Real estate is one of the things most of us have to buy at least once in our lives, yet only a few people know how to do it the right way. Most prospective buyers get carried away when they see a seemingly good offer, which often results in disappointment when they realize the new property is not as good as it seemed at first glance. If you don’t want to end up unhappy with your new home in a few months or years, take a smart approach to buying real estate with the help of our tips.
1. Price
One of the key factors in choosing which house or apartment to buy is the price you can pay. The smart approach to finding the right property is to form a budget, which should include not just the sole price of the house, but also the expenses that come with buying property, which a lot of inexperienced buyers forget to accommodate for. These expenses include packing and moving costs, renovation and cleaning, taking out the rubbish, and the bare necessities you can’t live without in your new place, like furniture, kitchen utensils, and electronics. Plus, don’t forget the cost of paperwork and real estate agent fees, which can also take a large part of your budget.
2. Location
Deciding where you want to live sounds rather simple, but in reality this decision takes a lot of consideration. People have different goals while buying real estate, which leads to different factors being taken into account during the buying process. For example, if you’re moving to look for better job opportunities, it makes sense to buy a house in a busy part of a large city, where there are a lot of businesses and available jobs. Similarly, if you have a large family and want them to live a comfortable life, moving to a quiet neighborhood with schools and hospitals is preferred.
3. Size
One of the most important things regarding the size of your future property is the question of downsizing or upsizing, which will ultimately affect your budget. Downsizing makes sense when your children have moved out to their new home and you no longer need many rooms and large square footage, or when you simply cannot afford to maintain a large property. Upsizing is for people whose family is growing and they need to comfortably accommodate every member of the family. While downsizing can save you money, upsizing will require paying an extra, which you need to be prepared for.
4. Timing
Many buyers often dismiss timing as being not important in the overall buying process, but it can turn out to be a crucial mistake, especially if you want to sell your old property and buy new one at the same time. Additionally, it’s essential to understand if you’re under any time restrictions that can influence your decision. It’s best to take a short break from work for your purchase to go over smoothly. Leave enough time to browse the ads, find a real estate agent, view the property, close the deal, and move, all without feeling like you’re in a rush, because hurry is unacceptable in a matter as sensitive as property shopping.
5. Viewing
This is something that needs to be accepted by every future buyer: purchasing the property of your dreams is impossible without seeing dozens of offers that are not good enough. Scheduling a viewing for every house or apartment that caught your attention can be tricky, which is why we advise you to work with a realtor – he or she will do the scheduling and negotiating for you, so that you’ll only have to find the time to view the property. After you’ve seen every piece of real estate you’re interested in, compare them to determine which one to buy.
6. Purpose
Although most of us buy property for personal use, there are cases when there are other reasons for property shopping, which also influence your choice. For example, if you’re planning to become a landlord by purchasing a place and renting it to tenants, you should pay special attention to its location, because it might be hard to find tenants for a house that is located in the middle of nowhere. If you want to flip property, which means to buy a home in a bad condition, renovate it and sell it for a much higher price, you can pay virtually no attention to the current state of the house or apartment, because you’ll renovate it any way. Take your purpose for buying real estate into account while making a choice.
