STEP 2: LOCATING YOUR DREAM HOUSE
A buyer must choose a house intelligently based on some of the following criteria.
- Area : your work place and your children’s school. It should be an area that can add value to the property in the future.
- House size : The number of bedrooms, bathrooms, service room and parking facilities, square footage, surroundings and associated facilities must be considered.
- Investment property : Obviously this should be a house that can be rented out or from which one can make a profit if sold in the future.
Such a house could be either a new house or a resale house both of which have strong and weak points.
• New houses are typically more comfortable, have more modern design aspects and the lifetime of the material from which they are made will often be longer..
•A disadvantage of newly built homes is they can be expensive and may be located in remote areas with few public utilities handy.
•Resale properties may be advantageous since they are often located inside cities and will have more complete access to public utilities. They can also often be less expensive.
• A disadvantage of resale houses is the materials may have deteriorated and it may be necessary to spend money on repairs.
Before buying a resale house, it is important to check the following 3 things.
• Exterior condition
• Structural issues
It is also important to estimate the cost of repairs in addition to the house sale price to understand the true cost of the house.
- When choosing a home one must be honest with oneself : It is essential to consider the requirements of one’s family and ability to afford it. Hence, it is important to choose a house that can answer all these needs. Finally, sometimes it is necessary to limit one’s needs so that the purchase of the house does not make life too difficult.