Mar 25, 2020
Looking for a new house can be a daunting task, especially when it’s your first time buying a property. And you cannot just focus on the renovation projects you want to undertake. There are many other things you need to keep in mind even before you actually purchase any building. Since it’s a big investment, probably one of the biggest and most important ones you make in your life, limiting the potential risks is essential.
Estimate your budget
At the very beginning, you should decide how much money you are willing to spend. It’s also worth making a trip to a bank in order to find out what your credit is. For many people getting a mortgage loan is the only way to finance such a transaction, so knowing your options will help you choose the right offer. And unless you want to buy a completely new property that is ready to move in to, you’ll have to include the renovation costs in your budget. Buying a fixer-upper can be cheaper, but you need to remember that new floors, new heating system, or loft extension windows are all going to cost you. And without including such spendings in your budget, you're risking running into financial problems.
Define your needs
When you pick your new house, you cannot focus only on its localisation, price, or design. There’s no point in buying a building that doesn’t meet your requirements. That’s why you should make a list of all the things that you absolutely need. Include the number of bedrooms and bathrooms required, limit your search to the area that’s the most convenient for your daily commute to work, or anything else that you find essential in your situation. This way, you’ll be able to limit the number of available offers you can choose from. Don’t waste your time going for viewings of houses you’re not going to buy anyway.
Know what you're paying for
Since you’re investing your life savings and most likely taking a loan as well, you should make sure you’re buying a house that’s worth its price. Of course, there are certain neighbourhoods that are more popular than the others, thus property prices can be higher there. But attractive localisation is not the only thing that can influence the cost, you’ll probably have to pay more for things like a beautiful view and the proximity to useful facilities. It’s a good investment because such houses are unlikely to lose their value anytime soon, but you should always make sure that in reality the quality of the building and its surroundings really do justify spending so much money.
Make sure the offer is trustworthy
But you cannot think only about the house because the offer itself is important as well. Unfortunately, there are people who can try to take advantage of you with a fraudulent offer. That’s why you should always check the details before any transaction takes place. Find out whether the person who’s listing the house has the right to sell it, and compare the actual state of the building with the things that were promised in the offer. And keep in mind that by enlisting the help of an experienced real estate agent, you’ll be able to minimise the risks and make sure the whole process will go smoothly and without any complications.
When you remember about taking safety precautions, buying a new house can become a fun and exciting experience. But in order to ensure satisfying results, you need to find out first what the most important things are. And when you feel unsure about your own level of knowledge and experience, it may be a good idea to consult a professional.