There are certainly a tonne of tips in the market that is supposed to help you make a decision regarding your home. We've talked about them too: from finding the right to location, to considering newbie buying concerns.
There's nothing wrong with getting really detailed about your home buying venture, but just like any decision in life - the best foundation is to start with the basics.
These fundamental steps are often ignored when the home search frenzy takes over. Keep your head and remember to take these steps!
Know What You Want
Many rush into a home purchase only to regret later on simply because they failed to ask themselves the all important question – what do I really want in a home?
Some look for short term living before moving out while others look to build a family legacy in these homes; some prefer living in apartments while others look for property that is firmly grounded.
These are some of the more common questions one should direct inward or if you are starting a family, consult the other half and figure out how this purchase fits into the perspective of your future together.
Knowing what you want can help you narrow down choices and instantly decide if something isn't for you. This saves you not only time but the confusion that often leads into a bad decision.
For instance if cashing out on its inevitable rise in cost over the next 5 years is what's on your mind, then you wouldn't mind living in a smaller apartment to be sold in due time. But if you're looking for that final home for your future generations, you might want a nicely renovated house in a safe and convenient part of town.
Considering great hikes in price, it helps to always be aware of how this home fits into future plans and of course, a certain degree of practicality is always welcome!
Do Your Home Work
Based on what your intentions are from the above paragraph, you would be able to establish the kind of home you are on the prowl for – a little research is required before making that next big move.
Property prices might be in the higher range if the dwelling is in the booming market, but there most certainly are housing areas that offer competitive rates albeit with a little less fanfare and glamourous marketing.
These houses, be it landed or apartments, are affected by an entire list of factors like distance to public transportation and basic facilities just to name a few, but if you're willing to sacrifice a some creature comforts, you might be able to a find a better bargain.
Research online and pit these competitive rates against each other. Weigh out your options and compromises as well as intentions. Call up agents or owners to find out how much volatility exists between the units that you have your eye on.
Have a spreadsheet to keep track of units if you have dozens that present themselves well, listing pros, cons and not-sures.
Sometimes house-hunting can be a luck of the draw. A desperate owner may be willing to sell a house way under market value but there equally may be another wanting to hike the price as much as possible. If you're lucky, you may be just in time to find that bargain window where a need-to-sell owner meets you; the need-to-purchase buyer!
Don't Rush But Don't Take Too Long
Decisions, decisions – big or small, they're all around us but nothing can quite compare to the tricky one involved in picking your dream home that costs for most people, a lifetime of repayments.
Once you've checked the boxes of the aforementioned tips, its almost time to call it. Knowing at the back of your head that the market hosts property that spikes erratically, one would do well as to make conscious decisions quickly but of course not rushing into making rash ones.
Make regular trips to the home you're about to splurge on, surprise agents if possible to uncover any glitches that hide between the cracks to avoid spending more on repairs later on. You should have already visited your soon-to-be-home at this stage but frequent trips later on also help to get a clear idea what living there would be like.
Once you've made a decision, it's good to act. Good deals in houses tend to get snapped up faster than you can blink so it's important to keep your wits about you and make a good decision with firmness. However, at the same time, don't be pushed by a badgering agent to make an offer before you are ready.
Making this decision is an almost delicate balancing act between waiting and acting. When you've found that house you can imagine a home in - it's time to weigh and act!
Sign, Sealed, Delivered!
We do agree the above does sound a little easier that what reality holds in store, but these are just the basics - the backbone of a good house search.
As a round-up, here is the succinct fundamentals recap:
1) Know what you want and don't want because wishy-washy won't help.
2) Do the research and do not expect one agent to tell you the truth about all the good deals in the market. You have to do some work yourself.
3) Make a decision. It's important to finally make a decision instead of tethering on the edge of "I am not sure" that will lead you to lose a good bargain. Temper this with thoughtful time, though, because rushing won't be helpful either.
Once you've found the home that fits your criteria for a price point you can stomach, let us help you pick a home loan that works to your advantage.
If you do have experience to share in this area of home purchase, drop us your thoughts in the comments section below – we'd love to hear from you!