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February 22, 2017

Use This Checklist When Purchasing a Home

There are a lot of challenging tasks that you must complete in this life, and looking for a new house will likely rank high on the list. It is even more difficult once you come to the realisation that a large portion of your hard-earned cash will be placed into this project. However, one of the things that keep homebuyers motivated is the fact that all the money and time they have invested will pay off once they find the perfect property.

It is apparent that purchasing a house not only takes a lot of monetary and time investments, but the process should only begin after you have completed a thorough market analysis and performed other research with the assistance of a qualified estate agent. By doing this, you will not regret the decision once the home is purchased.

As a buyer, there are certain considerations that must be factored in when you want to buy a property. Even though you should hire an experienced estate agent, you should not rely totally on the agent while you are making this decision.

Their primary job is to find houses that are suitable for you based on your needs, but there may be times when they will try to influence you to choose a certain property for specific reasons.
Without any further ado, look at the following factors that will help you find the property you want without being influenced by someone else.

Know Your Requirements

This should be the very first thing that you consider before you begin the home buying process. Know what your needs are, and relate these needs clearly to the estate agent. Some of the things you may have to consider are:

·        Your budget
·        Your family
·        The property’s accessibility to schools, shops, etc.

You may also need to consider the type of property you are looking for. Do you want to consider all options, including flats and houses?

Do Your Research

The next thing that you should do is conduct very thorough research so you are aware of the upcoming properties that will be for sale in the area, as well as the asking prices.
You may also be able to find a good deal if you look at homes that are under renovation. See if any of these homes capture your interest.

Location

The property that is located near the house will also play an important role in your social standing and lifestyle. Ideally, you want to choose a house that is in a low crime rate area. It should also be conveniently located.

You will want to choose a home that is in a quiet neighbourhood, and away from busy main roads. Visit the property you are in three to four times a day during various hours to see if the environment is compatible with your needs.

Inspections

You should also find a tradesman for each area of the house that needs to be inspected. For example, a qualified and licensed electrician and a plumber should be some of the tradesmen you hire to look at the internal frameworks of the house and inform you of any current or potential faults with the house. The process will last a few hours, but you will potentially save thousands of dollars in future repairs.

Buying a new house should not be taken lightly. The good news is that these tips will help you find the property of your dreams, and one that is suitable for your investment.  

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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Item Reviewed: Use This Checklist When Purchasing a Home Rating: 5 Reviewed By: Econ Matters