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Things to Do Before Buying A House

 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.

Plots on installments

Buying a house can be daunting especially when you have so many options out there. Considering this, we are here to help you find your dream house easily. Just understand and follow these simple things to do before buying a house and you will surely make a great decision!

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

Summary

 Buying a new house can be daunting especially when you have multiple options to choose from. This article will help you avoid some major mistakes before beginning the quest for your own house. From the initial steps of sorting out your budget to exploring agent options, surveying the market and inspecting a new space, these steps will help you at every stage of the cycle. Also, not to forget to consider the potential value of the property that you plan to purchase and its long-term maintenance costs. All this will help you make the perfect purchase in just the right time!

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