Buying a house may be the tremendous purchase of your life. It doesn’t happen very often. Hence,
you don’t want to rush while taking a decision before purchasing a new property.
There is no such thing as a flawless house, doesn’t matter how exact and cautious builders are, says Diane Saatchi, a former Senior Vice-Chancellor at a real estate company known as The Corcoran Group. The firm has branches in South Florida and New York.
However, looking for your ideal house requires a more distinct set of considerations than any other
type of real estate acquisition. Because you’ll most likely be staying in the property for the
foreseeable future, you’ll need to seek a home that will keep your family and you comfortable and
delightful in the long run. Don’t be scared to be choosy, and hold out until you locate the
appropriate place just for you.
Before you get serious about acquiring a new property, you need to make sure that you’ve gone
through certain factors. We have mentioned 6 of them below, after researching from experts of real
estate. How could you identify that you’ve found your picture-perfect place? Most people say that
you’ll just know. So until you actually know, use these tips to make sure you’re following the correct
path.
1. The total cost of a house
One of the most ordinary fallacies that first-time home purchasers make is purchasing more than
they can afford. To avoid slipping into this trap, experts advise spending no more than 30% of your
take-home salary on housing.
Keep in mind that this 30 percent should include all linked fees, such as mortgage interest, taxes,
insurance, upkeep, and any upgrades you may wish to do.
Another most famous rule is the ’28/36 rule’ which states that you should not spend more than 28% of your gross monthly income on housing bills and no more than 36% on overall debt, which includes housing and further debt such as college loans or auto loans.
This criterion is used by mortgage lenders to determine your borrowing capacity. If your debt-to-
income proportion surpasses certain restrictions, you may be required to recompense a higher
interest rate or may be unable to obtain a loan overall.
2. Save for a down payment
Technically, when financing a house nowadays, you don’t always have to put money down, and how much you put down is entirely up to you. However, the lower the down payment, the greater the mortgage loan and the more dividends you may have to tip.
Many experts think that 20% is a fair amount to put down: anything less than that will almost
certainly need you to pay for private mortgage insurance. This is a safe place for the banks in the
event that you cut out to pay your remittance, and it can value around 2% of your loan amount.
In addition, your lender may want you to pay off or decrease other obligations. The result here is
don’t go out and purchase a new automobile or purchase any large items on a credit card if you’re looking to buy a house. You’d be upset if you were unable to purchase your ideal house due to credit card costs.
3. The location is right
We’d put the location decision among the top three house choosing regrets to hear from
homeowners after their experience. Visibly, the area you may reside in is constrained according to
your budget – you can’t really expect to reside in New York on $100,000. But we’re more concerned
with the different location decisions and judgments that every buyer must make within their price
range:
● Choose a house in the town, close to the office, or a home in a quiet environment
● Near shops and pharmacies
● Next door to a college, or at the end of a calm cul-de-sac
● In a line of townhomes with shared walls or an old neighborhood with a lot of extra land
around the place
● Hospitals close to the new place.
Don’t ignore the noise, parking, and traffic considerations – these are some major characteristics that will affect your living standards and also your ease of life. Not only this but the value of your
property is also enhanced based on these factors.
4. Don’t only buy for the life you have today
Purchasing a home is likely to be one of the largest financial commitments you’ll make in your
lifetime. Hence, consider your long-term goals before agreeing to buy what you believe to be your
dream home. Do you intend to continue working at your current position? Are you getting married?
Considering starting a family? You may not actually pay down any real equity for five to seven years, depending on the market and the terms of your mortgage: if you aren’t convinced that your house will be the house for you in a few years, you may want to keep searching.
If you need to keep your attention on the short term — for example, if you’re on a two-year work assignment or want to move locations or change jobs in the next few years – settling down may not be the ideal option. However, if you’re financially secure and willing to maintain your house for at least five years, purchasing could be the way to go.
So make sure to look for a house you plan to keep for at least 15-20 years. When you plan on
following this tip, also make sure the house you’re buying has life left of that long. No one wants to keep shifting every two to three years.
5. The age of the property
When it comes to purchasing a home, especially the one you’ve wanted your entire life, age does matter. Buying older houses and brand new ones both have advantages and disadvantages, so be aware of what you’re getting into before making an offer. Do you drool over the priceless charm that ancient houses provide? Would you be smitten by a home with its own built-in dumbwaiter and a concealed servant’s staircase? If this is the case, narrow your search to historical diamonds-in-the- rough. Be warned, though, that older properties require a little more TLC than their contemporary counterparts.
Alternatively, does your perfect home need no more effort than turning the key in the front door?
Do you fantasize about having a closet large enough to house your significant clothing and a spa-like master bath? In that situation, a fresh building could be a superior option. If you can get in on the ground floor, you may even be able to choose particular amenities while the house is being built and further tailor it to your preferences.
6. Lot location and size
When it comes to purchasing a home, the lot is frequently an afterthought, but it should be at the
top of purchasers’ concerns. It is the one aspect of a property that cannot be changed.
Consider this:
You could demolish a house and rebuild it from the ground up, yet the lot would remain the same
regardless of the alterations you make.
Before putting an offer on a certain property, thoroughly analyze the lot’s location and size. Do you wish you had a big enough backyard for your kids to play in? Is there a view from the lot that you can imagine yourself enjoying for years to come?
If anything about the property appears to be a compromise to you, don’t be afraid to walk away. It will be easier to find a comparable property on a better lot than it will be to compromise with a less- than-ideal location on a daily basis.
Bonus tips
● Before buying a place, make sure to investigate it thoroughly. You can find relevant
information on Nuwber. Type the address you want to inspect and see if the information
presented to you matches the one on the site.
● Drive around the neighborhood, eat at a local restaurant or sit in a park to get to know the
residents.
● Design a punch list. It is a list of glitches that have to be fixed.
● Make sure to look at all the available houses before making the final decision.
● Choose the right company to pack and move to the new house.
● Following the acquisition of your property, you’ll require some funds. Make a budget for
immediate house repairs, improvements, and furniture.
● View the house and the neighborhood at different times of the day.
● Strictly ask the seller to take the house off the market once the deal is final.
Bottom line
Everyone has the right to discover their ideal house. It is achievable with the correct amount of
investigation. As you and your family begin the home-buying process, keep these crucial aspects in
mind. They’ll assist you in narrowing down the characteristics that a home must have in order to be your ideal match.
What exactly are you waiting for? There’s no need to put off bringing your ambition to fruition.
Please tell us about your ideal house. If you’ve already discovered it, what elements played a role in your decision-making process?
