you will find even better properties if you wait and browse some more. Don’t be scared of skipping a property. It’s not the end of life but beginning to a better choice. Take good time to assess a property before you make your final buying decision.
3. Create a Checklist
This is another important thing most buyers will miss. If you are just going to trust your memory, I am sure you will miss a lot of things. It’s better to make an inspection checklist and then do that one by one. It’s also recommended that you get a home inspector along in order to get it done in a better and professional way. This checklist may include inspections of building material used, quality of construction, electrical fittings, bathroom fittings and fixtures, tiles and floors, etc.
Well, you are going to make biggest investment of your life and probably spend rest of your life in this house. Your neighbors are the people you are going to see every now and then. If you have young kids, you don’t want to live in a neighborhood that is full of drug addicts.
So make your decision wisely and assess your neighborhood carefully before buying a new house.
5. Read Contract Carefully
First things first. I understand that the joy of buying a new house is unmatched. However, taking few things easy like the contract might cause you to suffer later on. Therefore, read the contract carefully. Go through all terms and clauses one by one and make sure everything is up to the mark.
Here are some more actionable tips for a first-time buyer:
By following these simple tips, you are just one step closer to getting peace of mind for making the most expensive of your life.