6 Things to Do Before Buying a House

Written by Posted On Sunday, 26 November 2017 11:50
6 Things to Do Before Buying a House https://www.pexels.com/photo/car-driving-keys-repair-97079/

Are you wondering what to consider when buying a house?

As the largest and most diverse demographic group today, millennials are learning important life skills to learn and reaching the life stages that usually motivate people to purchase homes – marriage and having children. On the other hand, most have heard stories of the struggle and frustration in the real estate market as they were growing up, which turned them off the idea of homeownership. Even as they find better-paying jobs, earn supplemental income through side jobs and finding rebates through Class Action Wallet, millennials are encountering an unfortunate reality: the housing market today has the fewest number of homes available for sale on record! However, if you are in your 20s or 30s and are considering buying a home, there is no reason to wait. These five tips should show you the way and avoid your concern about what to consider when buying a house.

What To Consider When Buying a House

1) What type of housing?

Among the first decisions, you need to make is what type of property best suits your needs. Will it be an apartment or a house with a garden or something in between? Your current life circumstances and lifestyle should be your guide.

If you travel a lot and don’t have time for property maintenance, an apartment would be the better choice. On the other hand, if you have kids or plan for them to play in a yard, it’s a house you are looking for. Weigh all the pros and cons and give your decision careful consideration.

You should also be aware of the mortgage buying process and how long it actually takes to close on a house.

2) Scout Great Locations and Neighborhoods

The location and neighborhood not only affect the value but also the convenience of reselling your property when the time comes. If you need more help during this process you can search for a reliable buyer’s agent in Sydney. You may fall in love with a specific home because of a lovely garden or the arrangement of the rooms, but if it’s located on a busy transit route, the next buyer may not see the perks that made you buy it in the first place. You can find many professional tips on how to choose a neighborhood online.

3) Consult Your Network

Don’t hesitate to ask your network, more importantly,  your elders – the people who care about your or even your older colleagues and mentors from work and college. They have probably gone through the same situation and their experience can be a great resource for you.

Buying your first house makes for a steep learning curve, which means that you’ll need all the help you can get. 

In addition, some of these people may even be able to help you with your down payment, which in turn can get you more favorable loan terms.

4) Boost your down payment

Financial experts agree that young people need to look at the bigger picture if they want to see their savings accumulate. Rather than giving up their ‘avocado sandwich and latte’ as Australian millionaire Tom Gurner suggested, they need to consider more effective steps, like lowering the rent they are paying, or even moving back with their parents for a couple of years. Selling your car in favor of public transportation, or at least downsizing to one car for couples is another consideration.

5) Work With a Trusted Professional

Although tips from more experienced friends and family members are helpful, they are nothing compared to what realtors can tell you. Some of them have decades of experience in the industry, meaning that they know what to do and what not to do when buying a house. Aside from guiding you through the entire purchasing process, a reliable buyer’s agent in Sydney can save you a lot of money and time.

6) Long-term vs. Immediate Costs

From applying for a mortgage, getting mortgage insurance and home inspections, to hiring an attorney, there are many fees that can add up quickly. Keep in mind that these are the costs before you even become a homeowner. Many inexperienced buyers fail to budget all the long-term expenditures properly and end up struggling to pay their bills. You should know each of these costs and factor them into your home buying calculation.

Real estate is a long-term investment. The market will have its ups and downs, but if your financial situation is solid and your plans realistic, buying will eventually show to be more rewarding than renting.

Want to see if you qualify for a mortgage? You can easily compare offers from up to 5 mortgage lenders at LendingTree in just a few minutes! Hopefully, you enjoyed this checklist of what to consider when buying a house. Leave a comment if you have any questions!

Originally seen on My Millennial Guide by Cooper Klein

Recent Posts: Top Class Actions ,Best Money Making Apps 2017,  Unbury Me

Rate this item
(0 votes)

Agent Resource

Limited time offer - 50% off - click here

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.