We all want to do a detailed research before buying a house. However, which subjects should be researched and which subjects should be evaluated? You can find all these in our article we prepared for you.
10 Things To Consider When Buying A Home
Buying a house is a big decision, but it does not have to be difficult. It is just natural for emotions to come into play, do yourself a favor and think rationally before getting carried away with the notion of a dream home. Be realistic and take your time, don’t buy impulsively. Think about matters ahead of time to protect yourself from costly mistakes so you can enjoy your new home with peace of mind. Your aim should be to live in a home you love at a price you can afford.
10 things to consider when buying a home
- Know your limits
The low end of your price range is a good way to start looking at homes. You don’t need to get higher if you find something that satisfies you. When you shop around houses you cannot afford because they check every item on your wish list you will inevitably start dreaming about all the wonderful things they had to offer. Properties outside your price range, can put you in the dangerous situation of overstretching your financial means and/or might cause you to feel unsatisfied with what you can afford. Keep in mind, when you buy with mortgage it’s not only that extra let’s say 10.000 you spent on it, the interest rates might double the amount over the time your loan spans.
- Know what you need
You need to be realistic when searching for a home within your budget, but not at the expense of your needs in the near future. It would be best to make a list of 5 must-have items and 5 good-to-have items. Eventually it would be good to reduce your list to those absolute 3 must-have items that you are not willing to compromise.
You need to be really focused on your needs. For instance, it would make little sense to look for a 2-bedroom home when you plan to have kids in the near future. Be honest with yourself when you’re asking lifestyle questions. Do you need extra space immediately- perhaps there is a new baby on the way or an elderly family member needs your close attention and is no longer able to live alone, do your children need to change their beloved school? You have to consider your present and future lifestyle needs whatever they might be.
- Deal with an Agent
When you have decided that it’s time to get serious about buying make use of the services of a real estate agent. Agents are held to the ethical rule that they must act in both the seller’s and the buyer’s best interests. They might tell you about peculiarities of the home you didn’t know about and will do most of the dreaded paperwork for you anyway. Furthermore, you might not start with the best bargaining position when contacting the seller on your own. Keep also in mind that agents might know about properties which are not advertised yet, so you would not be able to source them.
The surrounding area is so often overlooked when one gets fixated on a type of home. Although it’s not possible to predict the future of the neighborhood right away, there are some questions you should not be afraid to ask in order to avoid unpleasant surprises like,
- Are there development plans for the neighborhood?
- What is likely to get built on the undeveloped land around?
- Have home values in the neighborhood been rising or declining? Why?
- Are there improvements planned to the infrastructure within the next 5 years?
- Are there commercial activities permitted in the close vicinity?
- Is it planned to change the building coding of the area and so high rise buildings will be allowed to be built close by?
Real estate is all about location, location, location. As buying a house is a long-term investment you should carefully consider the area you plan to buy.
It is usually not recommended to buy a home if you plan to spend less than 5 years in your property. In Turkish we have a saying that goes like “Don’t buy a house buy a good neighbor”. Contact with neighbors is unavoidable so there are some telltale signs about the neighborhood especially if you plan to buy a flat. The door of an apartment complex to be wide open hints to lack of security and carelessness of neighbors for instance. If the building shows it has not been decorated outside for many years, it’s an indication that home owners are not able to come together for a common cause. How will you be able to persuade them to fix a roof when necessary? Using the stairs instead of an elevator to get to the apartment for viewing is highly recommendable to have a glimpse of the lifestyle of neighbors. Is it loud? Are there any shoes outside the entrance door of flats? How about the cleanliness of the stairs? Is there any garbage left? Those are important hints of possible conflicts with neighbors in future.
If you have the chance to randomly meet one of your neighbors during the viewing it will also grant an accurate picture of how living in this building would be like.
Detached houses are not free of neighborly stress sometimes. You might want to watch out about how they are parking their cars, barking of dogs, state of gardens and swimming pools.
Many buyers already have a vision about what they want or do not want. The size of a house can (sometimes) be adjusted but the location cannot. So it’s important to distinguish between fixable things and things that cannot be changed. An awkward wall paper or ugly paint is relatively easy to fix. Even if you have to wait for a while until you get it sorted after moving in, don’t let such fixable details get in your way to purchase the property if it otherwise appeals to you.
On the other hand, be also aware if the seller is asking a much higher price for cosmetic upgrades that are easily done. Doing home upgrades yourself is cheaper than paying the increased home value to a seller. Your taste will most probably differ from theirs anyway, so you will have the opportunity to make those upgrades according to your taste and your budget.
Another part of developing a vision for house hunting is not to disregard important flaws. You might want to think that this could be your next fixing project, but it is better to be cautious especially when you are on a limited budget. These projects often turn out to be nightmares with regards to cost and time involved. Your abilities, your budget, and your timing for moving in should be honestly evaluated before taking on a property that is not ready to move in.
If you don’t rush and are open to continuing your search, you will not be making a decision you’ll regret later. There are many options to search for properties on websites like www.kibrisemlakmerkezi.com without leaving the comfort of your house nowadays.
- Hasty Decisions
It is easy to get desperate to find a new home when you are already on the market for some time and cannot find what you are looking for. Rather than ending up in a residence that you’ll end up hating and having already paid the agent’s commission, moving expenses as well as taxes and other transaction related costs, it’s better to practice a little bit more patience before rushing into hasty decisions out of desperation. Always consider your lifestyle needs. When you set up your budget for purchasing a home with mortgage use your current income as a basis. Don’t assume you’ll be making more money in the future as raises don’t always happen and careers can change.
There will be an appropriate property coming your way as long as you have the time and endurance to wait. There is constant supply of new houses on the market.
With a realistic budget for your demands you will certainly find a home you’ll be happily living in. Remember to evaluate the local market, the economic forecast and research about new developments and new listings at www.kibrisemlakmerkezi.com
- Seller’s Motivation
You will always come across sellers that are more motivated than others when house hunting. Often sellers sign up for a sale but are not in a hurry. They usually live in the home for sale and are not willing to negotiate. Other seller come over as highly motivated for reasons of estate sales, needs to move out due to job relocation, paying off debts etc. A real estate agent will help you to determine the real motivation of the seller and support you during the negotiation process.
The largest variety of homes come on the market during spring time. This is partly due to the fact that the target audience of most homes, namely families with children, want to sort out their house move before the new school year starts. Sellers are usually more flexible on pricing during winter months when there is less demand. This leads to a smaller choice of properties but offers will be lesser enabling a better deal than at the high season of house sales in spring.
- Age of The House
The age of the property is definitely a factor to think about if you are not looking to renovate. A house meeting all your requirements may have been built decades ago. Despite the certain charm and appeal of an older house, it may need more improvements and upgrades.
Remember to include the cost of the home’s renovation in your budget. Sometimes works to be done may be cosmetic and easy to complete but other projects may require more time and money. The condition of the home at the time of purchase will certainly impact the cost of repairs and maintenance.
- Checking Documents
When you have finally found your ideal home and agreed on the price with the seller the first thing you should do is to check the paperwork. In North Cyprus you might want to engage a lawyer or ask your real estate agent to investigate at the land registry if the property has any mortgages on it. Are all building permissions in place and does the property you’ve seen correspond to the property registered?
Last but not least, remember to stay in contact with your developer or real-estate agent. You surely would want to receive updates on the development you’ve just bought a property. Call them from time to time and ask for photos or videos progress report etc.
If you bought a resale house keep contact with the previous owner or representative until you are familiar with everything in and outside and you are confident enough to manage on your own.
We will soon prepare a detailed Buyer’s Guide on “How to Buy a Property in North Cyprus “
Stay safe and happy house-hunting
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