5 General Tips On Buying Real Estate

Melissa Chan 2017-03-31 10:00:00

Buying a home is likely to be the single most biggest investment you'll make in your life. For first-time home buyers, it can also be quite a daunting task. Even if you've previously bought a home, it can still cause you some tension. There are so many things to do, arrange and consider. Are you making a mistake? Should you wait? It's enough to give anyone butterflies.

Things are always changing in the real estate world. What was once bad may now be good and vice versa. You need to do your homework and get loads of advice and do some thorough research. After all, it's a huge investment and a major decision. Here are some general ideas on buying real estate.


🏢 1. Don't Rush

Whatever you do, never rush or be made to rush. Remember always that buying is a whole lot easier than selling. Make sure you have enough information and facts to work with to make the best decision possible. You need to look at your life and what plans you currently have. You also have to understand the difference between what you want and what you need. You might want to research more data on websites for additional information.

Also remember that times keep changing. When you were a child, perhaps it was important for your parents to have a large garden for you to play in, whereas now, children are more likely to join some form of organized activities at a young age. Weigh all the pros and cons, taking into consideration things like the neighbourhood and how long it would take you to drive to work. Whatever you do, don't hurry this decision.


🏢 2. Pore Over Every Detail

When you're looking at a house, make sure you go from room to room, examining every detail. Check out the walls, floors, bathroom and its fittings, the roof, ceilings, windows, electrical wiring and outlets, leaving no stone unturned. Most of all, pay extra attention to the furnace, the windows and the roof. They shouldn't be too old, as these three items can be very expensive to replace.

Don't forget the heating and cooling system too. These are good for about 20 years or so but if you need to replace it, you're looking at several thousand dollars.


🏢 3. Think Of The Future

Most first-time buyers don't live in it for the rest of their lives. In fact, many of them tend to move in less than 10 years. If you're a young couple wanting to start out and build a family, the house you buy may not be suitable in a few years. If this is the case, then you want to make sure that selling won't be difficult and that you can also make a profit.

For example, there are people who may not like a busy street; they may prefer to have a more quiet residence. Others may not like a corner house. You may need to consider things like this. Though it may not bother you whatsoever, it may bother others. This may force you to reduce your asking price if selling becomes difficult.


🏢 4. Buy In A School Zone

This could make you a tidy sum when it comes to selling your property after a few years. Even though you may not have children, houses in school zones can appreciate more than houses that aren't in a school zone. Apart from making a profit, it should be easier to sell as well. You can read more about residential properties in school zones at MoneySense.ca.


🏢 5. Visit The Neighbourhood Frequently

If possible, try to visit the neighbourhood as often as you can, as opposed to just one visit. If you visit it on different days and at different times, you will get a much clearer overall picture. You can get a sense of the noise level and perhaps pick up on other interesting observations to help you make up your mind. If you were buying a small business, you wouldn't visit it on one day and make up your mind, would you? You'd want to observe the number of customers daily and at different times to get a better idea.

Though it's not necessary to have an agent when you're buying your first house, it's definitely recommended. Having the knowledge and keeping up with the trends, a first-time buyer can feel more confident with an agent by their side. Agents will also have a good network of insurance agents and home inspectors as well as other valuable resources to help you through the whole process. It's a long process that will take several months and they can help you avoid certain pitfalls that could otherwise end up costing you dearly.


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