Buying a house is an exciting time, especially when it’s your first home. Unfortunately, the excitement of seeing the different properties and the thought of owning your own home often means you make simple mistakes. These can end up being costly.
That’s why it’s important that you know the following five things before you commit to a purchase. After all, you only get to be a first-time buyer once!
The price a property is advertised for is not the price you have to pay! It’s an estimation of the market value and will fluctuate depending on how popular the property is. The more interest the closer to the asking price.
In other words, don’t be afraid to make an offer.
- You Don’t Have To Buy A Built House
If you contact a reputable company specializing in custom-built homes, you’ll find that there is an array of options available. What may surprise you is that it is often cheaper to have a custom home built than it is to buy one.
The obvious bonus is that you get to design the house and create something that works for you. There are several financial options for people building their own homes. This doesn’t mean literally building it, but having it commission and created for you.
You may be surprised at how affordable this option is.
If you’re buying a house that already exists you need to have surveys done, and you need to be aware of how much these will cost. Your mortgage company will do a survey, this is to identify the value of your property, ensuring the mortgage company can get their money back if it all goes wrong.
Don’t rely on their survey. You’ll need to have your own building survey done to find out what needs doing on the property. This can affect the price you pay for the house.
- Cost Of Repairs
If you’ve found out what is wrong with the house then you need to start looking at the cost of repairing the issues. It’s important to ensure you have the necessary funds. Knowing the cost of repairs doesn’t just help you to prepare for the cost of owning your own place. It can also be used to renegotiate the price.
- Don’t Be Rushed
You must understand the costs involved n surveying, repairing, and completing the purchase. There are a variety of charges that need to be paid and you need to know what they are before you complete them.
No matter how excited you are about the purchase of your first house, you need to take a step back and make sure that everything adds up. This is the best way of ensuring you don’t get in too deep and find yourself in financial hot water or having to sell again.
You should note that choosing to have your first home built for you actually avoids a lot of the above issues, making it an attractive option.