Real Estate: Six Questions you Should Ask about Your New Home

The moment you sign your name on that dotted line, you agree to a massive financial commitment. Before that happens, though, you need to make sure that can you know all there is to know about the property you are buying. Many buyers rush into a deal because they don’t want to lose out. It is much better to take your time and get things right. That way, you can make sure that you don’t make any silly little mistakes along the way. Here are the questions you need to ask before you buy a home.

quiresPhoto: Guian Bolisay

Is the property a new development?

Many old buildings have serious structural problems. Those issues mean that over time, they lose their initial value, and you could lose money. You ought to look for a new development, such as the Heights condos so that you know your property does not have any issues. You are spending loads of money on a home, and so you need to make sure that you are not wasting any cash.

Are there any maintenance charges?

If you live in a luxurious apartment complex, you might have a swimming pool, gym and reception. These services will cost you money, and so you need to factor that into your budget plan. You might need to pay a maintenance fee on a monthly or an annual basis. If you need to pay an extra fee, you should know about it ahead of time so that you know how much it will cost.

Will the mortgage be a fixed rate scheme?

The last thing you want is for the interest rate on your mortgage to rise over time. You should make sure that you sign a fixed rate mortgage deal, so that does not happen. Speak to your bank or your lender and find out what the deal is. You should make sure that you can afford your repayments in the future. If you are unsure of your financial future, you need to be careful when it comes to your budget.

Who will survey the building?

Before you buy your new home, you need someone to survey it for you. Your realtor might offer you an expert as part of their services. If they don’t give you that option, you might have to hire someone yourself. It is crucial that you know all there is to know about the building before you buy your property. If you don’t know about the structure of your home, you could find that you lose out, in the long run.

Will the area expand over time?

What is the local area like where you live? You should consider whether the town is likely to grow in the future or not. You can ask to see any plans for the expansion of the area. If there are development projects near you, you might find that your property gains in value. If you live in a desirable place, people will want to live there, and so you can profit from your home.

What is the property worth?

You should make sure that you get an independent valuation of your home before you buy it. If you have no idea how much a house or apartment is worth, you should not buy it. You don’t know what you are agreeing to until you know what others are willing to pay for it. Find out so that you make the right decision. Buying a house is an enormous commitment, and so you need to research your investment before you do it. When you have answered all these questions, you can buy your dream home!

Espana Gomez is an author of this blog. Recently she works as an interior design assistant in her town. She loves daydreaming about beautiful homes and interior decor.