Buying a house is simply the biggest purchase you will make in your life, and probably one of the biggest decisions overall. Your home is where you spend your life, where you bring up your children, share moments with your loved ones, and basically your sanctuary away from everything else the world has to throw at you; of course you want it to be somewhere special.
Despite all this, the house buying market is a complicated business, and if you don’t know what you’re doing you could find yourself falling foul of a few pitfalls that are common for first-time buyers.
Research the market
You need to know the market inside out in order to win in your decisions. Make sure you understand terms and words which come with house buying, make sure you understand what the process of buying a house is, and ask questions if you’re not sure. It might be a good idea to speak to a family member or friend who has bought a house in the past, to give you insight and a sounding board.
Find your ideal location
Look into location carefully, especially if you have or are planning to have children, in terms of schools and shops etc. Once you buy a house, you’e stuck with it, so you don’t want to be in a part of town you don’t particularly like. Knowing where you want to be also helps you narrow down your search, to prevent you being too overwhelmed.
It’s easy to get over-excited about prospects and have your head turned, which could easily lead you to going over your budget. Stick within your budget, be realistic, and always think over things two, three, or even four times before you agree to anything.
Get a pre-approved loan for a mortgage
This isn’t a definite must do, but it is something which will help speed up the process when you find somewhere you want to buy.
Hire a real estate agent
This is going to cost you a little more, but if it helps you make correct decisions and steers you in the right direction, it could save you in the long run. A real estate agent will know all the tricks of the trade and will be able to give you important information, statistics, prices, what you should be paying, whether you’e making incorrect decisions, and will basically give you guidance on what is going to be one of the biggest decisions of your life.
Buying a house isn’t easy, and it will be a long process, but getting it right is the most important step you can take.