Making the Leap: Home Buying Tips

Making the Leap: House Buying Tips

When making the giant leap from apartment or condo living to buying your first house, odds are you will have little knowledge or experience with the process. Despite the vital importance of financial and property-ownership literacy, public schools don’t seem to cover these topics too well in their zeal for promoting algebra and conjugating poor, defenseless verbs. Luckily for you, the friendly folks at Aura have compiled a brief list of super-crucial tips to help new home shoppers avoid some serious pitfalls.

Shop like an investor, not a suitor

Of course you want to fall in love with the home you buy but it is essential to view the purchase as an investment first and foremost. In the future, you or your children will be selling this home and will want to maximize the revenue from the property. Captivated by an exercise room or beautiful studio? These amenities may appeal to you but not necessarily the wider world and, on their own, should not sway you to spend more on the house than a professional appraisal would indicate.

Hire Experts to Provide Purchasing Peace of Mind

Unless you’re an experienced home builder or renovation contractor, you may need to hire expertise to counsel you on your purchase. These professionals may include:

Buy in an area you spend the most time in

Sure we live in a mobile society with mass transit and personal vehicles widely available but you will likely be happiest living in the community in which you also work, play and enjoy entertainment. This ensures the least amount of time spent driving and the most amount of time actually enjoying life.

Don’t get the largest house you can afford

It may stroke your ego to have the biggest house in the family or the neighborhood, but this approach may not be the best resale investment, nor the right fit for you. Every square meter of space requires ongoing care and maintenance and the more the scarier, not merrier. Worse yet, it’s inevitable the larger the home, the higher the utility bills. You don’t want your house to hog all your discretionary dollars!

Factor in all costs beyond the mortgage

Besides professional fees previously outlined, there are numerous costs associated with new home ownership which one may not envision while assessing affordability. Apartment dwellers have little need for home ownership essentials such as a lawn mower and other lawn and garden implements, snow removal equipment, and a myriad of maintenance items including sewer snakes, painting supplies, and a host of wood-working tools.

Don’t get stampeded into a bidding war

There are other houses. Seriously. Always feel you can walk away from any deal, especially if other parties are driving the price over the appraised value.

The bottom line

Your home is usually the largest investment you will make in your life. Don’t skimp on hiring expertise to safeguard your investment. It may save you thousands of dollars in the long run. And when you need an expert appraisal, contact the industry-designated experts at Aura Appraisals Inc.

 

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