Buying a house is never that simple, one of the hardest, and sometimes most stressful, parts of buying a house is finding the right property at the right price.
There are dozens of things you need to consider before purchasing. Here is a quick check list to get you started:
Consider your motivation for buying. Properties are expensive, so you should only buy one if you believe it will provide long-term benefits.
Work out what you can afford. It pays to know what you can or can’t afford. This helps you set a strict price limit, so you don’t get carried away and go for a mortgage you’d struggle to repay.
Consider the property’s location. Where the house is should have a major impact on where you buy, whether it’s to live in or rent out.
Research the market. Searching for a suitable home doesn’t only happen online. Take time to drive around and be prepared to give up time to visit open house inspections.
Consider engaging a Professionally Building Inspection. Professional building inspectors will look at potential structural and safety issues that you might miss and could cost you a small fortune to fix later.
Do a title and statutory authority search. A title search gives you an official record of a property’s ownership history and can tell you if there’s anything preventing you from buying it.
Negotiate a price. It’s important that you stick to your agreed upon budget and take emotion out of the equation – it’s easy to see yourself living in a certain home, but if you can’t afford it, you can’t afford it. Be prepared to walk away.
Get your documents ready. Will you be taking out a home loan to finance the purchase? To make the whole process as painless as possible, have the relevant documents on hand and ready to show a prospective lender.