Purchasing a piece of property can be an exciting time if you approach it correctly. It is not something that you ever want to rush into without considering the top 15 things to keep in mind before purchasing a property.
You don’t want to get stuck with something that will cost more money than it will ever be worth. Even if the area you are considering is being offered to you cheap, go through the following checklist to see how it rates.
- Budget – Before making any large purchase, you need to know your budget to see what you can honestly afford. If you do not have one made up, download a free template and create one before moving on.
- Credit Score – Take a quick look at your credit score and report to see how well you rank. The higher the number is, and the better your history is, the higher the loan you can get at a better interest rate. If you see a few things that you can do to improve it, get them done before looking at some property.
- Prefinancing – Check with your lender and get confirmation of how much you will be able to get on a loan. This gives you a base amount of the property prices you can look for. No point in getting your hopes on something that is out of your range.
- Location – Figure out where you want to be. If you are just moving into an area, research the best sections of that area.
- Price – Since you took the time to get pre-approved for financing, you already know what price range you can look for. Match the areas in the best locations to the amount of money you can spend.
- Size Of The Lot – It is never fun when you live in a neighborhood that is cramped to maximize the number of houses. If you live in an area with a large population, all the housing may be built this way, but look for the place with the biggest lot.
- Size Of The House – The size of the house, when looking at it from the inside, must be what you expect it to be, or maybe even a little bit bigger.
- Yard – The place should have an established yard, or patio, depending on your preference. If it has both, all the better.
- Layout – When walking through the house the first time, do not let anything distract you from one of the most important aspects of it. The layout. The layout will need to work with your needs; otherwise, move on to the next option.
- Construction – While walking around, check to see the quality of the construction. See if the flooring is vinyl or nice laminate flooring. See if every room has a heating and cooling vent, and ensure that the carpeting is in good shape.
- Bedrooms – When going through listings, you should have already factored in how many bedrooms there need to be, but check to ensure that they will work for what you need them for.
- Bathrooms – The second most important room in the home is the bathroom. Unless you are single and plan to stay that way, always go for a house with a couple of bathrooms.
- Appliances – If the place has appliances included, check to see how old they are. You want them to be no more than a couple of years old. Otherwise, you can factor in the cost of repairing or replacing them.
- Heating And Cooling – An imperative aspect of any home is the heating and cooling system. They can be costly to fix, so make sure that they work before you commit to buying.
- Inspection – Take the time to find an independent inspector that will go in and check for anything that may affect your purchase before you sign any contracts.
There may be some other aspects of the process that you think are more important than one of these, which is perfectly natural. The main thing is to take the time to actually check things out and never settle for a nice-looking home that will not work for you. Obviously, you can make a few changes and use your judgment, but if it is far from your needs, move on to the next option.