Buying property, especially a house, might be the most meaningful purchase you’ll make in a lifetime. It takes so much from you, financially, emotionally, and mentally. So here are some things to think about and take into account when going through the whole process.

Questions

Ask questions to yourself as far as size, price range, locations. What do you want? What do you need? Are you going to use it for a business or are you going to live with your family? Do you have a family or planning on having one? How much money are you willing to spend? How much money can you spend? How are your credit scores?

Ask questions to your realtor. You need to be able to trust them. Find out about their background: how many properties they sell each year and are they in the area that you’re interested in; how long has the property been on the market? Also, is very important for them to provide you with a checklist of what the whole process entails: from documentation, necessary steps.

The best background checks can be completed through friends, family and respected co-workers, if they were the ones that recommended the realtor to you.

Taking cautionary measures

Before you even move in, you need to get insurance for the house. That way you are prepared for any contingency. It took you a while to get to that point, make sure you don’t need to spend any more extra money for not planning ahead!

Inspection for untrained eyes

The house might look perfect from your point of view. Maybe it is! But just make sure. Sometimes properties can be prepped to look astonishing and they are hiding some defects. Hire a professional inspector that can assure you that there are no major problems that can end up costing you a fortune you were not even taking into account.

Size matters

Make sure to actually bring that measuring tape with you and finding out if the actual size of the house and the size on public records match. Sometimes, this number might be off by 100 feet approximately and that is normal. Anything more than that you should probably look into.

Location, location, location

This is very important. If you have children or are planning on having kids you should look into potential schools for them. Also, research the crime rate in the area, as well as the growth as far as families and businesses. If it’s an up and coming neighborhood, you property value will continuously increase.

Crunch those numbers!

When it comes to money, there are several things you need to consider. Fully understand the terms of your mortgage loan. If you don’t, you might not fully realize how it influences the monthly payment over the entire course of the loan.

Your price range can be discovered through an online calculator. You plug in incomes and expenses and it can throw a realistic available spending amount.

If you very carefully analyze those basic aspects you are now ready to start your search for the perfect property for you!

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This is filed under Home Buying.


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