Purchasing a house for the first time is never easy.
There are many things to look into, from finding the best locality and buildup to getting it at the right price and ensuring the plumbing and electricals are in order. Considering everything that goes into a property purchase, most couples rely on information gleaned from agents and other buyers. However, having the necessary information is not enough; sometimes, you need the right skills to get the job done right.
Considering the mass exodus of people from the UK shifting to the US, there are many couples, with one of them on a partnership visa looking to either move or purchase property as a safeguard for future investments. Since the real estate sector in the US is booming, prioritizing a home would be the best way to secure funds for the future, start a side income from rental properties, or even shift permanently.
Most new US immigrants find plenty of confusion about the best deals, localities, prices, hidden costs, and more. If you’re moving to the US and are planning to purchase a house for the first time, we have you covered.
Let us help you with a few essential house hunting skills.
Be Objective:
While you may have dreams about the new house, remaining objective throughout the house hunting process is essential. It is effortless to get carried away by the viewing and make an instant offer. The agent may show you the house’s beauty, well-manicured lawn, pristine-looking roof, and new coats of paint.
Staying objective and scrutinizing everything will help you understand all the work requirements in the house. At most viewing, homeowners and agents try to make everything look excellent. However, you should check small things like plug points, the inside of the roofing, whether the paint is a thin layer, and if there’s a smell emanating from the flooring or vents. Understanding these things and looking beyond the cosmetic value will help you approximate the money needed for repairs or if it’s about time to get new aluminium guttering.
Once you are objective about the house and do not get carried away by the prettiness, you can make a calculated offer that includes the repairs and other work needed.
Compare Prices:
There is nothing wrong with comparing prices with homes in the same locality. Homeowners and agents (from the seller’s side) often try to drive the house’s cost higher than the market rate. The price should be decided depending on how new or old the home is, what kind of space (area) it has, closeness to schools, colleges, bus stands, train stations, metro stops, and more. Not calculating these factors with other houses in the area may see you paying for a new place through your nose!
You should check the home’s appraised value and compare the markup on other homes. If the appraised value is ‘x’ amount, and the markup is ‘y,’ there is no harm in paying the full asking price if other properties have the same deal. However, if there is a marked difference in rates and the markup is overcharged, you should walk away since there is a high possibility you are getting cheated.
Having an objective starting point, back-calculating the repair costs, and adding the taxes, levies, and other licenses will also help you drive a fair bargain.
Assess The Location Carefully:
More than the interiors and work required in the house, the driving factor behind most deals is the location. When purchasing a new home, pay close attention to the site. If you’re planning a forever home, a desirable location in a residential area will benefit the family in the long term. Homes can retain their value, gain value, or lose value based wholly on the location.
Other areas that can influence the surrounding area are proximity to schools, restaurants, shopping malls, bus/ train stations, metro access, parks, recreational areas, religious places of worship, and more.
Factors that can deter the deal are noise (nearness to highways and hospitals), the surrounding people, the crime rate in the area, etc.
Property History:
Before making an offer, read up on the property, whether the taxes are paid, any outstanding dues, whether there have been any unfortunate incidents (deaths, suicides, accidents), and multiple listings. Having a fair idea of how many previous buyers the home has had, how many times it has been renovated, and who did the remodeling will help you understand the type of property you are purchasing. The property history should be in-line with everything the owners and agents tell you.
