How To Successfully Buy Or Rent a Home
If you are a first-timer it is worth knowing that when you buy your first house, your life will change for better or for worse. That being said making an informed decision is crucial and the success depends on whether you’ve done your homework. Here is what you’ll need.
First take a glimpse at the entire property procedure in the form of a mindmap. Use your mouse to navigate and “+” button to enlarge. This is what you’ll need to do from selling your current home to moving to your new one.
Step 1: Planning
Needless to say you won’t achieve anything unless you plan realistically.
– Know what you want. Do you want a house, or a flat, two rooms, or three? Have a basic idea. Your real-estate agent will be able to find something that suits your lifestyle much quicker if he/she knows what you want. Here is to help you make up your mind.
– Set a budget; Knowing what you can afford is the next important thing, if not more important than knowing what you want. Compare mortgages. Finding the loan that is right for you takes time and research. Don’t rush this step. keep in mind you also need to include removal services charges.
– Choose an area. Based on where you work, or where you want your kids to go to school, pick an area that is convenient. If you are in doubt between living in the country, or living in town, here is an infographic to help you sort it out.
– Go on house-hunting trips. Browsing over the Internet is one thing, going there in person a totally different. You can use the trip to get a feeling of the area. Drive, or walk around your future neighbourhood. If you meet someone friendly ask them about life there. Get a map and mark all supermarkets, pharmacies, dry cleaners and everything you need to have around. Is it there, good! Relocations are tough. Now you may think that will be the last thing on your mind, but you don’t want to move into your new house, only to find out you need to run to the pharmacy, or the supermarket and not knowing where these are.
Where to Find Your Property?
– The Internet (obviously);
– Magazines and Newspapers;
– You can buy privately;
– You can buy at an auction;
– You can buy a repossessed property;
– You can build your own home;
Step 2: Practical Tips:
– Think “location, location, location”. Location is crucial in every aspect, even if you are planning to sale the house in the next 5-10 years. Especially if you are. Choose a reputable district, or a house with prestigious schools, hospitals, or other interesting sights nearby. Properties located in areas with strong economies will be hot on the real estate market long time.
– Newer homes tend to sell faster than older homes, and the most expensive house is not always the best house, unless it has something that really distinguishes it. Get a good idea of the real estate market before making a purchase or getting a mortgage. Investing in a home is like every other investment. If you are smart you can actually profit from it. Ask your real estate agent whether you are buying in a safe area of town. Read some of the local news, contact the local police station. You are entitled to know.
– Talk to your real estate agent and ask him if the property is realistically prices and if it is a good time to buy. Timing might be everything. Other things you might want to ask include what are the neighbours like, what is the landlord like (if you are leasing the house), what are the service charges, are there any current disputes over land, trees, fences, etc, and why are the current occupants moving. Аsk for electricity, water and gas bills, just to get an idea of how much you’ll have to pay.
Here are more practical tips and particular questions you need to ask yourself.