Buying a home is both exciting and scary. Especially if you’re a first-time buyer. You have so many things to think about including getting a mortgage, finding your dream property and closing the deal. But there are few things your realtor might not tell you before you go ahead and buy. Here are a few things every home-buyer should do before signing the contract.
Check Out the Neighborhood
The neighborhood you see during viewing might not be the same at other times of the day. You’re going to see the property most likely in the middle of the day. That’s when the residents are at work and the area is quiet. If you speak to the realtor, you might not get accurate information. After all, their incentive is to close the deal as quickly as possible to earn their commission. Instead, you could also drive through the neighborhood at different times throughout the next few weeks. Head down in the morning, park your car and have a walk around. Come back in the evening and drive through after dark. This way you’ll know what the area is really like.
Consider the Potential for Development
If you’re looking at a property where there’s a large open space nearby for sale, you can be certain at some stage in the future it will be developed. Living next to a major construction site can drastically reduce your quality of life. Would you mind waking up to the sounds of constructions every day for two or three years? If so, it’s probably not the right place for you.
Will Your Property Lose Value?
This ties in closely with the point above. You might want to pay a premium price for a property with a nice view. But if there’s empty land in front of the house, there’s every chance in the future it will be snapped up. Especially the case if you want to live near the coast. Think about what will happen if the land is used to build more houses or apartments. You’ll almost certainly lose the view that you paid for. And, in turn, your property will lose value.
Always Get a Home Inspection
After you’ve looked around the house, it’s a wise decision to get a specialist to check for unseen damage. You should also choose a company who do home Inspections on a regular basis. That way you can guarantee quality. Arrange a service that will check the structure, exterior, electrical and plumbing systems at the very least. You should also check the insulation, ventilation and cooling systems in the property. If you don’t, you run the risk of expensive repairs later on. Investing in a home inspection can save you a lot of time and stress later on. And if it turns out the property needs repair work, you can then factor this into your offer.
Get Another Opinion on the Value of a Property
The price of a property is often slightly higher than its actual value. Sellers add an extra percentage on top of what they want to allow room for negotiation later on. If you do find a property, hire an independent contractor to value it. Your realtor and the sellers might not give you this information. It’s up to you to make sure that you’re getting a good deal.
Don’t Allow Yourself to Feel Pressured
Realtors will use a range of tricks to make you feel like you have to make a quick decision. They might tell you that someone else is about to make an offer. Or any number of tactics to give the impression of scarcity. Sometimes it’s true, other times not. You need to use your judgement. But the golden rule is to never feel pressured to sign the contract. Give yourself more than enough time to consider the offer. Because once you sign, you can’t go back. And you might be committed to a long mortgage. You need to make sure that everything is perfect before agreeing to buy.
Things to Do Before Buying Your Home
Remember to check out the neighborhood at different times of the day, consider the possibilities for future development and get a home inspection. And no matter the circumstance, never allow yourself to feel pressured to make a quick decision.