As humans, buying a house is usually a top item on our list of financial goals and also one of the most important purchases we make in our lifetime. Asides from the huge amount of money spent, buying a house has a major impact on the quality of life that you live. This is why it is not a decision to be rushed. You need to take your time in the search and ask the right questions. Thankfully, we have outlined some of the most important questions you should ask yourself or your realtor before you pay for that house.
- What is my reason for buying the house? Are you planning to live in the house or put it up for rent? If you’re planning to live in the house, you will need to ask many important questions that will determine its suitability for you. On the other hand, if the plan is to resell or rent, then you might not have to worry about certain factors like proximity to your place of work.
- What is the proximity To Your Most Visited Places? All things being equal, nobody would want to spend long hours in traffic commuting to work, taking their kids to school or visiting their favourite places. This is why it is very important to consider proximity before buying a house.
- Is the house within my Budget? When calculating the total cost of the house, don’t forget to include the agency fees, legal fees, the utility bills and the even renovation costs where necessary. Be absolutely sure that the total cost still falls within your budget.
- How long has the house been on the market? This information will help you in the bargaining process. If the house has been on the market for a long time, you can further drive down the price because the longer a house stays unbought, the more desperate the seller is (most of the time).
- How much renovation is needed? You need to find out everything that is wrong with the house and how much it will cost to fix it. From the roofing sheets to the plumbing and even to the tiles. Sometimes the cost of renovation is as much as building a new house, so you need to do a proper inspection with an Engineer who can spot all the issues you are likely to miss.
- How long ago was the house built? Older houses tend to need more renovation, and that would shoot up your cost. If you find out when the house was built, you could negotiate a lower price for the house.
- Is the house owned by an individual or A family? It is much easier to buy a house owned by an individual than a house owned by a family. Power tussles usually arise when houses owned by families are being sold. Make sure you find out about the ownership before you start the payment process.
- Is the house located in an Estate? If the house is in an estate, it gives rise to many more questions to be asked like, “Are personal generators allowed?” “Are pets allowed?”, “What are the rules and regulations governing the estate?”. Some of the answers to these questions might affect your decision to buy the house.
- What is Electricity and Water Situation? Is there a regular supply of electricity or do you have to rely on a generator? Buying diesel or fuel regularly will increase your living cost so it’s best to know what you’re getting into.
- What is the state of the roads leading to the House? The road network and the condition of the roads leading to the house are major factors to consider. This is why it is always advisable to physically inspect a house before you buy it. The value of a house is lower when the road network and road conditions are bad.
- How is the drainage system? Does the area get flooded when it rains? This is very important as flooding can be very unbearable.
- How safe are the surroundings? You wouldn’t want to buy a house in a place where your life and properties are not safe, therefore make sure you do a proper investigation about the safety of your environment.
I may not be your Big brother, but you need to Shine Ya Eye before you buy that house.