Count the Cost before you buy that house!

So many people don’t think before they make purchases! It is tempting for example to buy a home but before you buy you consider several issues.

Tips to Consider Before you Buy

Are you ready to buy a home?

It is important to have enough savings as consumers need to have enough for deposits and closing costs.  Determine your budget based on what you can afford to repay now, not the maximum you’re allowed to borrow.
If you fall behind in your payments you can lose your house. That would mean you would lose your investment.

Location, Location, Location
Ensure that you choose a home that is in a location that is easily accessible to taxi or bus routes and work or school.

Ensure that you inspect the property. Check the bathroom facilities and water pressure. Almost everyone likes the idea of having a garden, but if you’re not used to maintaining one, you might want to think twice about whether you want to spend your weekends weeding and mowing the lawn.

Be Practical

Don’t be afraid to walk away from a bad deal. There will be other properties, maybe even better ones. Remember that this is a financial transaction and that your terms must be met.

Negotiate

You can use an agent to do the negotiating for you, but you can’t be sure how hard they will push for you. As a buyer, you should feel in control and as though you have nothing to lose through robust negotiation.

Don’t feel pressured

Real estate agents are expert salespeople. They may get you to rush over to the ‘perfect’ property and urge you to make an offer before someone else snatches it up. If you feel rushed at all, then back away. Time is on your side.

Buying a house can seem overwhelming, don’t operate on someone else’s timeline and don’t make commitments that will make things challenging if your property hunt takes a few months longer than you anticipated.

What’s your take? Drop me a line!

Teri Ann Renee Paisley
Gleaner online writer

Tags: house hunting