Buying a house on your own is everyone’s dream. Usually, people rush into home ownership as it is seen as a sign of financial stability and adulthood. However, owning a ASAP Cash Home Buyers is a huge commitment. Things don’t always go according to your wishes and so, it is not guaranteed good investment. This investment requires quick reinvestments and a truck load of work on continuous basis.
Home investment: Things you need to look into!
Home investment is one of the smartest investments moves, but there are multiple hurdles that you need to cross and many things to consider before jumping into it. Else, you might end up owning and still have your finances in a mess. With my own experience, I have concluded things which I should have investigated before buying my first home:
Location is extremely important:
Wherever you have decided to live, you will have to commute from that place to work, college, supermarket etc. This will require money and time, a cost which is going to repeat over and over. Therefore, it is extremely important to find a good neighborhood which is also close to the place, you will have to commute to regularly.
Never agree of taking more than 40% debt:
This is one of the essential advices, people must consider for financial sanity. To maintain your financial stability, it is essential to take all financial decisions very carefully. A bad loan officer can lead to multiple debts and forever payments which will make your financial position worse than before. Therefore, it is best to raise money mostly on your earnings rather than taking loan assistance.
Study the home’s architecture:
Initially, you may fall in love with the architecture, but if you study it carefully you might realize that most of the room won’t have proper ventilation or some parts will have a lot of sun exposure etc. There can be multiple issues with architecture which usually aren’t visible initially. So, remember to take some advices from an architect beforehand.
Look for the house you can afford now and later:
Don’t measure possibilities on short-term but investigate every detail on long-term basis. The expenses estimated initially, always surpass by approximately 25% so, it’s best to estimate expenses which you can cover now and later too.
Don’t set an unachievable timeline:
The complete process of buying you home may take up to 12 to 14 weeks. If you decide to search for new house by January and think of throwing a party in March, will be quite impossible. Or, setting any other unachievable timeline can be disturbing. Therefore, deciding on timelines should be done carefully to avoid later distress.
If I had looked carefully into these factors, I might not have to sell my home fast. So, take notes and keep all your senses alert. Ask help from professionals to ensure that your first house investment is fruitful. And, remember not to fall in love in first sight. Investigate carefully every detail to avoid later complications.