Saturday, September 26, 2020

6 Things To Contemplate When Purchasing A Home.

August 13, 2020 by  
Filed under Business, Money, Opinion, Weekly Columns

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( So you have decided to buy a house? Are you a first-time homeowner, or have you done this several times? Buying a home is a significant investment, and you should, therefore, ensure that you get your money’s worth. You can quickly begin searching for a house on the internet. There are many available real estate MLS (Multiple Listing Service) listings such as Movoto on which you can find homes in your decided location. However, before you sign your name on the dotted line, here are seven key things to consider

Location, location, location.

It doesn’t matter how beautiful that house is or how cheap it is. Where is the home located? How is the crime rate like in this area? Are there available open spaces? Is this a priority for you? What about infrastructure? How accessible is the location to major roads and expressways? You have to decide if you want to live in the city, on the outskirts of a town or in the suburbs. Houses in the suburbs will be cheaper than those in the city, but they may also involve a longer commute. How close are you from work? Are the kids far away from their school? The location may be the most important thing to look into when you want to buy a house. Plus, an excellent location ensures that the house remains an asset long after you purchase it.

The neighborhood

If your family has young kids, then an area with kids will be a good fit. However, if you are elderly and are looking for a retirement home, you would prefer a much quieter neighborhood with fewer kids. How are the neighbors? Do they hold loud parties all night? Do they have a dog they allow to bark into the wee hours of the morning? Drive by at night or early in the morning. Are there noisy trucks moving in and out at those times? Are there any weird smells in the area? All these are things to look into when cruising a potential neighborhood.

The price          

You should not settle on a house just because the cost on the MLS meets your budget. There are probably other fees to consider, such as closing costs, down payment, insurance fees, taxes, etc. Can you get a good mortgage with your current credit score? Also, how big is this house compared to the one you are moving in from? This could translate into extra costs for furniture and could mean higher utility bills. Cruise around the neighborhood and find out nearby comparable sales. This refers to recently sold properties with similar characteristics. If the price is higher, find out the reason? Beware of the price is lower because it may indicate that the property is a fixer-upper.

Hire an excellent realtor.

good realtor will lead you through this complicated process. They will help you pick out the neighborhoods with the best value and Return of Interest. An excellent realtor will help you negotiate the prices and provide you with great advice and connections. Check that the buyer’s agent is not the same one listed as the listing agent for the home for sale. While this will allow more flexibility in the house price, it could hurt you in the long run. This is because the realtor’s best interest is to get the most money. Therefore, they don’t have your best interest at heart.

Hire a Solicitor

A solicitor will help you through the legal process of buying a home. They will come up with a contract, give you legal advice, deal with the land registry, carry out local council searches, and transfer the funds which pay for your property. They also transfer the ownership of the property from the seller to you. You have a choice between picking a solicitor or a conveyancer. A solicitor is a qualified attorney while a conveyancer is specialized in property but can’t help you with complex legal issues. Be sure to ask how they prefer to be paid, be it a percentage of the property price, an hourly charge, or a fixed fee.

What is the condition of the house and its appliances?

Do not be fooled into buying a house just by the beautiful, flawless exterior of your home. You may want to hire an excellent inspector to go through the house before you purchase it. Your realtor may have a good recommendation. Some things to look into include:

  • Foundation faults
  • The roof
  • Cooling and heating facilities
  • Working windows
  • Working appliances
  • Working electrical outlets
  • Water damage
  • Bugs and pests etc.

Do not be afraid to request the landlord to repair the things that need fixing before you buy it

Think long and hard before purchasing a property. A house is a considerable investment, and you want a positive return on your investment in the long run.

Staff Writer; George Jones

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