4 Tips Every Homebuyer Should Follow

Homebuyers have an important decision to make when house-hunting because such an investment cannot afford to go wrong. When browsing though brochures and magazines, it's easy to get caught up in the quest for luxury as glossy images portray houses featuring expansive gardens, large pools, four-car garages and designer architecture.

The truth is, average houses are as good as designer structures because there's more room for renovation at a lesser cost. Expensive dwellings are undoubtedly fine if you can afford the upkeep but since the basic requirement of a house is still to provide shelter, it needn't be all that glamorous or expensive.

First-time buyers can become overwhelmed with options and tend to zero in on a house after going through only a few. This is a big mistake because if a house isn't evaluated for its structural integrity and practicality, maintenance costs will be high and it won't be able to accommodate future members of a family.

Check listing price in an area of your choice

If you're in the market for a new house, it most likely means you intend moving to a new neighborhood. It logically follows that you should look for houses in a locality of your choice, slowly moving farther from it if there are no listings.

Take the help of a multiple listing service through the website of the association of realtors. The listings are trusted and kept updated.

Don't exceed your budget

You might be tempted to opt for a two-bedroom house if your family numbers four members but think of the future when your children grow up and will need separate rooms. Or, you may decide to go for a four-bedroom house even if it's only you and your partner who'll be living there. Unless others plan to stay, the cost of maintaining a bigger house will be high and you may not be able to pay off your mortgage.

Know that paying the housing loan is only one of many expenses. You have to calculate day-to-day expenses, utility, tax, groceries, repair work, contingencies and other essentials. The bigger a house is, the higher the utility bills and tax.

Think of resale value

Even homeowners who intend to live in their houses for keeps can move in the future. Job postings, a house turning out to be too small or too expensive to maintain can facilitate a sale. In view of this, the resale value of property must be considered because if you can't sell a house for a good price, you will lose out on a lot of money.

Properties with good resale value have several features buyers look for. These include moderately landscaped lots, a decent-sized front yard or backyard, a pool that doesn't hog the entire backyard, and a small or medium size house in a prestigious neighborhood. The last factor helps in pulling up the value of a small/medium house as larger dwellings automatically command higher prices and prestigious localities even more so. Conversely, a large house in an undesirable neighborhood will have its value pulled down.

Do you really need to buy a house?

If you intend to live in it for only a year or two, you'd be better off renting a house rather than purchasing it. Paying off a mortgage can take years and you'll be saddled with debt if you jump the gun.

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