Getting your own property is a big investment. It is not one to be taken lightly. The time comes when you realize that you need to acquire your own house. Perhaps your family is growing in size, or because you are tired of moving from a place to another. There are several things you ought to know while you are house hunting. They are highlighted below to enable you make a smarter purchase decision. Following them will also ensure that you avoid common pitfalls in the process of home acquisition.
How much do you really need your own property?
There are many advantages in acquiring your own property. You do not have the house owner lurking around your living space. There are no monthly mandatory payments you have to make. You can pretty much do whatever you wish on your own property without anyone’s consent. Still it’s worthwhile to remember the following
The maintenance cost of your own property becomes your sole responsibility
Unlike a rented apartment in which you call the house owner whenever something goes wrong. On your own property, you have to do the fixing up of broken things, get the technician and plumber yourself. All these things are going to cost you in the end. Whether it is cost of materials or the cost of labor, it is an expense.
Increased Cost of Taking insurance
Homeowners insurance is far more expensive for your own property than for a rented property. Besides, there are other surcharges and fees that will be tagged to your own property which will be mandatory for you to pay. Some may be one-off and some are recurring fees. The point here is that you seriously need to calculate and ensure that the financial advantage of buying your own property is better than renting before you opt to buy.
Location of your own property is very important
Nearly everyone understands this, still it’s not too much to re-emphasize. Whichever place you decide to live, you are going to be moving from that place to your workplace. The transportation cost from your own property to your office is going to cost you time and money. Moreover the cost will continually go upward and will be recurring on an almost daily basis. Try to ensure that your own property is close to the place you work so that your commuting costs stay minimal at worst and zero at best. If your own property is far from where you work, you may consider owning a car. This in itself is expensive both to purchase and maintain. But if you can afford it, it shouldn’t be a problem.
Land typography of your own property is crucial
Take a critical look at the sloppiness of the land around your property. Check if it allows water to run downwards from it and not into it. Make sure the drainage around the property you intend to buy is good to prevent your home from being submerged by flood waters. Avoid any place that does not meet this condition to avoid later regrets.
Begin small when buying your own property
House hunting is just like when shopping for any other item. It is wise to begin your search with from the house with the lowest price tag and make your way higher. Do not begin your search with prices at the higher end because of the attractive features. Much of those features are things you can easily incorporate into your house when you move in. Begin by considering a list of homes at the lowest price and examine whether any of them meet up to your requirements. Then you can slowly start raising the bar on the price limit of your price to more expensive ones during your search.
Keep a significant amount of money prior to moving into your own property
There will likely be significant fixes you need to perform when moving to your own property. Make sure you don’t spend everything you have on closing the purchase. If acquiring your own property would mean breaking the bank, it would be a wise decision to save for a little while longer before making the purchase.
Genuineness of Property you intend to buy
Ensure that you do scrutiny, that is – a thorough background search of the property you intend to buy. Ensure that all the documents are legitimate and that the seller is legally authorized to sell it to you. Also run a double check to make sure that the property is free from all encumbrances. A legal practitioner would do this best. It would be a wise step to hire the services of one for this purpose.
Electricity supply in the vicinity of your own property
Before acquiring your own property, seriously examine the quality of electricity supply in the area you intend moving into. There are places that tend to have better supply of electricity than others. It could be due to industrialization of the environment and urbanization. Do a thorough check because this factor may not likely change for a long period of time.
Road Network infrastructure around your own property
The Quality of road networks around your property should be seriously considered. A better road network means easier transportation whether you are using your car or boarding a mini bus. Bad road networks are the major causes of traffic jams, stops and delays in commuting. You do not want to be getting stuck in traffic all the days of your life simply because of the bad road network around your own property. Environments’ with subways, bypasses, trains routes etc to decongest roads will be a very ideal environment to purchase and own property.
Following the above steps is time consuming. But the amount of investment you are making makes it worth the wait. Purchasing property is not a thing to be rushed. Beware of being pressured into buying any property before you have followed the aforementioned steps. If you do not have the time and going through these is much of a hassle for you, then it is safer to approach licensed and authorized real estate agencies for your purchase and tell them your requirements. It is being scam smart not to fall victim of the fraudsters that saturate the real estate business.