If you’re planning to buy a home, there’s more to it than just figuring out your budget. A pre-purchase checklist is always an ideal item to have even before you consider a real estate purchase.
Here are some questions you can ask yourself before buying your first home:
• Is this home for yourself or for your family? The size of the real estate you should buy depends on your stage in life. If you are single and would like this to be your first real estate investment, then a flat or a one-bedroom home should be good enough. However, if you are in a relationship and currently contemplating having children, then you might need more rooms in your home.
• Do you want to live in the city, by the parkland or near open spaces? Your preference for the environment also plays up your location choice.
• What kind of hobbies or interest do you have? Are you the sporty outdoors adventurer? Would you rather go shopping in huge malls? Is the beach your second home? Again, your location choice for your real estate purchase would be affected by your lifestyle.
• Are you able to do minor repairs or would you rather have the home in move-in condition? You might be able to get homes at a lower price if it’s a fixer-upper, however, you also need to be fully confident in your ability to do the minor fixes or to hire contractors to do them for you. Some people find satisfaction in knowing they have contributed to the value of their home with do-it-yourself repairs or major remodeling efforts. If this is not the kind of house you want, then you might consider hiring an inspector to help you assess the condition of the property.
• Do you need an agent or can you handle your own negotiations? A real estate agent can do a lot for you. Aside from trimming down the selection to those that actually match your criteria, an agent can also take care of the price negotiations.
• What kind of payment scheme can you afford? Mortgage is another very important thing to consider when buying your real estate property. Find out what kind of financial products are available to you given your current and projected financial capacity. Do you want to get a fixed rate interest or a variable interest? How will adding mortgage payments to your budget affect your lifest
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