Are you a married or live-in young couple looking to buy your first house or property? Well, there are a few things that you need to consider before making such a financial investment. Remember, you will be buying a house together as a unit and here are a few things you need to keep in mind before signing the contracts.
1. Is It A Good Starter Home
Everyone has an idea of their dream house. However, for a young couple getting a dream house at this time might not be a feasible idea. Therefore, you might have to compromise and settle for an older home that might be a might smaller. Of course, you can always make sure that it is in a good neighborhood then do the relevant maintenance tasks and upgrades to make sure it serves perfectly as a starter home. Eventually, when you have saved enough money, you will be able to afford your own dream house effortlessly.
2. Don’t Forget To Do An Inspection
Yes, you might be settling for another house rather than your dream house, but you need to make sure that everything is good before signing the contract. Otherwise, you will be buying a money pit that drains all your finances. That’s why you need to conduct a home inspection before making any payments or signing anything.
For instance, you need to check the current integrity of the foundation, the status of the electrical system, the HVAC system, the condition and age of the roof, previous or existing mold infestation and the history of the house such as flooding, fire damage and much more. Don’t be afraid to ask any questions to the previous homeowner and also request the paperwork as well as warranties on any renovations that might have been done to the house.
Once you buy the house, you will be living here with your family, and that’s why you need to know everything there is about the house. You might skip doing an inspection just to move into your house faster, but it might end up costing you a lot of money if any of the above issues start manifesting once you have moved into the house.
3. The Budget
It’s important to have a budget when looking to purchase a new home. Of course, the budget doesn’t include the price tag on the home alone. You need to consider other monthly payments such as mortgage payments, insurance payments, utility bills and much more. Therefore, when creating your budget, make sure it is inclusive of everything you will incur on any month when living in the house.
If your budget doesn’t allow you to get the dream house, you can always compromise for something smaller. There is no need to suffer down the line after settling for a very expensive house when you can choose something smaller and make the necessary upgrades on your own. Therefore, choose a smaller house without all the expensive features, and you can enjoy the starter home before buying a bigger house or adding these features on your own.
4. The Location
As a young couple, you need to consider the location when purchasing a new house. First, is the neighborhood good and secure for you? Is there a good school district for your child? Are the decent restaurants, clubs or bars nearby? What’s the mode of transportation, especially if you hate driving? If the location of the house checks everything positively on this list, you can rest assured that you are getting the best house.
Well, don’t rush to make a purchase without considering any of the factors outlined here.