Buying your first home is probably one of the biggest challenges you’ll ever have to face. This challenge is so daunting that many potential buyers are seriously tempted to either get the first house that they like or to remain in their rented apartment and put up with any adverse conditions. However, the good news is that you can ease the home buying process through planning and preparation.
The following are some considerations you should take in order to make the home buying process as easy as possible and to ensure that you will find the perfect property for your needs.
1. Determine your Long-Term Goals
For starters, you need to assess your goals and determine if home ownership fits anywhere in the picture. You might want to turn all those wasted rent payments into mortgage payments or you might have had unreliable tenancy services in the past and want to cut out the middle man. Whatever the reason, it is smart to narrow down your home ownership goals and to determine what it is that actually drives you.
2. Determine what Type of Property Suits your Needs
Secondly, you need to determine what kind of property is the right one for you. Do you need a traditional single-family home, a condo, a town-house, or a multi-family home? You need to realize that each option has its own pros and cons and carefully consider wants vs. needs, especially if you do not have an expansive budget, then choose the right one for you.
3. Choose the Features
Another aspect you need to look at when buying your first home is the features your house will have. Because you are making the biggest purchase of your life, it is wise to be flexible and think out of the box when considering the features. Your list should include basic needs, such as the neighbourhood, number of rooms, porch, garage, bathroom layout, kitchen size and bedroom appearance. If your home has a solar energy system installed or other green features to help reduce bills, that’s even better.
4. What Type of Mortgage you can Afford
Consider how much you can afford to spend monthly on your mortgage. First off, you need to find out what kind of mortgage you quality for: Even though you might want to live in a $300,000 home, you might only be able to afford a $200,000 one. The lenders will decide your upper limit depending on factors like monthly income, debt and for how long you’ve been at your current job.
You also need to determine how much you can afford. If you have to pay $500 a month, but you have only $400 left after paying for all the expenses, you need to reconsider. Similarly, if your rent payment is $700 and you will have to pay $1,000 for your mortgage rate, you need to think if you can afford an extra $300 a month.
5. Inspect your Home
Lastly and probably most importantly, you need to conduct a house inspection in order to determine if the home you want to buy is safe and danger-free. Home Check is experienced in providing pre-purchase inspections in Wellington and the greater region to find out if a certain property is worth buying.
Book Home Check now at www.homecheck.net.nz and gain the peace of mind that you get a complete building inspection report which says it all about your home investment.