10 Things You Must Consider Before Buying a Home – Helpful Tips for prospective Home Owners

February 28, 2020
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Buying a home is an investment that shouldn’t be taken with levity. For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home, but also because of changes in jobs, family situations, and the need for a smaller or larger living area, etc. For these reasons, buying the right home is very important. Here are some things to do to get it right the first time.

  1. Consider your needs
  2. Consider your future plans
  3. Buy in the right area
  4. Find out and consider every expense you’re to incur
  5. Have a budget range and stick with it
  6. Physically visit your potential new home for inspection
  7. Research the Local market
  8. Make an offer and negotiate
  9. Review required paperwork
  10. Use a Trusted realtor

1. Consider your needs

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A perfect home should be your safe haven. It should be a serene environment where you can relax and find tranquillity, raise a family, work comfortably without worries, entertain your friends, etc. A perfect home should cater to your needs and desires no matter what they are. Determine your needs and prioritize them before you start home-hunting.

2. Consider your future plans

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Often, buying a home is a big decision that have significant financial and mental impact on one. To avoid going through this somewhat stressful process too soon than required, you should consider your future plans when buying a home.

For example, a single person (with regards to relationship status) that have plans of getting married soon in the future, it is optimal to buy a multiple bedroom family-friendly apartment than a luxurious single bedroom apartment. A gainfully employed worker that has plans of freelancing in the future should also consider buying a home with ample space for a Home office they can work in.

Considering your future plans when buying a home will not only save you unnecessary major financial commitment but also save you mental and physical stress of moving from one place to another.

3. Buy in the right area

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Buying a home in the right location should be of great importance to you when home-hunting. You should consider things like the distance of your job to your home, distance of your children’s school(s) to your home (for parents) etc. Expenses incurred from buying a home in a location that isn’t optimal can seem meagre but they definitely add up after a while.

Another factor you should consider in buying a home in the right location is the security situation of your potential new home; how secured the area is. This is often a deal breaker and should be of utmost concern for any home seeker.

Explore the neighbourhood and ask questions. If you’re working with a realtor, they will be able to provide you with the best information with regards to security of your preferred area of your potential home.

4. Find out and consider every expense you’re to incur

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The purchase price is just one piece of owning a house: be sure to consider all of the costs associated with your potential new home. Insurance, repairs, maintenance costs, service charges, association fees, property taxes – you should have the income and the budget to handle all of these things if they are relevant to your purchase. You should also have some savings to cover emergencies with the home.

5. Have a budget range and stick to it

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With all the amazingly beautiful houses with lots of features available in today’s real estate market it can be very tempting to dig into your pocket and purchase the one you like the most, even if that means acquiring loans.

It is one of the most common mistakes new home buyers make, home hunting and/or buying without a budget range. Having a budget range will not only save you from unnecessary choice making stress but also make sure you remain financially stable after buying your desired property.

This is another area where working with good and trusted realtors is beneficial. They work with your budget range to bring you property listings that cater to your needs.

6. Physically Inspect Your Potential New Home for Inspection

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The latest in real estate technology (such as virtual tours) and qualitative property pictures can be used to assess your potential new home because of their ease of usage. However, when you are ready to make financial commitment, make sure you visit the property physically for inspection.

 For one, make sure you verify all the information found in the property listing such as features the property has. Make sure the electrical system is up to par, water system works as it should and the house doesn’t need major renovation that isn’t financially costly for you (in case of buying a previously owned house).

If there are any appliances or features nearing the end of their lifespan, it is important to consider the cost of replacement. You should ask about any upcoming replacement needs and keep an eye out for signs that something might need to be replaced in case they haven’t been disclosed.

If you’re working with realtors, they should arrange inspections for you and guide you adequately during your potential home tour. At Mandy homes, we do these absolutely free of charge.

7. Research the Local Market

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One of the biggest factors to consider when buying a house is something you have no control over: the local market. The knowledge of the local market enables you to make desirable decisions, like what price to offer and pay, when buying your home.

Knowledge of the local real estate market becomes easy when you’re working with real estate agents that understands market values in your area, if you want to avoid overpaying for your house.

At Mandy Homes, we provide you with exclusive information about the local market trends. Things like best places to buy properties at what prices, other home seekers’ bid for properties you’re interested in etc., are made available with utmost ease.

8. Make an offer and negotiate

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After determining a fair price to offer the owners of properties you’re interested in (hopefully with the help of your realtors) you should make an offer. Try to avoid making a low-ball offer. Often, owners who receive an offer that is obviously too low simply refuse it upfront and don’t engage in any further negotiations.

You should always defer to the opinion of your agent, as they will know a lot more about the housing market and the rules that apply to home offers.

9. Review required paperwork

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Buying a home involves legal contracts. Make sure to thorough review all paperwork involved before appending your signature to any. Failure to do this can be very costly. You will be able to move into your new home as soon as all of the paperwork has been completed and the seller of the house has been paid.

Good realtors will make handle your paperwork and make sure you get all necessary legal documents that certify you as the legal owner of your new home as soon as the purchase contract is completed. At Mandy Homes, we leave no stone unturned with respect to these and make sure you concentrate more on finding the right home instead of getting buried in all the paperwork that can be overwhelming.

10. Use a Trusted Realtor

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A savvy and trusted realtor who works for you will protect your interests and guide you through the buying process – from negotiating a price to navigating home inspections. They understand your need of buying the right home the first time and arm you with all the resources needed to get these done easily.

At Mandy Homes, protecting your real estate interest is at the core of our services. We provide with online and offline resources that make finding a place you love easy.

Online resources such as a website with advance features that allows you to search for properties based on location and other specific needs, virtual yours that allow you explore your potential home interactively from the comfort of your current location, property comparison that allows head-to-head comparison of two or more properties of your choice etc.

We also have a blog that provides you with exclusive informative articles like this one that continues to be beneficial even after moving into your new home. We discuss various topics such as housing trends, interior design, smart home technology etc.

We guide you throughout the process of finding the perfect home and are available for you to reach us 24/7 through any of our contact platforms.

Hurry and contact us now as you stand a chance to get a limited-time property discount offer when you do so.

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