Buying a house is one of the biggest investment that you’ll probably do in your life. That’s why you need to be prepared. Here are some tips you need to know before buying your house.
Have a picture of your financial situation
You probably won’t pay your house in only one payment. For this reason, make sure that you don’t have discrepancies or problems in your credit history. You should also make an analysis of your financial situation: what is your total income compared to your current spending? You don’t want to have to take out loans to pay off debt in the long run!
Develop a household budget. You also need to analyse how a house purchase will affect your budget. Consider taxes and insurance, but also payments for repairs and maintenance.
Using an agent
You are not obliged to use an agent to buy a house, but this person’s experirence and knowledge can be considered. Firts, in most cases it’s the seller that pays your commision to the agent working for you. You also have a wider choice of houses, compared to if you want to be represented on your own. Don’t forget that an agent has experience in negociation, knows the market and can offer suggestions for home inspectors, closing agents and much more.
You can also do this on your own. There is no law againts individualls who want to buy their house without profesionnal assistance. The problem is that you can usually only buy houses which are for sale buy the owner, which means that the seller does not use the assistance of an agent to sale his house. Theses cases usually represent a small pourcentage of the market.
Finding a house
You are now ready to search for a new house? Good luck! But before doing so, consider what type of house you would like. Do you purchase a simple family home, a townhouse or a condominium?