Getting ready to buy your dream home this year? Be smart and be prepared…
Buying a home is a probably the biggest single investment any of us will make in our lives. For most, it will probably also involve taking on the largest, longest-term loan we will ever commit to.
Therefore, before you decide to enter the home buying cycle and buy your dream home, take some time to carefully consider your objectives and requirements. Planning ahead and considering the best options for your future is a prerequisite!
You’ll also need help to find a knowledgeable real estate agent near you who can give you great market advice and propose some home options for you to consider. Upnest, a digital platform that uses comprehensive transaction data to match people looking to buy a home with a fully vetted professional real estate agent, is your best option in this regard.
Take on board these tips as you get ready to buy your dream home
You’ll probably want to add to this list, but some of the key issues to consider before you get started hunting for your dream home include:
§ what are your key locational requirements, at least for the next few years, but also further into the future? Close to your place of work, shopping centers or schools, if you have children? With easy access to highways and airports?
It’s well worth taking some time with the real estate agent you find through Upnest to visit different locations in the city or town you live in to see how they compare, see how they feel. Check out established areas but also up-and coming areas where demand may be strongest in the future;
§ then there are the physical requirements: what is the approximate size of the home you want; how many bedrooms, bathrooms and living areas? Need a big plot with nice garden and ample car parking; maybe a house with a nice view or outlook if you can get it?
§ supplement the information on the market given by your real estate agent by reading the latest market news and research reports. Are prices falling or rising? Is there an oversupply of homes in the areas you like, or is the strong demand for a favorable neighborhood keeping prices on an upward tick?
§ it goes without saying that this point is very important, but check and double check your financial resources and funding needs. Carefully assess your ability to keep up mortgage repayments. Most mortgage providers will grant you “pre-approval” for a mortgage even before you start looking for your dream home. Then you can know what amount of loan you may qualify for, what will be the monthly repayments, and over what period time. Plus, will the monthly repayments change as interest rates change and so on?
§ once you know about the amount of loan you can secure, check that you have you got enough for a deposit on a home or do you still need to save or maybe borrow a little extra from close relatives?
§ and when you do start viewing: make a thorough inspection and evaluation of all the properties you see. Don’t forget to take photographs and maybe videos so that you can remember what you liked or disliked about each property.
The last few words: be sure to take your time and don’t let emotions cloud your judgement. Remember, this is a big investment—and yet another reason you need Upnest to help you find the right agent for your needs!