Getting your own house or apartment, especially if it’s your first ever real estate purchase, is a very sensitive matter. Buyers usually spend weeks or even months planning the buying process, managing the finances, and negotiating with the sellers. However, it’s very common for new homeowners to eventually realize that their home is far from what they’ve always dreamed about, even if everything about the property, including the price, seems ideal. Want to know what to do to avoid being disappointed in your new home? Find out right now!
Is this the right time to buy property?
It’s a well-known fact that the real estate market goes through cycles that affect all aspects of property, from prices to availability of various types of real estate. If you rush your purchase and make a commitment to a house when the time is not right, you may soon realize that you’ve overpaid for your new home or that now there are much more attractive offers than there were a couple of months ago. Talk to experienced real estate agents or other industry experts to find out if now is the right time to buy your dream home.
Is this what you really wanted?
Most buyers start the property search process with a certain image in their minds – they know their desired location, size, and other qualities of a new home. Nevertheless, during the search process the criteria often changes, and you end up buying a house or apartment that is noticeably different from what you pictured in the start. Usually the changes have a positive effect – for example, you can buy a more spacious house for the same price if you simply switch up the location. But if your partner or real estate agent force you to make too many changes, you can definitely feel disappointment after a while.
Have you checked your finances?
If you’re one of the few lucky homebuyers who can afford to pay the whole price in cash, then you don’t need to think about finances too much: simply count the available money and search for the homes within your price range. However, if you plan to take a mortgage or other loan from the bank or the government, you need to make sure you can truly afford the monthly payment. In order for your mortgage payment to be affordable, it needs to make up 30% or less of your household’s monthly income. If you can’t afford the payment, you will either have to live frugally for several years, or pay huge fines to the bank for missing the payments.
Have you seen the home from every angle?
Most new homeowners tend to renovate their houses after the purchase, but there is a difference between minor renovation, like repainting the walls or buying new furniture, and massive repair of the electrical wiring, plumbing, and other essential home systems. If you don’t want to spend hundreds of thousands on repairs right after you’ve purchased a home, make sure to visit the house several times before you sign the papers, paying attention to every part of the house and making sure the building isn’t falling apart. You’ll also need to inspect the location and try to get to know your future neighbours in order to know who you’ll be living next to for the next decade.