Buying a house is probably the most important purchase you’ll ever make. As it’s probably not something you do on a regular basis, it’s hard to know what exactly to expect. To make the whole buying process a little easier for you, we’ve listed some things you should know before you buy a house.
1: You should know if buying a house is the best option for you
Before you do anything, figure out for yourself if buying is actually the right thing for you to do. As we’ve talked about before, in some cases it can be financially better to rent a house instead of buying.
The most important factor would be the time you plan to stay in the house. As a rule of thumb, you will mostly be better off renting if you plan on a move within the next 4 years or so.
Renting also adds the bonus of more flexibility. However, if you have the money to make a significant down payment on a house, buying might be better for you.
2: You should know exactly what you are looking for
Although you probably have a good idea of what you’re looking for in a house, it’s advisable to make a very specific list of things you want. Also make it clear for yourself what’s negotiable and what’s not. This will make it easier for you to make a good list of houses to visit that meet all, or most, of your demands.
3: You should know that it’s OK to take your time
After visiting a house, you could feel pressured to make a quick decision. Especially if the sellers tell you that you’re not the only interested person. Don’t act faster than you feel comfortable with, because your decision will have a large impact on your life for many years probably.
If you look for houses well before you actually plan on moving, you prevent yourself from making hasty decisions. You also have a better negotiation position as you’re not forced to move to a new place.
If you’re interested in buying a house after visiting it but you’re not completely sure, it’s perfectly fine to revisit the place.
4: You should know what kind of neighbourhood you’ll be living in
Nowadays it’s very easy to find out what kind of facilities a certain neighbourhood has. With apps like Google Maps you can see in one glance where schools, supermarkets or highways are.
You can also get a lot of information by just going into the neighbourhood to get a feeling of the atmosphere. Take some time to talk with neighbours to see what they have to say. They might already have years of experience on living in the area and can tell you very specifically what the advantages and disadvantages are.