There are certain purchases in life that are more important than others. Although you may dither at the checkout before buying that extra chocolate bar, in the grand scheme of things, it’s a pretty low-risk decision.
Buying a house, however, is probably going to be the most expensive purchase that you ever make and it’s not one to be taken lightly. It could be a decision that you have to live with for the rest of your life, so make sure you follow the below tips before you start splashing the cash.
Come up with a wish list, but be flexible
It may sound implausible, but people do choose to buy a house without first deciding what sort of house they want to buy. Come up with a list of features that your dream home needs to have – the deal breakers – and also a list of features that would be nice to have in an ideal world.
What’s more, if you’re moving as a couple, make sure you’ve spoken at length about what sort of property you want to make sure you’re in agreement. And perhaps most crucial of all, be flexible. A mansion-sized property at terrace-sized prices might be nice, but how realistic is it?
Get to know the market
Once you’ve settled on a type of property or a particular area, make sure you conduct some thorough research. What sort of prices are properties selling for and how long are they staying on the market?
In addition, read the local news to find out if anything is happening in the near future that might affect property prices, such as new transport links. Speaking to local estate agents or a mortgage broker could prove invaluable in this respect.
Know your own finances
As well as doing research about your potential house, you also need to take a keen interest a little closer to home. Knowing your own financial situation will help you realise exactly what sort of house you can afford.
Cutting back on expenditure and increasing your savings are great steps to take before buying a house, and you can also get more cash through bank financing to help you achieve the home of your dreams.
Ask the right questions
Make sure you ask all the important questions before the sale goes through, because it will be too late afterwards. Some important things that you’ll want to know include: why the current owners are selling, how long the property has been on the market and what is included in the price.
When buying a house you’ll need as much information as possible, but you’ll only find out everything you need if you ask the right questions.
Haggling comes naturally to some, but not to others. However, if there’s one purchase that you are almost expected to negotiate on, it’s a house.
Sellers will normally always have a figure in mind that they are willing to sell for that is below the asking price, so why not try your luck? You might save yourself thousands and if not, you can always come back with an improved offer.
Wallet Squirrel says
What about reading one the million of articles on renting vs buying a home? lol I’m constantly cracking up at the debates on the web arguing buying vs renting. That chaos alone has me in a stale mate on renting vs buying.
I guess once I can decide if I’m renting forever or eventually going to buy a home, I’ll have to revisit and work on my “haggling”.