In today’s post, we’re going to be looking at all the things involved in buying a family home. It can be a bit of a broad topic; and a stressful one too! It’s that S-word that’s the main focus of things today – I want to show you how you can buy a family home without all the stress that’s usually involved. No more panicking, no more worrying about different things, just a nice and easy process that doesn’t create further problems later on down the line.
This guide will give you all the tips I know, but it’ll start with a short paragraph on why every family should look to buy a home at some point:
Why buying a family home is the right move to make
Some people might argue that buying a family home is a waste of money. Save yourself all the drama and rent one instead. With the size of most mortgages, you’re going to make monthly payments for years anyway, so rent isn’t that different, right?
You’re certainly not wrong if you use this logic, but buying a home is about so much more than avoiding rent. It gives your family something that you now own and is a part of your family. It’s a home that you will grow up in together and create so many fond memories in. Realistically, will you stay in the same rental property for decades? No, you won’t. When you own a home, this is normally the case for most families. You stay there throughout your children’s lives and continue living there when they move out. Then, at some point, you might decide to move to a smaller home because you no longer have any need for a big family home. Here, you’ve now got a big property to sell and get a lot of money back on a great investment. Or, you can pass it down to your kids and give them a valuable asset to hold on to.
You see, buying a family home helps everyone feel settled in the present, while also providing benefits in the future! So, the only thing that remains is figuring out how to buy one without all the stress…
Work out which mortgages you can afford
Mortgages. We love them, and yet we hate them at the same time. If it wasn’t for these loans, hardly any of us would even be on the property ladder. However, they’re one of the main stressors during the home buying process. People always worry about getting a mortgage and how much it will cost them. Or, more accurately, they get a mortgage, buy a house, and are left with repayments that cause too much strain on their finances.
So, my first tip is to make sure you work out the mortgage costs before you properly apply for any. To do this, you should use a home loan repayment calculator that will tell you how much you have to repay every month for different mortgages. This lets you play around with different amounts of money until you see the mortgages you can actually afford. As a result, you apply for ones that won’t cause too much of a strain on your finances and mean you can easily pay them off every month.
Don’t put a time limit on things
I think the leading cause of stress is when someone is buying a family home but also selling one or moving out of one at the same time. When you do this, you’re basically putting a time limit on yourself. I knew a friend who was selling their house, and the whole deal went through before they even had a chance to buy their new one. In the end, they frantically looked for places to live and had to rent an apartment for a year before eventually moving into a new home.
The whole process of buying a home was made far more stressful than it needed to be because there was almost a time limit on things. It became a race to buy a home before they had to move out of their old one. So, my advice is to avoid doing this. Try and put off selling your home until you actually have a good sense that you can buy a new one. You’ve had a bid accepted, and things are going to move forward. Then, start trying to sell your home – or even wait until you’ve moved into the new one. You can get a mortgage to cover the cost of the new one, then when your old one sells you may be able to pay it all off in one go.
Invest in a detailed property survey
There are plenty of costs that come into play when you buy a home. One of which is that you need to pay a surveyor to look at the house you have your eye on. Normally, they do a pretty comprehensive job and look at almost all aspects of the home. However, there are certain things they might miss and skip over – like the drainage system. So, I would say you should invest a little bit of extra money to get a fully-detailed survey of your property and the drains. Even if this means calling in a different company alongside your surveyor; it’s worth it.
You see, this helps you see the true state of the home you’re about to buy. It lets you notice if there are any issues that might cause problems in the future and should be fixed right away. Very quickly, you will find out the real cost of this house. It may have an attractive price tag, but all the additional repairs and fixes make it far more expensive than it seems. By investing in a detailed survey, you avoid the stress of buying a home and spending thousands trying to fix it when things start going wrong.
Don’t get caught up in bidding wars
Ah, the classic bidding war! We’ve all been involved in at least one during our lifetime, whether it’s when buying a home or just trying to buy something for a bargain on eBay, and they always get heated. The idea with a bidding war is that you can get a good deal for the property by submitting a bit of a low-ball bid. A lot of the time, the actual advertised house price is a bit of a reach from the owner. This is the price they’d be most happy with, but they’re aware that it’s probably worth a bit less. So, they do sometimes accept offers that are considerably less than the price tag.
This is where the bidding begins. You submit your offer, then another party comes in with a better one. You up yours, then they up theirs. It can get to the point where you end up paying the full-price for the home because it’s the only way to stop the other party from bidding. Naturally, the whole process of bidding against someone is stressful, but it can also cost money. My advice is to avoid getting caught up in these wars. Come out with a low bid to start, but have a price in mind that you’re willing to pay. If other people place bids that are above your desired price, don’t fall for the bait!! Back out, and let them overpay for the property instead of you.
Narrow down your options as much as possible
The last bit of advice I have for you is simple; narrow down your options as much as you possibly can. What does this mean? It means you think very carefully about what type of home you’re looking for and what properties are worth considering. There are loads of things you take into account here. For example, how many rooms does your home need? How many bathrooms do you want? Do you need a big garden? What’s your absolute maximum price? Where do you want to live/which areas should you be looking at? Do you want a modern home or one that’s much older? Are you looking for a detached house or something else? Every single one of these questions will help you narrow down your search as much as possible.
Why does this help? Because you stop looking at a market that includes hundreds of homes and narrow things down to a much smaller handful. As a result, it’s so much easier to find a shortlist of homes that tick all the right boxes. You don’t get drawn in by properties that tick a few boxes but lack certain things you’re after, and it can reduce the time you spend looking for your dream home.
Wow, that was a lot to take in, wasn’t it?! I hope this guide has given you a bit of assistance when it comes to buying a family home. If you try and follow the tips, then it should help you make the right purchase without being totally stressed out.
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- 5 Overlooked Costs of Homeownership To Consider Before Buying
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