Buying a property is an incredibly exciting event! At the same time, it can also be extremely stressful and confusing. After all, you are making what will most likely be the single most expensive purchase of your entire life. Rather than ending up with a serious case of buyer’s remorse, be smart and figure out everything you need to know from why you need a professional surveyor to exactly how much you can spend. Here’s a quick guide to exactly what you should know before you buy your property.
Let’s face it: we would all love to live in a Buckingham Palace or a Manhattan penthouse apartment. Sadly, though, this lifestyle takes a serious amount of cash. While a bank might be willing to give you a mortgage that you can’t actually afford, that doesn’t mean you should accept it. Rather than living the rest of your days house rich and cash poor, crunch the numbers to figure out exactly how much you can spend on all the expenses that a property purchase entails, including heat and hydro, taxes, maintenance and any property fees, your monthly mortgage and, of course, insurance.
Your Dream House
This, of course, is the fun part! Do you love to cook or microwave your dinner every night? Do you adore entertaining or need a space that’s a retreat just for you? Considering your lifestyle, make a list of things that are non-negotiable (for example, a usable office space if you work from home or two bathrooms if there’s more than just you) and things that you feel like you can compromise on, including perhaps a gas fireplace or a landscaped yard. After writing these lists, you’ll be that much clearer on which property you should leap at and which is definitely a no-go.
Have you talked to your bank about obtaining a mortgage? If you have already started looking for a place, you need to do this so you are aware of how much you should spend and whether or not you’ll be pre-approved. In addition, other professionals will also be required such as a great realtor to bring you around to various properties, a good lawyer and a surveyor who can provide you with the exact dimensions of your property and what structures or natural features would be included within the boundaries.
When you find the house and property that you love and feel like you can’t live without, make sure it is as great as it appears by having it inspected. A good home inspector will spend a few hours examining every nook and cranny of the home, including the appliances, the construction, the electrical, and all other elements of the dwelling. This way you’ll find out in advance if there are any huge problems that will make you want to walk away or that will enable you to re-evaluate what you’re willing to offer.
Be smart about this process, and you’ll end up with a new property that will meet your most important needs without putting you in the poor house. Welcome home!