Most first time home buyers search for the perfect home – one with the perfect view and the perfect location. They don’t dig very deep to search for possible faults, and turn a blind eye even if they know the offering price is too high. Here are some tips and pitfalls to look out for when buying your first home.
1. Home Location
Homes in desirable locations are worth a lot more than the same type of houses in less desirable locations. You also have to know what you are looking for. Do you want to be close to shopping centers, schools, churches and the like? Or do you prefer a quieter spot with less hustle and bustle?
You also have to look out for all possible disturbing surroundings such as factories, main roads, parks and clubs. It is a good idea to talk to the neighbors about the surroundings, possible nuisances and traffic in the area.
2. Home Condition
There is a difference between finding the perfect home, and finding an ideal spot. When you find the perfect home, it usually doesn’t require a lot of renovation and is in a good condition. When you find the perfect spot, the house may be less than perfect, but with a bit of renovation and/or fixing, you could turn it into your dream home. You have to consider your budget and patience on this one! Things to look out for when checking the condition of a house, include:
·Roof
·Tiles
·Foundations
·Electrical work
·Plumbing
·Overall maintenance
3. Home Price
To figure out if the house that you are interested in is priced market related, take into consideration the following:
·Prices of similar homes in the neighborhood.
·Amount of offers received by the seller. The less offers, the better your chances of surviving the competition.
·Time the house has been on the market. This might be a good or a bad thing, depending how you look at it. The good news is that you might be able to negotiate a discount. The bad news is that there might be something wrong with the house or it might be priced above its value.
·The seller’s profit. Not that its any of your business, but it is important to know whether the value of homes have gone up or come down. Talk to a financial adviser and make sure you know the facts.
·Do research. Search the internet and see different estate agents and find out the market value of the house.
Buying a house, especially your first one, can be a challenging, exhausting and yet exciting and memorable experience. There are many pitfalls to look out for, many sharks in the real estate industry and a whole lot of paperwork. But if you do your homework, check the facts and do a lot of research, it can be the best feeling in the world when you sit on your porch, or in your kitchen enjoying your very first own home.
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