How to make more money in Real Estate

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Points to check while buying your first house

Highlights

  • Important points to check.

  • Know your need.

General Tuesday, 26th April 2016

Home buying could be a pretty confusing and taxing task; especially if you are the first time buyer, you may face more challenges than those who have bought houses in the past. There are a lot of things to consider if you are buying a house for the first time. Here are some key points you will want to remember to make the buying process easier.

Identify your needs

One of the most important things to think about before buying the house is your personal needs. What kind of lifestyle are you leading and how do you want it to be in the new house. Would you be happy buying a condo in one of the residential high rise apartments right in the hustle-bustle of the city or are you looking for some peace in the suburbs. Every house has its own set of merits and demerits. This is the reason why it is extremely crucial to identify your needs so that you know exactly what you should be looking for before making any buying commitments.

The cost of homeownership

Owning a house is not just about paying the mortgage; a lot of concomitant costs are involved that add up and may cause a serious dent to your finances. The associated expenses come in the form of property taxes, maintenance, utilities, lawn maintenance and more. Even if you are a DIY enthusiast, some costs will simply be unavoidable. Additionally, different locations have different costs related to school tuition, transportation and other amenities. Carefully assess the costs involved before making any buying decision.  Clearly identify the monthly costs related to the ownership of the home and then figure out if you will be able to afford them.

Buy or Build?

Raising a customized home from the scratch from ground zero could be pretty expensive. You may also have to bring down the older structure completely to build a new one and it will add to the total cost. If you are ready to meet the expenses then a house completely designed to your personal specifications could be pretty satisfying. However, also remember that remodelling an existing house might prove to be more expensive than you thought and even less satisfying. On the other hand, a readymade house costs less and the chances are you may find the one to your liking. So weigh your options carefully before signing the contractor’s agreement.

Location is the key

To sell the houses in the bad neighbourhood, the brokers may put forth an enticing proposition that real estate prices are more likely to inflate in lesser known locations. While it is true that when the prices rise in such areas, they are very profitable to the homeowners. Unfortunately, what the brokers fail to apprise the potential buyers is that such occurrences are rare. Therefore, instead of investing your hard earned money into something which is risky, it would be worthier to buy a small house in a well established location.