“There is something permanent and something extremely profound in owning a home.”-Kenny Guinn
Buying a home is an exciting endeavor.
There are only a few things in this life that would make you feel more financially capable, mature and responsible than investing in your first real estate property. After all, real estate properties are significant investments insomuch that it gives you a sense of satisfaction and a feeling of achievement like nothing else in this world. Indeed, buying real estate is one of the most significant investments you are probably going to make in your life—not to mention one of the most important. This is especially true with first-time homebuyers who have probably saved up a significant amount of their earnings just to be able to afford their first real estate property.
In this regard, it is best to be a little discerning about where a significant portion of your life’s savings would go. Apart from ensuring that you are making a wise investment, being a smart homebuyer also means that the chances of having real estate purchase regrets in the future are mitigated. With this in mind, it is best to be aware of the vital lessons one must know before even attempting to push through with this buying endeavor. Take note: Buying a home is more like buying a used car than it is renting an apartment. It requires you to ask questions, look at what is underneath the hood and possibly take it for a spin. Similarly, in a new home, you would need to turn on all the faucets, flush the toilets and just generally check the overall condition.
After all, you would not want to be that homebuyer who would belatedly have a devastating epiphany that you could have averted a bad investment had you been astute enough to check the property thoroughly. In any case, whether this is your first time or nth time in buying real estate property and regardless of whether you are purchasing a home at The Alcoves or elsewhere, here are some of the lessons you should keep in mind:
Turn on all five senses
Admittedly, when it comes to checking a prospective real estate property, most homeowners would only utilize their eyes. After all, visual appeal plays a pivotal role in influencing a sale. However, while regarding the potential home’s surroundings and observing them closely are two important things you should do, be sure that you would not disregard your other senses. In this regard, be on the lookout for odd and off-putting smells. Similarly, it is a good idea to ask the home seller to turn off any music playing so as to have a better assessment of what the noise level is in the area. After all, this might just be a clever ploy to drown out any background noise that might turn off potential homebuyers.
Partner up with skilled professionals
Most homebuyers tend not to hire the services of a professional under the guise that they are cutting costs. However, while you might pay extra for the expertise of a professional, know that what you pay actually goes a long way. Regardless of how experienced you think you might be, you do not possess the necessary skills and expertise a real estate professional does. As a result, you might make crucial mistakes that could have been very much avoidable had you involved a skilled professional. You need someone to advise you lest you commit errors not only in judgment but purchasing as well. Remember, a realtor has your best interest at heart so he or she will be more likely to advise you against proceeding with a deal that is potentially underhanded. After all, you cannot really rely on the integrity of your prospective home seller. More importantly, you would not really know whether or not a property is worth its asking price or not. For all that, you would need a professional and expert opinion.
Do not fall in love
Never make the mistake of falling in love with a home—especially if the property’s price point falls beyond your budget. Keep in mind that you should leave your heart at the door when you are shopping for a new home. More importantly, keep a rational mind and do not get sidetracked by features you do not necessarily need. Shop with your mind and be keen about what you are able to afford. Be guided by your monthly budget and stick to properties that fall within it. To prevent yourself from being disappointed, steer clear from checking out homes and properties beyond what you can realistically afford.
Buy a house you can afford today and in the future
Sure, you might be able to afford the house today but what about years from now? Beyond the asking price as well as the monthly rate you are going to pay, you would still have to fork over cash to defray maintenance payments as well as bills. Before you even think of making an offer, think of where you are in life right now and where you might be…say five years from now. By then, would you still be able to afford the home? Or would it prove to be financially cumbersome in the future? Know what kind of expenses you might have down the road and see how well the home would fit into that. Your mortgage or monthly payment should be able to give you enough breathing room to take on new expenses whenever necessary.