Life is full of big choices that can affect your future for years, even decades to come. Buying a house is widely considered to be one of the biggest that a person, or couple, can make. Whether looking for your forever home, or breaking into investment properties, the sheer number of choices you have to make means that there is just as many things that can evade your notice and cause you stress later down the track.
Here are a few things for you to keep in mind when buying a house, to try and circumvent any nasty surprises.
There is Help Available
There are literally hundreds of house designers that are aimed specifically at helping the less experienced homebuyers make their property dreams come true. Businesses like Hoot Homes have consultants who can take you through house and land packages within the financial restrictions that you place on the consultancy.
If you are lucky enough to have family with property experience, invite them over for dinner and pick their brain a little. They may not remember by themselves, but asking them prompting questions, such as “Has anything ever taken you off guard with your investments?” or, “Did you ever have any unexpected positive experiences?” can yield impressive results. Learn, if you can, from others’ mistakes.
Spend Money to Save Money
It is worth getting help financially. Advisors can assist you in organising a budget, and there are real estate consultants who can offer you years of professional experience for fairly reasonable cost. The cost of these bears consideration, as problems avoided can save you thousands of dollars in the long run.
This is a hard one to get your head around, as the “savings” actually come in the form of money not spent, that may or may not have been spent anyway. For this reason, you should shop around and make sure that your advisor is one that you trust implicitly.
What You Want
A house is going to affect your entire life for many, many years, so you need to have a really solid idea of your own future. What your plans are, any contingencies if things go wrong, where you want to be in five, ten, fifteen years. Your house needs to reflect not only your current needs, but your future ones.
If you plan to have children, obviously more bedrooms. But what if you plan to go back to studying? Or if you’re planning on changing jobs? What about daycare, schools, entertainment? Transport and accessibility should have just as much influence on your decision as the size and the number of rooms.
If you are a couple, this will often require compromise. Whose workplace gains priority when determining location? Will one of you become a full time parent? If not, how easy will it be to get a babysitter or nanny to the house?
There are a thousand questions to ask when buying a house, and ten times as many answers depending on your circumstances, needs and the actual reason for buying in the first place. The most important thing to remember is that you simply can’t predict everything. There are too many variables, too many moving parts, and life simply changes sometimes.
It can be hard to justify the massive financial cost with the abstract benefits of owning your house. However, if you make sure you have contingencies, that you don’t over-commit, and you keep in mind what you want and where you’re going, then buying your home can be a rewarding experience that pays off in quality of life for as long as you keep it.