How to Prioritize your Wishlist while Buying a House

Looking for a new house is an exciting experience, especially for first time home buyers who have the image of their dream home complete with intricate details in their mind. However, once you start the house-hunting process, you would realise that a more practical approach is required for selecting the ideal abode.

Here are the top things to take into account while buying a new house-

Location

Location of the home is one critical detail which cannot be modified come what may. It, therefore, forms the most important criteria for selecting or opting out of a particular property. The home you choose should be located in a nice neighbourhood, close to schools, colleges and places of work so that you do not spend too much time travelling. Safety of the locality too should be a primary factor before deciding on a home.

Foundation and major home systems

When selecting a home, ensure that it is resting on a solid foundation. If the foundation is tricky, building a house on it is not safe, as it runs the risk of damage. This could later invite unforeseen expenditures, which could deplete your savings substantially. Similar attention should also be given to the major home systems such as plumbing, sewage, and electrical that are difficult to modify later. The amount of maintenance required for your new home should not overshoot the total budget of your home.

Differentiate between your needs and your wants

Pause and list out the things you are looking for in your dream home. This list should include everything that each member of the family desires. Once the list is complete, take your time to segregate the items based on need and want, under the headers ‘must-have’ and ‘nice to have’, respectively. You might also end up finding a number of overlaps. Though this process is time-consuming, it is crucial as it assists you in figuring out your top priorities, which could work as a deal maker or a deal-breaker. While deciding on the priority list, take into account the primary purpose of the room. While the appliances, wall paint, as well as outdoor landscaping, can be modified later, the backyard size, as well as the location, cannot be modified.

Focus on the budget

Consider your financial situation and decide on a budget early on in the house-hunting process. Stick to the budget under all circumstances. While it is easy to get a home loan these days, it’s important to get approval before making a purchase. Take into account all costs involved, such as home loan down payment, home loan charges, etc. Use a home loan EMI calculator to calculate the home loan EMI on your house accurately. Once you have the living expenses deducted from your total income, you can decide on a suitable budget for yourself.

 Searching for the perfect house, which involves investing a huge amount of your precious savings, is no easy task. However, a better understanding of the things to consider before selecting your new house can help you in making an informed choice.

Articles For Website
Logo
Enable registration in settings - general