Important Things to Do Before Buying A House
With
changing property trends in 2020, you may come across multiple ads regarding available
plots on instalments. Similarly, Al
Ghani Garden Phase 3 has emerged as a prominent LDA approved housing scheme that is selling affordable plots on instalments in Lahore. Not
just this but you may also find some economical well-planned houses for sale in Lahore at Al Ghani
Garden Phase 3.
1. Workout your budget
You can just not skip on to this step at any cost!
Working out your budget is the most essential step while going out to purchase
a house. The reason it being a great long-term investment and might even cost
you all your savings. Hence, you need to understand what resources you have
alongside your budget. Look into what you can easily spend while buying a house
and that must also leave you with some savings.
Why are we emphasising on saving? This is because your
goal is not just to buy a house but to live in there and maintain it. Hence,
you need to have a considerable share except for you plan to spend on the
house.
2. Know your lifestyle requirements
Budget sorted out, Sound great! Now, look at your
lifestyle requirements. This includes how many bedrooms, baths and other rooms
do you require. Whether you need a spacious living room or a drawing-room? What
type of guests often visit your place; do you need a guest room? Separate study
rooms? If you are fond of gardening, you will most likely want to have a nice
garden. Similarly consider the garage space according to your vehicle size.
All this needs to be considered while going out in the
market to begin with the house hunt.
You might now be thinking of narrating all this to a real estate agent so that
he or she might help you find the perfect house. But wait! First, let’s dig
into the pros and cons of having an agent on-board.
Related Article: Common Property Scams You May Become A Victim To
3. Understanding the pros and
cons of having a real estate agent
Just as every person has its unique style, real estate agents also deal in different ways. some might excitedly straightaway take you for house tours while some may spend days arranging one. You must always choose an experienced real estate dealer so that he knows what he is selling. Visit a couple of good real estate agents, interview them before picking up the best one.
Similarly hiring a real estate agent means paying a
considerable commission at the time of the purchase. Thus, if you want to avoid
spending extra, you will have to reconsider your decision of hiring an agent to
help you choose a house.
4. Survey the market
Besides considering a real estate agent you yourself
need to know where the real estate market is leading these days. Go out visit a
couple of for-sale properties and get in touch with sellers to understand what
sellers are demanding these days. You also need to look out to know what type
of properties are available for sale. The reason why you cannot completely rely
on someone is the risk of buying a house
which isn’t worth its price. So, get up, get moving!
5. Home Inspection is a must!
Choosing the wrong house means choosing a life full of everyday maintenance drives and a lot of fuss. Do not just follow your agent to where he or she leads you but go for a self-inspection of the house and explore every tiny bit of it. You must analyse its condition, look for dampening walls, investigate the washrooms and wardrobes. Switch on the lights or any other systems available. Make sure the house has a secure water, electricity and gas connection to avoid any issues in the future. Remember not to skip the rooftop at any cost!
Also read: Buying a House VS Buying a Plot
The house that you are considering needs to be
thoroughly explored and checked so that you do not end up spending thousands
again on the maintenance.
6. Community Survey
Well, you are obviously just not planning to move into
a new house located at a deserted island, you will have to move into a new
community, make new friends, and a lot more. Thus, you need not just to inspect
the house but also look around into the neighbourhood, meet people and see what
they have to say about the community. Go around for a drive and explore places
around, we are sure its hard to survive without a supermart at least. If you
have children or you are a fitness freak, do consider the parks. Last but not
the least, check the security measures being taken by the community.
7. Understand the potential growth of the property value
Property prices keep fluctuating with time, you need
to understand and calculate what might be the potential price of your property
at max and at its lowest. Consider these for analysing the resale value so that
if in future you ever feel like moving out, you know what you might get in
return of selling this one.
8. The Hidden Costs
We know this sounds scary but yes hidden costs do
exist. While buying a house you may need to pay a little extra as commissions
or spend a little extra while making the space worth living into. Thus, always
be ready to spend a little extra after that you have formally purchased a house
and the paperwork is done.
With this, we end the quest of finding your dream house. These simple steps can help you avoid making some major blunders while looking for your house. Hope you find your dream house soon!
Related Article: What to Consider While Purchasing A Plot
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