What you need to know before buying your first home in 2019
Are you buying your first home? While searching for your dream house is exciting, it can also be overwhelming. Property is a big investment, so you’ll need to be sure that you’re picking the right home for your family to build their future in. This is the place where you’ll make memories that you’ll treasure forever.
With the thrill of finding a property that you love, you may forget to ask important questions. Take a look at the steps you should be taking when you’re looking for properties for sale so that you don’t suffer from buyer’s regret. When you’re done, head on over to GotProperty to find your new home.
Do your research
We can’t stress enough how important it is to do your research properly. Thorough research of the property market is crucial when you’re buying your first home. Look at how much the properties in the same neighbourhood are selling for and compare that with the price of the home you want to buy.
Get a Comparative Market Analysis done to make sure you’re getting a good deal. While getting a CMA is advisable, don’t forget that property trends are unstable, so this information is a guideline rather than a precise portrayal of the property industry. Once you’ve done your research, you can make an offer and negotiate a deal that’s worth it for you.
Consider future growth potential
While you’ll need to follow your heart to find the home for your family that you’ve always wished for, there are practical aspects of your decision to consider.
When you’re looking at properties for sale, you should also consider whether they are good investments or not. Get input from a property adviser to determine the growth potential of the house. They will be able to
Investing in a home that has growth potential will help to ensure the financial security of your family.
Check your budget
Before you get caught up in the excitement of finding your dream home, think about whether you can afford it or not. Putting your family under financial strain because you bought a home that’s out of your budget isn’t worth it.
While your bank will carefully assess whether you have the means to repay your loan, there are other expenses that go hand in hand with owning property.
When you’re calculating your budget, take into account the municipal rates and taxes that you’ll need to pay. If the property is situated in an estate or complex, check what levies you’ll be liable for. Don’t forget to assess what repairs the property needs and consider whether you can afford the maintenance costs that accompany property ownership.
Large gardens and swimming pools hike up the expense of maintaining your property every month. Wooden window frames may be beautiful, but they also cost more to take care of properly.
Not only does maintenance work ensure that you live in a comfortable and safe home
Buy in the right area
Buying in the right area is a key component of making a good investment. Not only does the location of your home affect its value, but it also affects the quality of your lifestyle. Check the crime rate in the area as well as what amenities are in the surrounding region.
Consider how far it is from your work and the necessary transportation networks. The proximity of schools, sports facilities, parks, and shopping centres are all important considerations when you’re reviewing properties for sale.
Consult property professionals
Get professional advice before you commit to a purchase. Professional expertise can also come in handy when you’re applying for a loan, especially if you’re self-employed or earn your income from commission. With guidance from a good real estate agent, buying your first home is much easier.
A good real estate agent will be able to give you more information about the neighbourhood and help to match you with suitable properties. They’ll offer you support through each step of the process.
Buying your first home is a big step,