Most of us since the student days have been renting a flat or a house — even once married already. And so, one of the most significant steps into adulthood is making the decision of buying your first house.
Years of renting different apartments taught us how to estimate the costs (e.g., if the apartment is worth its rent price or not) and shaped our preferences and expectations towards places to live.
However, the flexibility that rented flats and houses give us at the same time distorted our point of view. It’s convenient enough to loosen our sense of commitment to a place — a leaking tap? Whatever, it’s not mine — I can run away any minute to a better apartment! While having your own house is an actual responsibility.
How to prepare to make this step right? Let’s find out!
Check the Local Market
Doing thorough research and following the pricing tendencies through the years will help you picture what expenses there are in front of you. You can get to know the local market better and estimate the costs more accurately with the help of local market reports such as Hilton Head real estate market reports.
If you feel overwhelmed, you might need a guide over the real estate world. Hiring a real estate agent working in the area you’re interested in will solve the problem. An agent will help you not only find the one but also negotiate the final price with sellers!
Know What You Need
If you used to rent a loft apartment and hated how awfully hot it was in the summer don’t make yourself go through it again — this time permanently. No matter how perfect the house seems to be, if there are flaws you used to hate in your previous apartments, they’ll start to bother you in your own one, as well.
It’s just like with love at first sight — you’re like in a daze of having your very own place but as time flies the emotions fade away and you’re left with the raw, unbearable facts — you hate the neighbourhood, the ceilings are too low, there’s way too little sunlight, and you just want to run away again.
Stick to your expectations soberly and don’t make hasty decisions!
Set the Budget
And stick to it, as well!
Calculating your exact budget is crucial in negotiations and making the final decision. If you have enough savings for the house itself, you still may need more means for paying the agent and cover the costs of possible renovations and equipment.
If you’re planning to apply for a loan, know the exact amount of money you’re going to need and estimated monthly incomes and expenses of the whole household. The income-outcome balance will help you spread the loan over the right amount of monthly payments that won’t affect your standard of living too much.
We’re not only talking about planning your own future, starting family, having more children, etc. Property’s estimated future value is also an aspect worth our attention. Is there going to be a supermarket or did the city decide to build a subway station in the neighbourhood? It’ll all increase your house’s value in a couple of years.
Buying a house can be a huge, long-term investment both for your old age or your children’s future. Assuming that you’re deciding on a property with your family in mind, you’re going to buy a bigger house for you and your children than just for yourself and your spouse.
When your children grow up and move out, you might want to sell the house and move into a smaller apartment. If you made a responsible investment, there will be enough money for your new place and for your kids to help them out in the wild world.
Inspect the Property
Now, going back to the matter of responsibility of having your own house and setting the budget right, there’s one thing to complete the perfect plan — hiring a thorough home inspector or a befriended experienced home renovator. It needs to be someone trusted and highly skilled!
Hiring a professionalist to check the house before closing the deal will give you the certainty of making the right decision and help you get prepared for potential extra costs of renovation (plumbing emergencies, electricity, mould elimination, asbestos removal, water purification, and more). Inspector’s opinion is also a significant bargaining chip with the sellers.
Buying a house is an extremely challenging and potentially stressful experience. There’s no place for the rush, snap decisions, nor carelessness. It might not be an aspect your whole life is depending on, however, it’s an emotionally and financially exhausting event. Do your research, get prepared for the real estate battle, and enjoy making your very own nest with your loved ones in the right place.