Buying your first home is exciting – but also terrifying. As one of the biggest investments you will make in your life, buying a new home is a huge decision to make, and one that needs to be made correctly. It is a big commitment and will probably be one of the largest purchases you make in your life time.
How do you choose the right home for you? What do you need to look out for when viewing properties? Keep reading to find out.
Determine Whether You Are Ready to Buy a Home
One of the first questions you need to ask yourself is whether or not you are ready to buy a home. Of course, this question can be difficult to answer if it has been awhile since you have lived on your own. When answering this question there are several factors that should be taken into consideration:
Do You Have Enough Money Saved?
Before taking the leap into homeownership, it is important to make sure that you have enough money saved so that if an emergency arises while owning the home, such as a sudden job loss or medical bills, there won’t be any worries about paying for your home.
Can You Afford the Home in Its Current Condition?
When viewing properties with your realtor it is important to get an idea of how much money you will need to put towards repairs. It is difficult to decipher how much money a home needs because there are so many different factors, such as the condition of the roof, siding and foundation. Buying a fixer-upper isn’t always a bad idea but it does require a significant amount of work and can become very costly!
How Long Are You Planning on Living There?
It is important to determine your future plans before choosing a home to buy. If you think that buying a property with intentions for reselling it in five years is the right way to go then make sure that all property conditions are up to date before making an offer on it; however, if you plan on living there for several years it may be worth the money to put towards renovations.
What Are Your Financial Obligations?
If you currently have financial obligations, such as credit card bills or student loans, it is important to consider how homeownership will affect your monthly payments. It is probably not a great idea to buy a house if you are already struggling with paying off debts every month. However, if you feel like you can manage any additional expenses then buying might be right for you!
Consider the Condition of the House You Want to Buy
One of the most important factors in determining whether or not you should purchase a home is the condition of the house itself. There are several parts to consider, including:
Foundation
The foundation of your property makes up an integral part of your home. If it has any cracks or previous issues with leakage, this could signify that there are significant repairs that need to be made before moving in!
It is important to have a professional inspect the foundation when looking at homes so that you can get an idea on how much work needs to be done on it before signing on the dotted line!
Siding
Your siding plays a crucial role in protecting your home from extreme weather conditions and can help reduce energy costs during certain seasons. Therefore, it is important to consider the condition of your siding before purchasing a home. When you inspect your property make sure to look at:
Sun Damage
Fungus or mildew growing on the exterior of your home can signify that there may be water leakage. Therefore, it is essential to notice if any areas of your siding are damaged as this may need immediate repair before moving in!
Decay and Warping
If the boards of your siding appear warped or rotted, this could mean that there has been excessive moisture coming into contact with them and therefore will require replacement. If you notice any decay or rotting on the boards of siding, do not hesitate to ask what type of maintenance it requires and how much time and effort will go into replacing it!
Roof
The roof is one of the most important parts of your property. If you notice any areas where water damage has taken place or shingles are missing, consider how much time and money would be required to bring it back to its original condition before moving in. A professional inspector can also help inspect the roof and give you an idea on whether or not there are any potential issues that need attention.
Find a Good Real Estate Agent to Help You Find Your New Home
After you have researched your options, set up an inspection and made sure to get a mortgage broker or agent, hiring a real estate agent can be extremely helpful when it comes to purchasing property. A good real estate agent will help you narrow down the search for properties within your price range that meet all of your needs.
It is very important to find an experienced mortgage broker or agent before purchasing property. A professional can help advise you on what type of home would best suit your lifestyle and budget. They can also help find out what amount of monthly payment you would be able to afford given your current financial situation.
A professional real estate firm like Define Property provide phenomenal assistance, management, and advice for real estate on the Sunshine Coast. Their experienced team is thoroughly versed in property rights and laws and can provide effective management services that will help your investment increase in value, as well as remove the hassle and stresses of managing real estate.
Contact their friendly team for professional expertise and help
