It’s hard to say whether one feels more excited or anxious when the time comes for buying your very own home. Despite the expected pleasure and thrill about purchasing the real estate, one cannot help but feel worried about the whole stressful, lengthy process. With that in mind, here’s a brief overview of what you may expect, and some helpful advice to achieve your goals.
Getting the budget
What precedes the whole buying ordeal is obtaining financial stability. Unless you’re paying in cash, it’s essential that you don’t have any debts or loans at the moment so as to gain the funds more quickly. A clean slate is a must. It’s advisable to be pre-approved for a mortgage even before you start looking in order to accelerate the procedure and not let the perfect home slip away.
Though the desire to possess your own living space has always been there, rarely do people actually define what it is exactly that they are looking for. Therefore, you should start off by visiting open houses and making notes of what you liked/disliked about them. One of the best methods would be to create a personal list of must-haves. In that way, it will be much easier to narrow the search and get your satisfaction. On average, it takes a couple from 2 to 3 months to decide on their future dwelling.
Evaluation of a home
Even when you find the perfect house, that’s merely the beginning. You should always ask how old some of the features are (e.g. the furnace, the windows, the pipes, the roof, etc.), enquire about the area, and so on. For this reason, it is highly recommendable to order a property value report from a professional. A good property value report provides information about the true value of the home on the market after considering all the elements that come into play, which we may oversee as first time home buyers.
Once you have the realistic price, you can start bidding for your dream home. This can also last for a while, but eventually you’ll end up with an agreement. The next logical step is calling in the home inspector. Do not observe it as just one more extra cost which can be left out. A thorough home inspection can save you from some impromptu expenses. What is more, you can use the report to negotiate a lower price.
Making it a dream home
Which brings us to the remodeling part. Let’s say first which major reconstruction projects you should definitely avoid, i.e. these should have been in perfect shape before the purchase: the kitchen, and the bathroom. Why is it so important? A major bathroom remodeling could cost you up to $26,052, while the kitchen can burden your budget with an additional sum of $43,862. Obviously, it would be most wise to avoid these additional expenses. Some minor alterations are completely in order, but if you really wish to redecorate these two rooms completely, you’d better lower the property price as much as possible.
Instead, you could opt for changing the front door, which is less pricey, but also very effective since it’s one of the first things potential home buyers notice about the place. A proper driveway will benefit you and the value of your home. A deck, patio, or a porch addition is worthy the praise as well. You are bound to enjoy them immensely on a daily basis, and the average return at resale is 90.3 %. Depending on your space and intentions, you could even add a room, or transform the basement into an entertaining area with a wet bar. The latter is very much appreciated on the market, so if you like the idea, go for it. On the other hand, transforming a bedroom into a study or a gym may not always pay off in the long run.
Finally, don’t be discouraged by all these suggestions about remodeling when you’re trying hard to find the perfect residence. When investing into your first home, it’s vital that you look into the future and think about the value of your property in the following years. Admittedly, one day you’ll be very glad that the property prices have gone up, and your home is ranking high on the real estate market.
Sofia is a passionate writer from Sydney. She also enjoys decorating houses and engaging in home renovation projects. That is why she loves sharing her experience and advice with other people through her writing. Besides this, she loves technology and gadgets which can help us get through a busy workday.