For first time home owners, buying your own home is one of the most satisfying things you will ever do in your life. It just feels so gratifying to be in a space that is yours. A real dream come true.
For some, their first home may be mentally rewarding, but they do yearn for something better. When they do find the home of their dreams, most people rush to sign on the property purchase agreement.
Unfortunately though, in this haste to buy our new home, we often end up ignoring certain things that could turn our dream into a complete nightmare.
Regardless of whether you are a first time home buyer or have purchased properties before, there are certain things you need to do to ensure your purchase is indeed something you have always wanted and it does not end up causing a lot of pain.
1) Property inspection
I cannot stress enough how important it is to get professional property inspectors to perform a thorough home inspection before you agree to the sale.
Property inspectors will check your desired home for a long list of issues that usually creep up in various types of houses.
The most important of them is to check for any kind of structural damage. It is vital you know whether the home has any kind of existing structural damage or has the potential for forced renovations in the near future.
If there is a red flag on the property, know that you potentially saved yourself a crazy amount of money and sleepless nights.
Remember you need to get the property checked for a huge number of points and not just major structural damage. The list includes electrical issues, molds, water leakages, ventilation systems, plumbing etc. Each of these issues can cost thousands of dollars in the future.
A thorough property inspection will ensure you are buying a house that is of good-quality and is reliable. It gives you the true cost of the property as you will have an idea of how much you need to spend further besides the sale amount.
2) Check of property taxes and other maintenance costs
Usually when we purchase a home, we calculate our budget based on what is the cost of the property. We plan for a mortgage and the monthly household budget based on the sale price.
However, it is possible a house that you thought was affordable is actually something that goes way beyond your budget.
We should always factor in the house maintenance costs plus the property taxes that you will need to pay each year.
It could be possible the property taxes alone are so high depending upon the location of the house that it will end up causing a huge strain on your general household expenses.
Hence home buying budgets have to depend upon sale price, potential upkeep costs, maintenance costs and property taxes. There could be other charges as well based on whether you are buying a home in a gated community or you are purchasing an apartment.
3) Check for facilities near the house
Most of us do check whether the locality of the house is safe. Families check on whether there are good schools nearby. Others look for good healthcare facilities. Hence safety, education and healthcare are our priorities when purchasing a new home.
Those three points should definitely be on top of your list but you should check for other facilities as well.
This includes checking for connectivity points if you have to travel far for work. Checking whether there are ample number of shops and stores nearby for your basic necessities. Is the area too noisy or a bit too quiet for your liking.
Make a list of things that are important to you and then lookout whether the home you are planning to purchase has access to those facilities.
4) Talk to the neighbours
This is a subjective issue but ideally if possible, you should talk to some of the neighbours before purchasing a property.
Check whether they give you positive vibes or can potentially be a problem. Some may want to live near other families. Others may want peace and quiet while there are those that want lively surroundings. You do not want to end up in a house where your peace is affected thanks to annoying neighbours. Of course what is annoying will defer from person to person.
So if you can, do talk to the people who would live next to you for years to come to know whether the home you are buying can be your peaceful abode.
Final thoughts
Purchasing a home is really exciting. However, please do not rush into it without a thorough understanding of the house, the locality, potential expenses and the facilities and people around you.
This could potentially save you a lot of money and more importantly, save you from heartbreak after buying a home.
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