The first thing that you need to consider is your budget. How much are you willing to spend for your house in the future? Once you have calculated your available funds for real estate sale, you will be able to commence finding the right property for your needs.
Finding and Buying the Property
After this, you have to make sure that you are able to research the different ways of finding and purchasing a property. You can go through any of these three steps available:
In this particular method, you will deal with a freelance real estate agent and not an established company. You can also deal with the homeowners directly and purchase the house from them. What is good about this particular type of sale is that it will not cause you undue stress because of the red tape that you would have to go through if you choose to work with an established real estate company.
This puts you in a bidding war for the property in question. If you undergo this particular method, you may end up paying for a property at a higher price than what was originally advertised. If you plan to save money while still getting your dream home, it would be best to go for a private sale.
The Preplanned Sale
This particular type of property sale involves the buyer being a down payment for the house that is yet to be built. The key here is to be in open and constant communication with the developers to monitor the progress of your build.
You should make sure that everything goes as scheduled so that you won’t have to pay more for delays or extensions when it comes to construction. This might put a dent in your budget significantly.
You also have to consider the location of the property itself. Make sure that you get the house in a safe and accessible neighborhood. It should be near schools and entertainment or shopping centers. This way, you will have access to everything that you might need for daily living.
The Cost of Your Home
When you think about the cost of your home, it is directly tied to your budget. You should look for a property that will be comfortable and safe to living while not compromising on the quality of the home because of your funds in the pocket.
Remember that there are many different ways to finance your home so you don’t have to worry about not being able to afford the house as long as you are resourceful. However, these different ways of financing your property will be discussed at another time.
Bonus Tip: Remember to Compare the Price
If there one thing first time buyers can learn from house flippers, it’s how to evaluate the ideal selling price of a home. As a first-time buyer, you should triple check that the purchase price is in line with other properties in the area.
If you’re not sure how to do this, this free ARV calculator can help. It gives the last known selling price of similar homes in the area that you’re buying. Alternatively, you can also do this manually by sorting through properties within a 1 mile radius of the home that you are buying, but this will definitely take a bit longer.
For now, these are just some of the major considerations that the need to make when it comes to buying a house in 2020. If you are able to put these considerations on top of your priorities, you will get to find the best property for your needs whether you are single or a family man.