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Checklist For Buying A House If you are looking at buying a house
there are many things you will need to know. To help you buy your
first home we have researched all of common areas that people have
trouble with in buying a house. Follow our great house buying
checklist to take the hassle out of buying your house, the things you
need to check off our checklist for buying a house are:
Am I ready to buy a house?
To buy a house you need to be ready. If you don't have a stable
career and a stable relationship you may not be ready to buy a
house. A change in career or relationship can affect you negatively
financially if you bought your home before you were ready.
Am I pre-approved for a
home loan? Before you even begin to look for a house to buy
you need to be pre-approved for a home loan or else you risk finding
your ideal home and not being able to buy it in time due to lengthy
loan approval times. Do I have a detailed
budget, either planned or in use? In order to buy your first
house you need to have a very good idea of what you can afford and
how you will be able to pay off your loan once you get it. To buy
your first house you need to save a considerable deposit and plan
how loan repayments will change your lifestyle, to do this you need
a detailed budget. Do I know how much I can
afford? Many people get into a lot of financial difficulty
by buying a house that they cannot afford, this can sometimes result
in repossession of the house or even bankruptcy! You need to make a
realistic estimate of your future earnings and the likelihood of
future financial shocks (such as loosing a your job) before you can
decide on how much to spend on your house. Do I want to buy or build?
Buying and building both have advantages, buying gives you a much
larger number of areas and streets you can live in unlike building
as there are few vacant blocks available. However, building also has
its benefits as you can save a significant amount of money and have
the house that you really want. Have I decided where I want
to live, and researched the area? A big mistake you want to
avoid when buying a house is buying a house only to realise a few
years later that you hate the neighbourhood and want to move!
Once you have met all of the above
criteria on our buying a house checklist, and you have chosen a house
that you want to buy, follow these tips on our buying a house
checklist for what you should check next:
Does the house suit my
current and future needs? If you are planning on starting a
family in the near future or may be changing jobs or careers in the
near future you need to factor this into the area that you choose to
buy into and the size of the house you buy. Have I inspected the house
a least 2-3 times? Many new home buyers fall into the trap
of buying a new house after only inspecting it once, only to find
many things wrong with the property once they have bought it.
Have I checked with the
neighbours to find out about the area? There is some vital
information that you will only get from the neighbours of a house,
such as bad neighbours or other problems you might only notice once
you move in if you don't ask before hand. This is an important point
on our house buying checklist, as most people forget to do this.
Have I got a plan for how
will make my offer? If you are buying through an auction you
need to have a plan for how you will bid in order to get the best
price possible, to do this go to several auctions before the real
one to practice, observe and learn how its done. If you are buying
through a real estate agent you need to plan what you will offer and
how you will play out the negotiate with the owner, inexperienced
and unprepared house buyers end up paying too much for their homes.
Follow this house buying checklist and
you will be able to buy your first home without the common mistakes
that many people make!
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