Questions to Ask before Buying a Home

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March 5, 2016 Investment Decision

Everyone has a dream home that is a culmination of the perfect location, price, features and environment. However, actually finding your dream home is an entirely different concept. When you have finally decided to buy a home, you might think, you will come across your dream home by fluke or it could be that you are so caught up in one design or feature of a particular home that you tend to forget what you actually need, when looking to buy a home. When you base your home buying decision solely on emotional aspect, you might end up with buyer’s remorse. Asking yourself beforehand the following questions will help you guide your home buying decision.

1) How much can you afford?

This is an imperative factor when buying a home for the first time. You need to know how much you can afford along with down payments, monthly installments. Consult a bank of your choice as well as real estate companies or a friend/relative who has already purchased an apartment to get an idea on how much buying a home will cost you.

2) Are you open to doing renovations?

Your dream home may not be readily available to you, when you consider all of the factors like budgeting, location and features. Chances are you will find it easier to buy a home you can settle with and take some time before renovating it to your taste over a period of time.

Home renovation

3) What type of environment are you looking for?

Most people dream of a home that will offer them tranquility and privacy, and therefore seek it in a place that is not in the heart of the city. You need to consider whether you are looking for a private residential area or if you are comfortable living in the centre of the city.

4) Are school and hospitals nearby important for you?

This will depend on what stage of life you are in or the people living with you. For instance, if you have kids, you would want to make sure there are schools nearby for your children’s education. Similarly, if you live with elderly people like your parents, you would want to make sure hospitals are nearby in case of an emergency.

5) How many bedrooms and bathrooms do you need?

Sure, you might like to have extra space, so you can have a nice guest room or a second bathroom, but these extra rooms should be on your “want” list. The “need” list should answer your “must have” requirements for your home.

6) What features are you looking for?

Here also, a number of features will likely be on your “want” list, and some on your “need” list. Your “want” list will include the extras you can live without- such an outdoor pool where as your “need” list will have features you must have- like uninterrupted power supply. Make a list of the features that are important to every person who will be living there, and try to find a home that meets as many needs as possible.

Most people will say that the perfect home is not real. While it is improbable that you will find a home that is a perfect match to your dream home and meets all of your wants and needs within your desired budget, you will find the home that you can fall in love with if you start your search with an open mind.