Buying a new home is one of the most monumental decisions of our lives. We all want that dream home and envision aspects of it that will make us happy. As exciting as it may be, purchasing a residential property is a lengthy process.
To make it easy for you, we have listed below 5 things to look for when you are buying your first residential property. Home sellers must also keep these tips in mind before listing their house on the market to ensure they get the best deal on their residential property.
- Fix a budget:
The very first step in your journey of purchasing a home must be evaluating the budget you have for it. Real estate transactions are complex and before knowing what you can afford, it doesn’t make sense to even check out any options.
You need to know exactly what range you have when looking for a residential property. At the same time, you need to understand if you need to take out a mortgage to pay for your home. This makes it easy to shortlist properties to be viewed and saves you a lot of time.
2. Find a reliable real estate agent:
To guide you and assist you in buying the right residential property for you, you need to find a good real estate agent. They will represent you and help you find the most relevant options in the neighborhood of your choice.
Apart from this, they will be able to recommend reliable home inspectors, lawyers, and mortgage brokers. The more knowledgeable and experienced they are, the quicker the process of finding a home becomes.
3. Determine the size you want:
You need to be very clear with your real estate agent about how big you want the home to be. The number of rooms and bathrooms along with other specifications must be openly laid out so they can find the most relevant options.
Think of everything from the kitchen to the bathroom as well as the front yard. If somehow any aspect is missing, it is necessary to consider the possibility of an extension and if you can afford it.
4. Evaluate every aspect of the property:
Once your agent has suggested a few properties that match your expectations and your budget, it’s time for you to visit them. Have a list of things that are important for you ready so you can determine whether the property fulfills all your needs. Make sure you keep an eye on the number of repairs the property needs before it is fit to move in.
It is equally important to be realistic and know what aspects are an absolute must and what are just “good to have”. For instance, if you are moving out of your current home because it has a small kitchen, it is crucial that the house you look for has a bigger kitchen.
5. Move-in date:
It is important to ensure the house is available and empty when you want to move in. For instance, you may want to move in immediately but you haven’t found a buyer for your home, that could be an issue as it may lead to a shortage of funds for buying the new home.
In such situations, you can opt for a home buying company. Various local home buyers take your home off your hands without any repairs and pay you in cash. For instance, HomeFront in Spokane is one such reputed local home buying company.
Purchasing your first residential property becomes easy and rewarding when you keep the above points in mind when you start house hunting.