FreshBricks

In this time of the year, when interest rates are low and when the economy is slowly recovering, we buy houses for us to live in, for investments, or for businesses. You have the ability to pay for everything; mortgages, insurance, maintenance but let us not be hasty in picking our new home. Looking for a new home could be tedious, better be sure than to lose money and effort. So let us start with the basics.

What do you want?

What is your primary reason in buying a new home? What kind of life do you want? Can you imagine yourself living in the property that you wish to acquire? Make a checklist on the features that you wish to see in a prospective home and see if this can be met. Making a list narrows down all available properties to a considerable margin.

Budget

How much are you willing to spend in the purchase of your new home? You must be realistic on this one. You might go in over your head an fall in love with a property that is way outside your spending capacity that would lead you to lose your dream property because you defaulted in your payments or that the expenses for homeownership may be too much that that you have given up almost everything that you have.

Put into consideration the expenses of buying new appliances, a new paint job, putting up a dew division on the walls or new fences. You must have these in check so that you may not spend more that what you intend to.

Comparable properties

Research for properties that are within the same community, with that you can come up with more or less a general idea on how much your desired property is worth. This will be your basis if you’re paying more that what should be paid or if you’re actually getting a bargain.

The market

The market can drive prices up or down. In a buyers market, there are more sellers than buyers, in this type of market there are much inventory to choose from that drives the prices lower. Inversely, in a sellers market there are more buyers than sellers, the competition on the limited properties available will cause the prices to shoot up. So know when to buy, if you can wait for the market to turn then do so.

Renovators dream

So you saw a promising property, a run down old house, you so much plans, you’re all excited as to how it will turn out. Pause, and rethink things over. Would your expenses on the renovation be the same if you would buy a brand new house? Yes, we all have this renovators dream but again, it is best to be realistic. But if you have the funds to do so, go ahead, make your dream come true.

Location

There are three things that must be put to mind in real estate: Location, location and location. The old adage still applies today. How close will your home be to work, business establishments, schools, hospitals, the local fire department even government offices? What type of neighbourhood is it in? Is it relatively safe? Consider also the amenities where the property is located; swimming pools, clubhouses, children’s playground and fitness facilities to name a few. Compute also the total commute time in going to and from these establishments. Accessibility to the main roads could also be an advantage just in case you have plans of selling the same house in the future.