Factors to Consider When Buying a Home
Everyone loves to own a home, but the price pushes many away. However, with a good credit score and a decent income flow, you can buy a home wherever you want.
Home-buying can be extremely time-consuming, especially if you are a new buyer. You need to hire a professional agent to help you get the best home deals in your preferred location.
What Makes a Good Home?
A good home rings differently with each individual. One may like a different roofing design than others, but there are common values that each person would like.
So, here are the common factors that make a good home.
- Spacious rooms
Of course, no one wants to squeeze their seats in a tiny living room, leaving little space to pass through. In Addition, big and spacious bedrooms will do fine for anyone with kids and lots of stuff.
- Water in the sinks
How long can you have water in your taps? Do you have to keep filling your jerricans, fearing they would stay for days without running taps? Although it’s a good idea to take precautions.
- Longer distance from the waste dumping site
Nothingvsucks like tolerating waste smells throughout your stay at home. It’s not even hygienic to stay in areas near waste dumps, as you may contract dangerous diseases.
- Security alarms
A good and secure home will have a security alarm you can ring whenever you need help. An alarm will reach more people who can call the police on your behalf, reducing crime rates.
- Large compound
Of course, you do not want to borrow a car parking lot from your neighbour. Ensure you get a house with a larger compound where you can build a car parking lot. In addition, you can also have a small kitchen garden where you can plant vegetables and cut some expenses.
8 Factors to Consider When Buying a Home
- Purchase price
Once you think of buying a home, the purchase price comes first. Indeed, don’t expect a cheap home since the least cost can be over Ksh. 10 million. And that’s not some little cash.
If you are a first-time home buyer, consider doing thorough research to know areas with affordable homes. Alternatively, you can hire a real estate agent to take you through the best neighbourhoods with affordable home prices.
- Your credit score and income flow
Your credit history plays a significant role when acquiring a big purchase like a home. Chances are you will need a mortgage loan to finance your home. Therefore, you need a good credit score to access a mortgage loan with fair interest rates and payment plans.
Your income flow is also a big play since you’ll need money to pay a downpayment either by cash or through escrow. You’ll also need a steady income flow to manage mortgage repayments for the required timeframe.
- Maintenance costs
You’ll need to maintain your home to renew and make it more appealing. Think of the cost you need to repaint and fix things like windows, doors, or cabinets.
If the cost is high, you should consider getting a newer home with stronger doors, windows and cabinets that don’t need fixes for the first few years.
Your neighbourhood matters a lot in terms of peace and security. Therefore, look for a location near police stations where you’ll get close help when you need it.
In addition, a good neighbourhood will have less noise and fewer or no crimes. You don’t want to listen to an all-night party, and you’ll have to be at work the next day at 8. Therefore, the location you choose should have mature owners who respect others’ privacy and comfort.
- Age of the property
The older the house, the faster it depreciates. If you want to enjoy the full benefits of your property, consider getting a recent property. That way, you won’t bother with maintenance costs for some time.
- Why is the seller selling it?
Don’t forget to research why the seller is interested in liquifying the home. An excellent way to explore is to ask the neighbours about the home history. The owner might not give you the correct answer, especially if they are fleeing from some danger.
Always do a title deed search on the eCitizen portal to ensure you don’t get yourself in mixed ownerships and endless court sessions.
- Size of the house and its compound
What home size do you prefer? That depends on your needs and family size, of course.
Buy a house you won’t regret its size in the future, especially if your family is growing.
Can the compound accommodate other small structures for your dog, chicken, or maybe dairy cows?
Remember, you can create other income streams in the compound, like dairy farming, to help you with mortgage repayment.
- How far are social amenities?
Social amenities such as electricity, water, good transport, and communication entail our daily activities. Once your home is far from any social amenities, surviving in such a location is very tough.
Therefore, ensure you scan the area around the home you want to buy and know the available social amenities. The most important of all is clean and drinkable water.
Electricity, communication and good transport are also essential to make your living more comfortable.
Never rush when buying a home. If you rush, you may fall prey to con men who will sift away all coins in your pockets. You should thoroughly research about homes and the best locations as you save money for a downpayment.
In addition, involve a property attorney to help you with the legal proceedings of buying a home.
Frequently Asked Questions
- What is the most remarkable feature to consider when buying a home?
Location is the most crucial factor to consider when buying property. The location carries many aspects, such as security and availability of social amenities. Therefore, location is the core factor when buying a home.
- Which mistakes should you avoid when buying a home?
Avoid looking for home alone without professional help. If you don’t work with a property agent, the chances of getting conned are very high. In addition, never start a home buying process before mortgage pre-approval. That will save you from disappointments and possible fines.
Again, you should ask your mortgage lender about the monthly instalments and see whether you can afford them. Remember that if you skip multiple instalments, the lender will repossess your home, leaving you with nothing.