Buying a house of your own is a rewarding experience in your life, and of course, a great investment on your part. But, making a sensible house-buying decision involves some research and education. If you are a first time house buyer in Sri Lanka, you will save yourself a lot of frustration by following the points which are going to be discussed in the article. Here we go:
Be sure about what you need
Be honest about what you need and what you want. It is time to be practical. Your dream house, perhaps, does not exist. And even if it does, it may not come within your budget. So, it better to settle for something that is closer to your dream.
Also, you need to think about your lifestyle. If you have a very busy schedule, buying a big house is of no use because you won’t be able to maintain it. However, if you can afford to hire domestic help, then a big house shall not be an issue.
Think of future requirements
You see a house and you fall in love with it. Be composed; do not plunge into buying it. Instead, think about the long term. Will the house be able to meet your or your family’s needs after ten years?
Get in touch with a real estate agent
A real estate agent in Sri Lanka can pre-qualify you for a loan, recommend lenders, answer your questions about the neighbourhood, and also coordinate the closing; thus, saving you much time and money. In order to find the right agent, you need to look for someone who makes you feel comfortable and is all ears to you.
Crunch the numbers
Having a clear idea of your financial situation is a must before you start looking for a house. Doing so will not only help you set a budget, but can also help you have all your financial records handy, when you start shopping for a loan. Talk to multiple lenders before you make a decision. While rate of interest and closing expenses are significant considerations, you also want your lender to explain things in such a way that you understand and make time for your questions.
See your neighbourhood
Factors that you need to pay attention to includes transportation, stores, school, office, etc. Besides, you should also feel safe in the locality. It should have adequate police, fire protection facilities and recreational opportunities as well. Your real estate agent should be able to tell you about the right neighbourhood. You can also talk to the residents of the place to know more about the area.
Inspect houses very carefully
When you go for house-viewing, be sure about the signs of water damage, structural weaknesses, pest infestations and other things that do not seem right to you. However, that does not mean that you should overlook a house that has some other cosmetic issues like a bad paint, a worn carpet, etc.
Say a hearty yes to a house only when you are sure about it, its neighbourhood, transportation, and of course, the price. A house is for a lifetime, think twice or even thrice before you give your final nod.