Ten Ground Rules of Buying a House

Buying a house, can be an exhilarating experience. However, for the majority of the people, this excitement rapidly fizzes out. The whole prospect, of getting familiarized with strange terminology, financial aspects, legal contracts. Etc, can be quite daunting. Due to this reason, a great number of people commit scandalous blunders when buying a house.

To assist you in avoiding these critical errors, here are 10 ground rules to help you arrive at a better decision.

1. Explore and Investigate – Your Groundwork Should Be Complete

Complete your groundwork thoroughly. Research comprehensively and investigate the neighborhood. Be open to various pieces of advice and  read up as much you can about your concerned type of property.

2. Emotions are Better Left Behind

Pay heed to this rule. The emotional pressure is frequently underestimated and not talked about, however, it can prove to be an expensive mistake.
To avoid being influenced by your sentiments, bring along a friend when touring houses and encourage him to give his perspective so that you’ve a clear idea of the whole scenario.

3. Less is More

Home is where the heart is. So, don’t get swept away with the size of a sprawling mansion. A petite, matter-of-fact, easy-to-maintain house is the new, hot trend in the market.

4. Budgeting is Essential

Be certain you have the financial resources to cover property taxes, insurance, repairs and upkeep. It would be wise of you even to set aside an emergency repair fund.

5. Guaranteed Job Security

Buying a house is a long-term plan; if you are unsure about the security of your job – then, lay off. It wouldn’t be a prudent move to buy a house and not have the monthly income to sustain the expenses.

6. Better be Safe than Sorry

Even if the bank states you can meet the expense of buying a house, deduct 20%, and you’ll never be in deep waters. The best plan of action would be to start saving a couple of years earlier, so that you have savings to cover your expenses when it is the time to buy a home.

7. Do Your Homework about Your Prospective Home

Once you’ve discovered the house according to your preference, inspect the home thoroughly. Hiring a home inspector is a sound idea, however, as hindsight, check the air conditioning, water heater, taps and faucets, Etc, yourself. In short, do not leave out any details.

8. Go on an Insurance Shopping Spree

 Another smart move as a prospective buyer is to grab a resonant insurance policy. Go on a shopping spree to find the best homeowner’s insurance policy available. And there is nothing terrifying in merging your other insurance policies with it as most insurance company’s offer a magnanimous discount – for example, you can get a combo of auto and homeowners policies with a sizeable discount.

9. Long Term Planning

Plan for a long term ownership – at least more than 5 years. In case, if you are planning to relocate in more than a couple of years, halt your purchase and buy when you at least have a 5 year agenda.

10. Don’t Rush In for Furniture Shopping

Furniture shopping can be sinfully tempting, more so, if you are a newbie. Yet, remember, your new abode will fetch with it an entire set of expenditures you’ve never had to be anxious about prior to this. So, don’t head into this arena without proper budgeting.

Author:  April Lavine is the current Managing Broker of Irvine Residential Living and she has the complete knowledge of homes for sale in Irvine.