Buying a house can be a most difficult thing to do in your life, yet, this is the step that you can’t missed as you will build your own family eventually and you have to get a house to settle down in somewhere else for your lovely family. This is your whole life commitment. Therefore, you can’t make the mistakes when buying a home, especially if you buying a house for investment purpose.
In order to avoid the existing and hidden mistakes, here are 5 things that you should consider when buying a house.
Thing to consider #1: The NEED
Ask yourself, do you really want to buy a home because you can afford or simply because you need one? If you’re single and you can afford to buy a house, it is advisable to put your first house as investment. While, if there is a new member is going to join into your family and you need a larger home and you can afford that house, you can then use it for personal use instead of investment.
Like we said, this is your whole life commitment, affordability is very important, if your financial have yet stable or can’t afford a house, it is advisable not to buy now until your saving have at least 20% of the property price and the monthly loan installments not exceed one-third of your monthly income.
Thing to consider #2: Due Diligence
This is the extremely important step! Even though you have hire a property agent, but still, you have to do your due diligence on the property that you prefer. With due diligence, you can found out whether this property suit for your living lifestyle and personal lifestyle convenience. Take a trip to the place to confirm the details before you enter into a life-changing contract.
Thing to consider #3: Property Professional
If you buying a house for investment use, it is advisable to get a professional property agents who can advise you concerning physical value of a house and calculations involving mortgage deposit and interests. In addition, they have a certain knowledge on property investment, hence, they can know the basic requirements of a investment property and can introduce the correct property for you.
Thing to consider #4: Avoid Speculation
Don’t buy a house because you boss has promised you a promotion or you believe market will grow in the near future to provide you with enough resources to serve your housing loan. Only buy the house if you can afford now not in the near future. Future is unpredictable and entering to such great deals speculating on future prosperity is the biggest mistake you can make.
Thing to consider #5: Big not mean the best
Buying a home simply because of its size is a biggest mistake that you don’t have to make. Sometimes, a small house looks most presentable than a big house. However, if you have a big family and a normal house (3 bedrooms) is too cramped for them all, you can then look for the biggest home.
These are the 5 things that every homebuyers have to consider when buying a home. Personal living style and convenience is very important as you going to live in this place forever.(unless you have sufficient money to move to other place in the future). If you are buying a house for investment use, you should look for the property with potential appreciation to get the better returns in future.
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