Do you want your house to be on a tree-lined street or you prefer a secluded neighborhood?
Home buying is not easy. Especially for someone going through this process for the first time. Your new home could be newly constructed and architecturally-designed, but you also have to be aware of the financial side of things. It would not be a great thing to later discover that the house you bought has a low resale value. Or there are no shopping malls or grocery stores nearby. To make sure you get a well-priced home having all the comforts in the world, you have to do your due diligence well before the purchase.
Here are a few things you should look for before buying a new home
1. Is the yard up-to-the-mark
If you are not big on landscaping or don’t have prior gardening experience, you can easily forget to check the condition of the yard. A lazy homeowner may do some quick fixed to hide the flaws and you won’t even notice them on your visits before the purchase. Maintaining a yard is a hell of a task. It will sap up your energy, money and time. So, if you don’t want to spend your weekends pulling out unwanted weeds from the ground, make sure to check the condition of the yard before buying a new home.
2. Don’t rely blindly on the real estate agents
Don’t get me wrong. Real estate agents are quintessential when it comes to buying or selling a home. But do not rely on them to do the calculation right. There have been many cases when the home buyers found a calculation mistake a few months after the purchase. Some lenders knowingly steal $2000-$4000 in the name of meaningless fees.
3. Look for fixed-rate mortgages only
Adjustable-rate mortgages can turn out to be a nightmare. Don’t believe me? Just Google “Adjustable-rate mortgage reviews” and find out what home buyers think about this loan. Double-check with your mortgage broker and make sure you are applying for the right loan.
4. Check for water leakage
The best sign of the homeowner hiding a water leakage is the smell of new paint. Do the rooms adjacent to the bathroom have been painted recently? If yes, then there is certainly something fishy there.
Not every homeowner is going to follow proper ethics. If you don’t ask about the paint-smell, they probably will never tell you about it themselves. You will discover the flaws(water leakage from the walls) one or months after moving in. This realization can be very disheartening as, by buying this house, you made the biggest financial investment of your life.
Summary
Lastly, budget some extra cash for hidden expenses that you will never know before buying a home. If you don’t keep this addition fund, you will have to discontinue your monthly mortgage payments(take a hit on your credit score and interest rate) or worse, lose the home altogether.
Besides, don’t be afraid to walk away from the deal if the price and monthly mortgage payments seem too much for you. There is no point in living in a professionally landscaped home with breathtaking views if you are always going to be stressed out about your finances.
