What to Do Before Buying a House
My partner and I had just moved in to our new home a year ago after a long renting scheme but it was almost 2 years since we had actually bought the house. We underwent a lot of paper works and legalization processes before finally reaching a final decision. As first time buyers, we have consulted a lot of advices and reviewed countless of guide articles on what initial steps to take before buying a house.
After meeting with Mark, an agent working with The Petersen Group which we hired as custom home builder, we have learned a few friendly tips which really helped us in choosing the best home for us:
1. Think of the Long Term Circumstances
If you are living together like me and my partner, you should ask yourself of your plans for the future which, in time, is inevitable. Are you planning to have kids? Are you expecting family members and friends to stay over every now and then? You may be planning to stay in your new home for only a few years. If the time comes to sell your home, who is your target audience? What are the key areas around which are accessible?
2. Make a list
When buying a pre-furnished home, you may not agree with one design but like how the placement of things is in the other room. Make sure to list your preferences before visiting houses. You can just cross out your list and compare later on which house is the most compatible with your likings.
3. Consider the Expenses
It makes a lot of difference if you are planning to buy a house in the developed city of Los Angeles, California than a house in Jakarta, Indonesia. When budgeting for the house, don't stop with principal, interest, taxes and insurance; add in utilities, cost of commuting and upgrades.
4. Better to Buy in Cash
One of the advantages of cash is you get discounts but it fairs more than that. In today's competitive market where buyers are getting aggressive to owning a house within prime locations, purchasing a house in cash gives an edge in securing the home before any competitor can. Bottom line is, a seller wants to know how quickly they can gain money and paying in cash assures faster processing. However, you don't have to force yourself if you don't have ready cash or you'll end up with bank complaints.