8 Things to look for when buying a house
It's important to know your budget before you begin house looking or even considering your needs and preferences in a property.One of the biggest mistakes a first-time home buyer can make is having their heart set on a particular house just to find out they can't afford it. That is why getting pre-approved or pre-qualified with a mortgage lender should be the first step in your home-buying process. Lenders assess your income, credit, and debt to determine how much house you can buy during the pre-approval process. A pre-approval letter detailing the amount you are authorized to borrow will also be provided to you, giving you the assurance you need to make a serious offer on a house.
1. Location - you want to find a home in an area you’re going to enjoy. Taking into consideration things like your commute to work and school, nearby shopping and entertainment, and anything else that’s important to you for where you want to live.
2. Price - you need to choose a home within your price range
3. Home style and size - what style of home works for you?
4. Home amenities - Think about aspects of the home that may be on your wish list
5. Quality of nearby schools - you’ll want to pay attention to the local school district where you’re purchasing.
6. Taxes and cost of living - your location can also make a big impact on what you’ll pay in taxes and other living expenses.
7. Size of the property - carefully assess the size of the yards and grounds and envision how you may want to add future outdoor amenities. 8. Homeowners Association (if applicable) - homes in an HOA can come with restrictions and how you can use the home or decorate it, so you might want to consider that before placing an offer on a home with an HOA. The list above might serve as a helpful starting point for creating a checklist and beginning your house search.But keep in mind that purchasing a home is an individual decision. You'll have to evaluate which elements are significant based on your needs and budget, and which aren't. The disadvantage of not thoroughly examining your priorities is significant: you may purchase the incorrect home in the wrong area for your short- and long-term needs, wasting a lot of time and money. You might soon consider moving, which can be expensive.
A good Realtor or Real Estate Agent is essential in this situation. They can assist you in identifying your priorities and comparing the properties you examine to those criteria.