After carefully considering whether to build your house, rent a house or buy one, you have opted to buy a house. While it may appear straightforward to scout properties in your desired area, and make a purchase if you have the means to, there are several aspects worth considering before committing to a particular property.
Here are six things you may need to consider when you want to purchase a house.
Location
The first obvious thing to consider will be location. Although location is the first point of consideration when purchasing or even building a house, it is important to consider the amenities that are available. A good location to purchase should be approximately an hour drive from your workplace, good schools for children, place of worship, the market, police station, fire station, a good hospital and friends. If you can purchase a property close to the city center, then that is a suitable choice. However, you may also purchase a property in the outskirts but ensure that you have most of the aforementioned amenities within reach.
Type of Residence
The next thing to consider is the type of the house in terms of size and layout. Consider the size of your current and future family before making this decision. Note that your children may leave after university or marriage. While considering the layout and size of the building, you may also want to consider the type of building to purchase; whether a detached building, semi-detached, townhouse, apartment, one, two or three-storey building, etc. Considering your age and that of the children, will you be able to climb staircases now or in the future? Does the building have an elevator or escalator? Take your time to answer these questions so that your future home suits your lifestyle and that of your family.
Condition of the Property
Not all properties for sale will be newly built. Some may be old houses which have been put up on the market. Ask about the age of the building and the last time there was any form of renovation and exactly what was renovated. Unless you plan on immediately renovating the entire property, asking about the details will give you a fair idea of the kind of work that needs to be done and an estimated period to make changes in the future. Make sure not to totally rely on what the salesperson will say as his primary goal is to secure a sale. Instead, do your due diligence by inspecting the property yourself. Get an electrician and plumber to inspect and assess your electrical, water and drainage system as well.
Financing Options
You may also want to consider your financing options which may include using your saved up money, taking a loan from a financial institution, or using a mortgage. Make sure the building cost and possible renovations are within your budget.
Resale Value
You should consider the resale value of the house if you intend selling or relocating in the future. This is mostly affected by the general cost of buildings in the location, amenities available, the condition of the house, the age of the building, the facilities in the house as well as the layout and size of the property. Don’t ignore the resale value as there may be many reasons to sell in the future.
Home Association Rules and Fees
Finally if you are purchasing the property within an estate, consider the Homeowners Association (HOA) rules. Make sure you are conversant with all the rules. Ask questions if anything is not clear and do not assume. Infact find out what other payments are required after purchasing your house and factor it in your budget as well. These HOA fees may be used for the maintenance of common areas in the estates, the utilities for those common areas, repairs of common infrastructure like gutters, roads etc within the estate.
By considering these factors above, you are well on your way to making a good choice for you and your family when purchasing a property.
