What you need to know when buying a new house

While it’s a lot tougher and harder these days but it doesn’t mean you’d skip the thought of buying your own house. Well maybe for the first ten, twenty years while you’re still saving to buy that dream house you’ve seen in the movies or magazines or maybe a house that you’ve visited before and you started day dreaming wishing you’d own one. Whoa twenty years? No, it’s too long you are aware that prices go up overtime as everything just keeps getting expensive and harder to acquire. So here’s a little something I thought you might wanna give a second thought.
Of course there are many advantages if you have your own house than renting for the rest of your life. Think about it, if you’d only put that money in renting to pay for a housing loan that you need to pay at a lower price for a period of time in the end you’ll own the house rather than spending money on renting that can never be yours.
Here are tips on buying a house:

1. Know what you want and what you need then balance them

Your wants and needs are too different and don’t confuse yourself. Have a sketch of your dream house, determine the number of bedrooms and bathrooms, do you want to have a private garden, an off-street parking, detached or semi-detached. Be realistic with your wish list though, and identify what is an essential property that you need and what you would be willing to compromise on.
So if you’re deciding how big the house you need, know that you would probably be happy with less, especially if there are rooms in the home that could become multi-purpose. An unfinished basement or an attic could be turned into an office, for example, instead of needing another bedroom. But remember the bigger the house is the more you spent on maintenance so try to balance and think it over before deciding.

2. Know your budget and save for a down payment.

Owning your house own place comes with a lot of new expenses, so good money-management skills is very important. If you don’t have a household budget right now, start one. You need to know where you are financially, where your money is coming from and where it goes every month to know exactly how much you can afford to spend on a new home.
Buying a house is a long-term financial commitment, so you’ll need consistent cash flow to cover those monthly payments — not to mention the little extra expenses that come with homeownership and down payment.

3. Location

When deciding where you want to stay, I suggest you look for properties near schools. I don’t mean that you need to have kids to get a property near a school but what I am talking about is for future purposes just in case you wanted to sell your house maybe you got married or got relocated to an new office, selling the house would be easier not to mention the value of will also go up since new home owners with kids would always opt for a house near their kids school.

4. Get pre-approved

Getting pre-approved will you save yourself the grief of looking at houses you can’t afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

5. Hire a good agent and learn how to negotiate

A good buyer’s agent can be a great help in the home buying process. Just don’t leave things unattended do your own research so you know how much your agent should be helping, and don’t be afraid to push for more concessions if needed. Even if you enlist professionals to buy (or sell) your home, you still have to make sure they’re doing their job.
Good luck!