There are many reasons for buying your first property but do so with an already stable career and income in place. When you have your finances in order, a considerable pay grade and a passing credit score it would be relatively easy to purchase your first home. However when you go house hunting, remember these questions, all beginning with W, to pick out the best property fitted for you.
Will the Payments Remain Constant?
You need to prepare for your future, and that means that your property will have a great part of it. Sudden changes in contract instalments and the payment periods may result in you paying more and for a longer period than initially planned. Make sure that there are provisions in shortening your payment plan or even adjusting your rates in the contract before you sign just so your options are clear.
Was It Improved and Repaired or Brand New?
People often think that the economical option is buying the cheapest choice. However, selecting the high priced units is the better decision if you have the funds for it, considering that constant upkeep and improvements can cost you more in the long run. Choosing from new house and land developments around Bacchus March can be a more cost-efficient choice than buying a pre-loved property in a rundown neighbourhood.
What Is Its Resell Value? – Not that you’re planning to offer your property straightaways, but if you do, your property should always be ready for this eventuality. Buying a house in tiptop shape would reduce the chances of major repairs and renovations before selling. It also helps if your home is within a safe and aesthetic location with possible amenities and features as well. These marketable points of interest can give your property a higher market price, more interested buyers and a swifter turnover.
If these questions are not met with satisfactory answers, move on. If you insist on just using the mortgage rates as your basis, you may end up with a detrimental deal. Remember, investing wisely does not always mean buying cheap.