Buying a house is probably one of the most important decisions you’ll make in your life. So it’s something that you need to think carefully about and do a lot of research. However, various factors can influence your decision, such as your budget, the location of a house, and the needs of your family.
If you’re planning on buying a house and don’t have any clue where to start, this blog is for you. I’ll highlight some great tips to help you compare different residential properties on the market and choose the right home for your family.
I know you’re excited about getting started, so let’s dig right in without any further delays.
1. Allocate a Budget
Before you even start looking for a home, you need to clearly define a budget. Purchasing a new home is a huge investment, so the first question should be whether or not you can afford it. Remember, the cost of a house can vary depending on its size, type, and features.
You’ll most likely be taking a chunk out of your savings, so you need to plan carefully to ensure you can buy a home and still live comfortably. In order to make sure you stay within budget, calculate your current expenses, savings, and debt-to-income ratio. Identify how much of your future earnings will be required to repay your loan.
Keep in mind that, besides making the down payment, you’ll also need to factor in additional costs, such as evaluation costs, mortgage payments, maintenance costs, real estate agent fees, bills, etc. Once you allocate a budget, make sure to stick to your price range.
2. Select a Location
One of the key features that you need to consider when hunting for a home is the location. Ideally, you want to find something close to your office, your children’s school, other family members, and a place of worship.
Sometimes, it’s hard to find one that offers easy access to all these places. So prioritize what is important for your family and then start from there. For instance, if you have young children, then having a school and park close by will be at the top of your list. Or if you’re a young working couple, it may be wiser to opt for a property near work to avoid long daily commutes.
But no matter what your preferences are, always check to see how accessible the property is to the main road and how close important amenities such as stores and hospitals are.
3. Size of the Home
The size of the house you’re looking for depends on the size of your family, your lifestyle, and your income, among other things. So your options can range from spacious single-family homes to snug townhouses to compact apartments. Aim to find a home that meets the needs of your family and offers enough space to accommodate growth.
When considering the size of a house, look at the size of the plot, the number of bedrooms and bathrooms, extra land around the house, etc. While you may be dreaming about buying a luxurious home with a 4-car garage, sprawling open kitchen, and huge bedrooms with walk-in closets, you need to be practical. The size of your house directly impacts your expenses, such as utility bills, furnishings, and maintenance costs.
4. Scout the Neighborhood
You want to ensure you invest in a home that is in a safe, low-crime area. So make sure to research the type of crimes that occurred in the past year, including domestic complaints, vandalism, theft, drug-related incidents, etc.
Also, consider other safety aspects in the area, such as adequate street lighting, neighborhood watch, homeowner association, and proximity to the police/fire department.
A great way to get an idea of how well the neighborhood is protected and the type of activities you can expect from the neighbors is to drive through the area at different times during the day and on different days of the week.
5. Resale Value
Yes, I know you’re still looking for a home. But you need to think about the bigger picture. You’re putting a lot of money into this property, and you want to make sure its value appreciates over time. So, before making any down payments, do a thorough home inspection.
What should you be looking at?
The house should create good vibes. It should be cozy, comfortable, ventilated, and well-lit so that you enjoy spending time indoors, even if you are home alone.
The home should be designed properly where the interior space is utilized appropriately. A well-designed house will have a good floor plan that enables owners to place furniture in each room and still have enough space to live comfortably.
Most important of all, you need to make sure that the property was constructed using quality materials and fittings. This can make the home look exclusive, automatically improving the resale value of your home.
How can you find high-quality homes?
Easy – always look for projects developed by reliable, credible, experienced builders. This ensures that your home is constructed using high-quality products and is properly documented. However, every city has a different list of the best builders.
For instance, if you’re looking for budget-friendly residential options in Karachi, you can begin your search online. However, it’s better (and safer) to ask friends and family for the best builders in Karachi.
Home Is Where the Heart Is
You want to settle down in a place that remains a source of comfort and happiness for years to come. So it’s crucial to consider all the finer details of buying a new house before making any payments.
But one other important tip to keep in mind when choosing a home is to consult friends and family. Even though people have different priorities, they can help point out important aspects you may have overlooked.
With these five tips in mind, I’m sure you’ll be able to find a great home for your family.
Happy house hunting!