How to Buy a House

Many people consider being able to acquire their own house as one of their life’s milestones. While getting your own home using your hard-earned money is certainly a dream come true, this can turn into a nightmare if you don’t get it right. Some end up making a financial commitment that’s much bigger than what they can afford, while others move into a house that’s basically a lemon. While horror stories of spurned house buyers abound, you don’t have to be a part of this statistic. With this guide, you will learn how to buy a house and get that home you’ve always wanted.

Assess your needs in a house first.

Before you even start looking for a new house, you have to ask yourself what your needs are. How many people are you going to live with? Do you need a garage? How much floor space do you need? Are you looking for particular amenities such as gardens, terraces, balconies, and attics? What is its proximity to your workplace? How safe is the community there? Those are just some of the questions you must ask yourself before you start your hunt. From there, you can already create your personal criteria.

Do your homework

It pays to do your homework if you want to buy a house. You won’t just stumble to your ideal home. You have to go out there and look for it! Using the criteria you created in the previous step, you can basically narrow down your options for your search. You can look for random “for sale” posts near you, search your local classified ads, check online marketplaces, or make an inquiry to real estate brokers. From there, check houses that you think match or at least approximate your preferences.

Ask yourself if you really need to buy a home now. 

While it is a goal of many to buy a house, not all people actually need to buy one. Some purchase a house because it presents the most ideal dwelling for them at the moment, while others purchase them because they want to make a statement. Considering that getting a house is not a cheap investment, you must ask yourself if you really need to buy one. For example, it is not advisable to buy a house if you intend to move to a different location soon. In this unpredictable economic environment, you have to be practical.

Go for a house that you can afford. 

Speaking of practicality, you have to get a house that you can afford. There is absolutely no sense to buy a piece of property that you cannot afford in the long run. That will basically be financial suicide, especially if your house ends up getting foreclosed due to unpaid mortgages. Whether you are intending to buy the property straight up or via an installment plan, you have to consider both your finances now and in the future. You have to factor in other expenses, the potential of encountering trouble in your revenue streams, etc.

Consider getting professional help.

While you can always buy a house by yourself, it is still recommended that you get professional help. You can self-educate, you can ask the opinions of your friends and family, but the feedback of a certified pro can prove invaluable in your search. When looking for properties you can potentially purchase, you can ask the advice of a certified real estate broker. They can lead you to a property closest to what you are looking for. You can also get professional help when it’s time to check out properties you intend to buy.

Inspect everything. 

You shouldn’t believe everything that’s placed in the ad. As much as possible, you need to see the property yourself before you even consider sitting at the negotiating table. A thorough inspection of the house on sale is considered a mandatory step. You have to check if the overall condition of the house is as good as advertised. Check if all the electrical and plumbing systems, just to name two, are functional. Observe if all or parts of the house are in need of repair and rehabilitation. If necessary, you can get professional help to complete a thorough house inspection.   

Learn to negotiate. 

Negotiation is a crucial part of any transaction. Knowing how to do this right will help you get the best deal possible. First, you must have an idea on how much the going rate is for a particular house based on its location, land size, and features. You also have to consider the overall condition of the house. A well-maintained house that needs little or no repair will fetch a higher price than one that is in need of some work. From there, arrive at a common ground with the owner on the price. It’s okay to ask for a lower selling price, but it has to be fair and justifiable to make the deal work.

Be Patient

Patience is a virtue if you want to buy a house. It may take a while before you find a house that you feel comfortable enough to invest in. You will have deals that would not materialize for one reason or another. You will skim through a large number of ads, wondering if you will ever see the deal you’ve always wanted. It’s all right. Take your time when making your search. Don’t go for shortcuts when checking out properties. Don’t be afraid to back out from a deal if you don’t feel it’s the right one. Just stay patient. Eventually, you will find and buy your dream home.

While there is an enormous pressure to get it right, there is no reason why you won’t enjoy your hunt for a new home. As the famous quote goes, “It is all about the chase.” Buying a house is not just about completing the purchase, but it is also about the journey of finding the house that matches you. So my last tips for you is: Enjoy the process.

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Buying a house REALLY can be a serious undertaking, and investing time to research properly can literally save you thousands of dollars!