Wednesday, March 30, 2016

3 Things to Consider Before You Purchase a Home

3 Things to Consider Before You Purchase a Home

You probably think that you've heard it all in terms of the "dos and don'ts" of real estate. There always seems to be advice floating around, whether it be from friends and family, self-proclaimed "experts," newspaper or magazine articles, or even online. But the fact of the matter is, people are out there making mistakes (because they don't know any better) and the only way to prevent it from happening is to spread the word. If everyone knew what they were doing, there wouldn't be advice columns, tip sheets, and let's face it, realtors.

I thought I'd share some of the things that I wish people knew before they even started looking for a new home.

1) How much can you afford?

Many people enter the the real estate market after they've decided they want a new home - for whatever reason. But while they may think about what size of property they want and how many bedrooms and bathrooms they would like, many don't find out what price range of properties they should be looking at. There is little worse than falling in love with a home and then finding out that you can't afford it. Find out before you start looking to avoid that kind of heartbreaking disappointment.

2) Just because it needs work, doesn't mean it's a deal.

On the same note, don't look at cheaper properties that need some overhauling (otherwise known as the "fixer-upper") and think that they will save you money. Sure, it can seem like the easy way out. Purchase the property for less money and then fix it up yourself after you've moved in. While you may be saving money on the purchase price, you also need to consider the cost of the work and materials you will need in order to improve the house. Some renovations may be able to be completed by you, but others will surely need to be hired out, which will cost you more money. It is important to be realistic when you're considering buying a house that needs work.

3) Get an inspection!

I cannot emphasize this enough! Many people think they can cut their costs down by eliminating the hiring of a home inspector. It truly is JUST NOT WORTH IT. Imagine that you purchase a house without getting an inspection and then, once you've moved in, realizing there's mold. Or the house isn't structurally sound. Now, this house, which you thought you saved money on, ends up costing you even more in the long-run. And not just cash. Now you also have the stress of dealing with the problems. Of course, you need to do your homework. Not all home inspection companies are reputable (as we've seen on episodes of shows such as Holmes on Homes). That's why it is important to research home inspection companies before you hire them. Also talk to your realtor about who they would recommend.

Can you think of any other important things to consider before you set foot into the world of "Purchasing a Home?" Comment below!


No comments:

Post a Comment