We all have our priorities when buying a house. And when it comes to buying a house for a single family, these needs become diversified. As a result of this, the buying process gets complex and takes time, and it’s easy to get off track. This guide will help you get through the process without forgetting some of the important features to you and your family.
1.Location, location & location
With a family, you want a location that is amidst good social infrastructure. It means that you get easy access to the places they frequent the most. This includes work, school, shopping, recreation, place of worship, friends and family. Ideally, something that is a bit inside with low traffic yet gives you access to the main roads.
2.Square foot: Number of bedrooms/ bathrooms
Don’t ignore the size of the lot the house sits on. After all, that will play a critical role if you are buying a house — and want a treehouse or a pool in the backyard. Alongside, the total number of bedrooms & bathrooms matter. You want to have a futuristic vision. Do you have two kids who are sharing the room? Are you thinking of adding a granny flat later? Make sure you consider the size, number of bedrooms and bathrooms before buying the apartment.
3.Kitchen layout
The kitchen is the heart of the home, and usually, everyone ends up hanging out here. Since it is the centre of activity and entertainment, the size and layout are important. Think about if you want a large gourmet kitchen with lots of counter space, sinks and storage or do you want a closed layout with a separate dining area? What kind of appliances do you like to keep — and does your kitchen size permit the same?
4.Age of the house
Remember that one thing that often adds to the cost of the house is its age. A very old house will get you a lower resale value. It will also mean that you might have to bring in new appliances, have more repairs and maintenance issues. If you enjoy cooking on a gas stove and dislike using an electric range, then an old house is a definite no-no.
Some older homes can have a character that appeals, and they may also need more repairs and upgrades. So this is a matter of budget.
5.Purchase price
This is the most critical factor that comes into play when buying a house. The budget of your house should be determined after a family discussion. Are you willing to take an extra loan, do you want to save more for your child’s education or a car? Once this aspect is planned out, get a pre-approved for a loan. Keep in mind that buying or purchasing a single-family home is a huge investment. You have to take out time and plan how all costs will affect your finances and stick to your decision on price range and mortgage payment.
6.Understand the seller’s incentive
Wow! You are being offered a spectacular home for 30% lower than the market rate. Before you pounce on the opportunity, think for a moment — what is the seller’s intent? You will often find that some sellers are more motivated than others. Many homeowners are compelled to sell due to market or financial situations. But others may want to quickly sell a home that is affected by mould, damp or even termites! Based on this think and make an informed decision — and do bargain!
7.Maintenance requirements
Remember that unless you are building a house from scratch, the maintenance cost comes hugely into play. Do make a written or mental list of all the things that could use a little help. It could be the repairs, large or small, replacements or additions that can add a dent in your budget.
8.Public transit
You want a home that is easily accessible through public transport. Preferably a subway or a bus station around. Cars are an option, but you would want to be in an area where public transport is not too far away!
9.Finalise on your mortgage/loan
Some many financial institutions and lenders give you competitively priced loan programs. Make a list of questions on your mind and work out a deal that suits your financial requirements.
A home is usually for life. These little pointers will help you in buying a house for a single family that you convert into a home!
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