10 Things to Know Before You Buy a Home

Here at TheRedPin, we work to ensure your journey to the perfect home is as stress free as possible. From finding the right agent to negotiating selling prices, its important home buyers are armed with tips and tricks to protect themselves. We've compiled 10 things to keep in mind before you buy your new home.

1. The real reasons behind why the seller is selling Naturally, the seller will be keen on disclosing the features of a home rather than boasting about its defects, as a buyer make sure you have full disclosure on why the home is on the market. The reasons could be harmless, or it could be the opposite, therefore, it's imperative to understand why the home owner is selling.

2. Does the price match the house Discuss with your real estate agents the factors that influenced how the selling price was determined. A lot has to do with market's condition and trends in the area. There are also ideal times of the year to buy and sell your home. It's best to do your research as step #1.

3. Negotiating the best price As a buyer, of course you're not eager to bid on an overpriced house. Through your agent find out the minimum selling price as your starting point. Hint: research the local market and the seller's position, this can help in the negotiating process.

4. Figure out the neighbourhood landscape Although this point is mentioned above, it's so imperative that it gets its own mention. Research how much similar homes in the area have sold for, compare changes in property sales over the last few years and note local market trends. Ultimately, understand everything about the property and the properties that surround it, and the neighbourhood.

5. Save more money Who doesn't like to save money. Look out for tax incentives, resources, or loans that you qualify for, as a buyer, and Apply! Apply! Apply! There are a few great government incentives out there for first time home buyers.

6. Learn what's around you Make sure the amenities in the area, like grocery stores, schools and banks meet your needs and work within your lifestyle. After all, convenience is a big reason to move. Know the neighbourhood perks before investing in the neighbourhood.

7. Keep the short term future in mind Whether you plan on having more kids or take in an aging relative, consider if the home you want right now will meet your short term future needs. There's usually a €Five Year Rule€ when buying a new home - meaning purchase a home that you plan to live in for 5 years, financially you may loose out if you move too soon.

8. Renovations Review the renovations that may be necessary prior to moving in. This way you can bring them up to the home seller, and if necessary add a clause to the contract ensuring all the repairs and renovation will be taken care of, prior to moving in. This is why the home inspection is key.

9. Get a home inspection Just to follow up on the previous point, do not opt out of a home inspection. This is the final walk through before officially getting the keys to your new home. We've listed The 5 W's of Home Inspection.

10. Keep in mind the costs after closing Budget for additional costs that fall outside the mortgage cost of your new home, some of which are mandatory like land transfer taxes, legal fees and home insurance, then there are other costs to consider such as moving expenses, prepaid utility bills and upgrades. Remember, there is a light at the end of the tunnel, after this, you are the owner of a new home.

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