Homeownership is a step-by-step procedure that requires proper planning and research. You need to carefully analyse your ownership goals and work towards achieving your goals. You need to carefully consider a combination of factors that will help you choose an appropriate residence for you and your family.
Here are some of the factors.
Security
People will often choose a place where they will feel safe and secure. You will not choose an area that has a bad reputation. It may sound like stereotyping, but it is essential to take early precautions for you and your loved one’s sake.
Take a survey and understand the surroundings of the area. Be keen to check out the friendliness and kindness of the people. It will be a good indicator of the type of neighborhood of the house’s location.
However, ensure that you remain impartial in your analysis and conclusions. Do not let your decision lean so much on surface appearance and cheap talk that you forget the gist of the survey. Be objective when you make your conclusions.
House’s Condition
Most citizens opt for affordable housing units that are within their budget. Nevertheless, some housing units’ conditions may be so deplorable that you have to carry out numerous renovations and makeovers to have your perfect home. Though these renovations will cost you a fortune, they will later increase the value of the property.
In contrast, some houses will only need simple decorations and repairs, and you will be good to go. These variations are common with lived-in homes. You can avoid these disappointments if you schedule frequent house visits to determine if your finances will be sufficient for the home’s needs. Ensure that you consult with experts in case of any query or clarification on the home’s condition or plan.
It’s also worth thinking about the house’s condition in relation to pests. Are there any breaches around the home that are clearly the work of animals? If so, you need to understand the extent of these issues and how to fix them. Again, consult the experts on this one to get something like a rat or bat survey, understanding the home’s condition from this perspective. If too much needs to be done to make the property pest-free, perhaps it’s not worth the hassle.
Budget
You need to analyze your financial position and identify the type of financing that you will use. The finances will guide you on affordable houses that lie within your budget. Carefully analyze your accounts and expectations before you officially start house hunting.
Do not overstretch your budget to get what you cannot afford. Check out simple and elegant houses in the HBD resale section. Though the houses are a little bit older, they provide the home buyers with an affordable bargain in the end. The HDB resale price is also within most people’s budget limits and provides an excellent return on value for money.
Be sure to include every item in the budget, including miscellaneous costs, agent fees, transportation, and moving expenses. Ensure that you do not overprice or underquote payments in the statements that you end up with an override in your finances. Such over projections are hard to recover from without digging into savings.
Choose your planners and contractors wisely. They will manage the making of your soon-to-be-haven. Be open to new ideas and changes that will boost your dream home.
Social Amenities
The availability of social amenities like transportation, groceries, shops, and medical health facilities is a primary factor that you should consider. The proximity of your house to getting to these facilities determines the accessibility of your home. Furthermore, consider the ease of access to the amenities using standard transport like bicycles, trains, car, or a taxi. It will be a useful indicator in your decision-making process.
The availability of the amenities is not enough to secure the house a social amenities badge of honor. The types of services offered should also be satisfactory, affordable, and of good quality. Be aggressive in your research to know what to expect when you shift to your new home.
Resale Value
The resale value of your unit should be a determining factor in your choice of home. Despite acquiring an asset to pass from generation to generation, also assess the appreciating value of the property.
Investigate the appreciation value of the property and its projected value in the future. You can get a valuer to determine the current and expected property value in the future to advise you on whether it will be profitable to purchase the asset.
Health and Happiness
Ultimately, you have to consider if the place will be suitable for you to live happily and for your life to thrive in all facets: physically, mentally, emotionally, and socially. If you have a family, let them visit the area with you to make a collective decision of the area’s feel and mood. These meetings will help you prepare your family psychologically for their imminent move.
Be realistic in your goals and expectations, and you will have a guarantee of getting a beautiful home. It is no rocket science but requires a firm, wise and reasonable decision-maker to pull it off.
