Things to Consider When Buying a House Skip to main content
Home > Things to Consider When Buying a House (Money)

Things to Consider When Buying a House

by Money Team
31 Jul 2017 | 2:10 PM

Apart from a thriving business and a dashing car, one of the biggest purchases you'll ever make is a house. Sooner or later, you'll find yourself wanting to leave your parents' house and be totally independent. Some settle with a rented property such as a condo unit or apartment in the city, while others think long-term and get a house.  Before you call your broker and see your options, you'll have to do your homework and consider your capacities.

Of Permanence

Buying a house isn't for you if you plan to move out in a couple of years or so. When you own a house, you'll have to live there for a substantial period to make the purchase worth it. On a different note, there's no rush to get your own house. If you can't stay put yet, wait. Rent out an apartment or condo unit should you feel the need to be independent.

Of Finances

Obviously, houses cost quite a fortune and would call for a loan most of the time. With that said, you should save up before going for a purchase. This will save you from the trouble of thinking where to get the amount for the house. Don't rely completely on your loan, even if you'll pay it on time. It's best that you have a sufficient amount on your bank account to be financially safe.

Of Legalities

Know the legal requirements in your area of the house. Study real estate and the manner in which the market works. How much should your agent get for commission? What about the taxes you'll have to pay? What types of documents would you need? All these things matter, as it can save you a lot of cash once you find the best deal out there.

Of the Future

Think long term. Of course, in your twenties, you don't really need a three-bedroom house yet, right? All you need during this time is just a simple room where you can eat and sleep. Things change when you get older. Soon you'll find someone to marry. You'll have kids who will go to school eventually. They'll need their own rooms. Soon enough, you'd be planning like how your parents did with you. You never know when you'll have your own family.

Of Location

As you're somewhat settling down with buying a house, you'll have to get that right property in the most ideal location you can find. Be sure it's near your office and has easy access to important establishments such as hospitals and malls. Look for a house that's near schools as well, especially if you just got married.

A house isn't like buying a new shirt, but a long-term investment that needs serious consideration. It's like another transition, the way your life changed from being a college student to a working yuppie. Make this shift a smooth one, to ensure a rewarding new start. After all, you're not just doing this for the present; you're investing for your future.