Buying a home – the perfect buy
Buying a home can be a deeply emotional thing. It’s the point at which you may be thinking of building a family, laying down roots or just setting yourself up for some independence. Buyers put a lot of thought into this process – their perfect home. And it’s all important. But there are a few less romantic considerations to buying a home as well and they’re also important.
Together they’ll help you achieve the perfect buy.
OK, so you have a list of things you definitely want from your first home purchase. Good schools nearby, a terrace, good transportation links?
Some of these requirements will be perfectly reasonable but others may be holding you back from considering some great properties.
Work out what is your bottom line and what are the nice-to-haves so that you have your compromise points in mind when it comes to crunch time.
The property market
The economy is an unpredictable thing. And as such the property market will encounter highs and lows and many people make the mistake of trying to wait out price spikes or vice versa if you have a property to sell.
In reality, the best time to buy a house is when you’re ready. Just don’t lose sight of your bottom line or your budget and the properties will be out there.
Size doesn’t matter
The big house on the corner is the stuff of dreams – right? Not really, and here’s why. When you buy a bigger house, you’re paying more for it. But in terms of appreciation, you don’t benefit any more than if you had bought another regular size one. In that way, the return on your investment is a bit lower. Think about whether you really want extra unnecessary space or if a normal-sized house will be fine for your needs.
It’s beautiful! It doesn’t matter
Sellers regularly do-up a property to increase its curb appeal. But remember if you don’t like the interior, the décor, the way the garden looks, don’t worry too much. All those things can be changed and shouldn’t affect the overall value of the property.
In fact, if a property is in slight disrepair, it could be an opportunity to get a good deal; as well as an excuse to make the property what you want it to be.
Know how much of the property is yours
The typical garden fence disputes could be well avoided if you confirm where your property/land begins and finishes, and where your neighbour’s property/land starts and ends.
There’s nothing worse than having that kind of headache in the pipeline, so think ahead and get it in writing. It will also impact on how much property tax you pay. So, getting a map drawn of your boundaries is a good move all round.
The perfect area
The perfect house is no good if you hate the locality. Do a bit of research and visit the neighbourhood at various times of day. See if it’s a safe place to live by looking up crime statistics.
How far will it take you to travel to work? Test-drive your daily commute to see how it will impact your lifestyle. Have a casual chat with passers-by to gage what your neighbours will be like. Schools, parks? See just what exactly is around you before you make your final decision.
The perfect offer
If you’ve found the perfect property, you then need to make sure you secure it. So how do you make sure you seal the deal? Well, don’t get ahead of yourself. It’s tempting to over-offer to make sure your bid stands out but you don’t want to be overpaying on a property and potentially getting yourself in more debt than you can handle. Think about your budget and try to stick to it.
You don’t, however, want to undercut the sellers either. Judge the value on other similar properties in the area and their valuations. Then put in an offer that’s an irregular figure, to stand out from other buyers. It also shows the sellers that you’ve done your homework.
The combination of passion and practicality will allow you to get the perfect buy.