Owning a home is one of the most substantial decisions a person can make in their life. And because of this, it is important to be cautious and well informed before taking any significant steps. Whether you are a first time buyer or an experienced investor, this process can be quite overwhelming. Henry Malumba, an engineer, says it’s always important for one to be vigilant, especially if they are doing this for the first time. The engineer notes that anyone hoping to buy a home has to plan extensively, but most importantly explore numerous options before taking the final decision. When buying a home, he recommends seeking services of real estate agents, noting that they understand the process of buying or selling homes better. “Consider soliciting the help of an experienced professional who will help you around the complex aspects of real estate. Without enough knowledge, it’s hard to make a shrewd purchase when it comes to buying or renting properties and this can turn into losses,” he says. Malumba also adds that preparing for home ownership requires to first and foremost consider the payment plan. Are you going to pay cash or take a mortgage? Most people go for the latter because buying a home requires a substantial amount of money. Malumba advises to seek a financial institution that offers affordable loans and a flexible repayment period. Marc Murama, a real estate broker stresses the need to consider the location of the home. Most home buyers desire to have a place that allows them to easily access places that are regular in their daily lives such as schools and work. “Purchasing a home that is near your place of work or school will save you time and money that would otherwise have been spent on transport costs,” he says. Check out the neighbourhood. “When you are hunting for a home to buy, you should examine the neighbourhood as well. You should find out whether the neighbourhood is safe and family friendly, that’s if you have a family,” he adds. An article published by Fortune Builder shows that one has to also consider the seller’s incentive when buying a house. One factor to consider when buying a house is that some sellers are more motivated than others, while some are more apathetic to whether their house sells or not. It’s common for some sellers to place their homes on the market but are not looking for a quick sale. These homeowners are happy to continue living in their homes for the time being. In effect, there may not be much room for price negotiation. On the other hand, a seller may be highly motivated. This may be due to an estate sale, a sudden need to move out such as a job relocation, or someone looking to pay off one of their mortgages with another. Consult your realtor to determine the motivations a seller may have and how to properly counteroffer and negotiate, the article reads. It also points out another factor such as the purchase price of the property. Of course, the purchase price of the home will play a large role in whether or not you should buy a home. Come up with a budget that is right for you and be sure to stick to it. Consider all costs and make a decision that will accommodate your finances and goals. The need to check out when the house was built is as relevant as other factors. If you are not looking to renovate, some houses that meet all your requirements may have been built several decades ago. Another factor to consider when buying a house is the age of the property. An older home may have its certain charm and appeal, but in turn may need more upgrades, repairs, and improvements. If you are interested in an older home, make sure you have the time and budget for renovation projects. Building codes are also a thing to consider when buying an older house. Codes may have changed over the years, so having a basic understanding of the building laws then and now can help you get a better understanding of the state of the house. Consult your realtor as they may have the knowledge of the state of the house or where to find the information.
