Owning a dream house is a dream for every young adult. Buying a new house can be a night mare. Either you are buying an established house or building a new one you must be physically, emotionally, socially and financially ready. Buying a house takes more than you just having the deposit or the money to buy but there are a lot of aspects that take place in the process that you need to be aware of. Buying a house is a big step and you do not want to live with regrets by not doing things right so do it right the first time and never get it wrong. Are you ready is the question I got asked when I first purchased my house which I thought I knew the answer but was difficult to answer. For first time buyers as you probably won’t be knowing what to expect. In this article, I will discuss some point checks that you can consider determining if you are ready or not.
First things first, you must know what you really want to get. Are you planning on buying a well-established house or buying some land? Know the area where you want to purchase the house and this includes doing a thorough research about the laws that apply to that certain place and other things like safety and remoteness. You must also know if you are planning to get a double storey a granny flat or a normal house as this will save a lot of time and money. This will also help in budgeting. You also need to understand the process that you need to go through so it is easier for you to get what you want without any delays and mishaps. Know how long it will take for the property to be ready for you to move in or utilise that will save you a lot of disappointment and will help you to plan.
The next step is having a budget of how much you will need for buying the property. Buying a big property is very different from buying any other commodity as it requires a lot of strategical thinking and organisation. List down your costs that are most likely to be incurred and in this cost, you should also include minor costs such as council fees and transport costs. Budget comes with finance, when you say you are ready you should have organised finance for buying. Organising finance involves making an intensive research on financial institutions and try to get the one with low interest rates. One should be careful of any fine prints and understand all terms and conditions when dealing with financial institutions. You might also consider saving up in advance for the deposit to lessen the amount of money that you need to repay.
If you have the finance part sorted the next question is are you physically and mentally ready. As said earlier buying a house needs a lot of dedication it is not only about you have the finance. You need to be there for everything to ensure smooth flow of everything. You should consider getting some time off to get on top of things and have a clear mind so you can make sound decisions about your future home.
Lastly, you should know where you are planning to get your services. Do a thorough research on companies that sell and get some reviews from other people, have at least three companies in mind. If you are certain and answered yes to these questions well, congratulations you are definitely ready to buy.