People paying too much for a house, not getting a proper inspection, and finding many problems which need to be addressed are common horror stories in real estate. This is the kind of thing that happens far too often in Grey and Bruce counties when eager real estate investors start their search. Review a few tips to ensure that your next real estate purchase is a smart one.
Stick to a Budget
Many people get carried away when looking at homes that are outside their price range, so have a plan in place. Do not simply think about monthly mortgage payments, think about carrying costs and be totally honest with yourself about your lifestyle and what you can’t live without. Make a note for the total amount that is spent each month for eating out and other spending.
Don’t be afraid to walk away if you are not completely sure about a house. Purchasing a home, whether in small towns like Hanover or Walkerton or in a larger city centre, is an emotional time. One important factor is to make sure your emotions do not get in the way of the purchase decision. You will not be happy if your new house is not in good condition or requires costly repairs.
Consider Every House
A virtual tour is not the best way to judge a house. Don’t be afraid to venture out and look at any house that is in a good area or if you find something that looks interesting in any pictures that are available. If a listing online does not have any photos, then it may be an opportunity as many people may simply skip over it.
You need to consider the use of the home for the next five to ten years before making the jump into any real estate purchase. Most mortgages lock you into a specific time period for repaying. If you are thinking about moving in under ten years, then other alternatives should be considered.
Get a Support System
One of the key aspects of purchasing a home is having a knowledgeable real estate agent. You need to have someone who understands your personal and financial situation. A mortgage expert or advice from a lawyer will be invaluable when buying a home. Another thing to keep in mind is to have friends and family who can keep you from making a decision that is not well thought out.