BEFORE YOU PAY FOR THAT HOUSE

WAIT a sec!

Yes, we know hunting for a new home can be a time-consuming and tedious task. You’re parting with a large sum of money and entering into what feels like a long-term commitment with your ‘home to-be’, who will fault you for wanting to be satisfied at the end of the day?

So, you want to make sure you’re not being ripped off and you’re getting great value for your money. In this article, we’ll walk you through how to ensure that by pointing out what you should be looking out for before swiping right on that ‘house’.

Buying a home is probably the single biggest purchase most persons will make during the course of their lifetime. That’s probably why trying to understand the process that home buying can seem somewhat overwhelming. From wading through the complex financial and legal matters to the more mundane issues, a real estate transaction such as ‘home buying’ requires expertise.

You don’t have the expertise now, do you?

That being said, let's dive in and examine some of those things you should try to do to make your home-hunting journey as painless as possible.

1.???Keep Your Emotions in Check

Even though buying a home can be quite an emotional process. You must keep those emotions in check and not allow them get the best of you.

Home buying has very far-reaching implications, therefore it is necessary to be as rational as possible when making decisions. Try not to make decisions when you’re all pumped up or when you’re not so cheery.

2.???Use a Licensed Agent

The right agent can make all the difference between a smooth property search and buying experience, or a frustrating one. A licenced and experienced agent can be your best ally especially if you’ve never been through the process of home buying before.

The majority of buyers (approximately 88%) bought their homes through a real estate agent or broker - 2019 Survey from the National Association of Realtors (NAR).

3.???Don’t Ignore Faults

As a buyer, you must be a thorough home inspector. The last thing you would want to do is part with a huge sum of money to purchase a home and then have to come up with extra sums for repair works.

You would have to consider the financial and labour costs involved to fixing anything that needs fixing.

4.???Don’t Ignore the Neighbourhood

One big mistake you will want to avoid is having a narrow view by focusing on the residence alone. It’s important you critically observe the immediate neighbourhood and surrounding area.

This might call for extensive research into the kind of people living in the neighbourhood, traffic volume on the street, standard of roads, volume of local crime rates and if possible, past, immediate and future governmental plans for the neighbourhood.

5.???Stick to Your Budget

Where you’re buying your home with a purchase-finance arrangement, it is important you stick to the limit you’re approved for.

Even when the property seems to meet and exceed your expectation, you still need to stick to your budget.

6.???Probe the Home Ownership History

One of the biggest red flags when house-hunting is when a house has had multiple owners within a short period of time. Wouldn’t you wonder why the previous owners didn’t hold possession of the property for a relatively long period of time?

Now we’re not talking about a case of a ‘haunted house’ here. Generally, a house with high turnover is a serious warning sign. You will be well within your rights to launch inquiries into the ownership history of the subject house. The seller and the selling agent are legally required by law to disclose as much history of the property as possible.

7.???Thoroughly Inspect the Property

Always take your time to thoroughly inspect a home before making the decision to buy. It will save you a lot of time to find a professional real estate practitioner who is knowledgeable about home construction, repair and maintenance. Home inspections shouldn’t necessarily be a one-time thing. You should be able to go back multiple times to inspect the home.

Take your time in carefully evaluating a property. A real estate purchase will be one of the largest purchases you will make in your life.

At the end of the day, it’s important to recognize that no home is going to be without at least some faults. No single home is going to check off all your boxes. Even your dream home might need new fittings, some minor remodeling or repair works. The primary goal should be to find a home that ‘satisfies most of your needs and some of your wants’.

If there are other warning signs before buying a house or personal experience you’d like to share, let us hear about them.