Buying a house is a long-term decision. It goes beyond mere financial investment as this is the place where you live, make memories and raise your children. This is a decision that affects more than 40% of wealth and 60% of your quality of life. You buy a house to live there for a long time, unless your job requires a frequent change.
Buying a house or condo is a decision that involves meticulous planning and speculation. You must be sure of the size and price of the house, the neighborhood and the facilities like schools and hospitals around. While investing your money in a house, you target a long time, say minimum 5 years. The decision can be harrowing as the trade-off between your pocket size vs. the location and furnishing of the house gets difficult. Seeking help from the most reliable realtor of your area is inevitable as he will use all the experience and efforts in helping you buy the right house.
What are the 5 Most Important Things to do Before Buying a House?
Pranav Puri, the best realtor in GTA, says that housing market is volatile and you must plan, discuss and seek help before buying a house. You would want a house that meets your needs and fits your budget. You need to understand that practical houses go a long way rather than getting fascinated by the uber-modern houses.
The best realtor in Brampton, Puri, enlists 5 tips that can help you buy the house without hassles:
- Set Aside a Specific Budget
A significant portion of your life savings can be dedicated towards buying a house. You need to set aside the money that you are ready to spare without making a dent in your pocket. Buying a house means planning cash towards down payment, mortgages and a few other hidden costs. You need to analyze these costs and set aside specific proportion of your income towards the pocket of buying a house.
Pranav, who has a good experience in buying/selling homes in GTA, Ontario, states that you have to create a balance between a favorable location vs. your budget. You may become vulnerable while choosing the location and exceed the pocket size. An experienced realtor can help you out of this well of overspending by helping you choose to buy a decent house within your budget.
- Set Aside Contingency Reserve
In case you buy the house and dedicate almost 20% of the house cost as down payment, you must keep a contingency reserve apart from this. This reserve will ensure that in case of any eventuality, like sickness or loss of job or any accident, you have sufficient balance to take charge of your health.
Pranav makes sure that his clients do not face a hole in their pockets after paying the down payment. He ensures that his clients have at least six months’ contingency reserve intact while buying a house. Buying a house should be a pleasure and should not rob you off your peace of mind.
- Compare and Shop the Best
Do you actually consider going to various shops while purchasing fancy clothes and footwear and comparing prices? If yes, you need to understand that housing is a bigger decision involving a bigger investment and a broader time frame. Hence the best real estate agent in Brampton from HomeLife suggests that when you intend to buy a house, spare adequate time so that you can compare various housing deals and choose the best which suits your requirements and budget.
For any sale or purchase of a house, you must find a good and reliable real estate agent who can work on your behalf to find the best deals and seller/buyer. Let the realtor take the additional stress of managing umpteen phone calls and property visits and save you the required mortgage amount.
- Calculate the Percentage of After-tax Income you Spend
Set a measurable yardstick as to what amount of after-tax income would be reasonable to dedicate towards buying a house. Pranav Puri deems one-third of proportion of after-tax income to be set aside for the purpose of buying a house of your dreams.
‘Life is where home is’, says Pranav. Adjudicating a reasonable budget involves foresightedness and planning. Adequate amount of time, efforts and money involved in the right direction can sort your life for almost next twenty years.
- Be Ready to Leave
You are going to pay for and live in that house. The best realtor advice calls for the attitude of ‘take it if you like it, else walk away’. You need to be blatant about your conditions and requirements and if any condition is contrary to your requirements, you must be willing to part away with the house and look for a better opportunity.
‘Why compromise with life and living!’ believes Puri.
For the best housing services or guidance, contact Pranav Puri, HomeLife and make your real estate experience a unique and satisfactory one. Buying a home is usually once-in-a-lifetime affair; let it be simple and pleasant, both to the mind as well as the pocket. Do not hesitate to seek the help of experts so that at the end of the day, you can enjoy reveling in your new house with a cup of coffee.