Tips & News

Buying a house can be an overwhelming process. After all, it's perhaps the biggest investment of your life and you want to make sure that you will find a home you will love and at a price you can afford. The stakes are high and it's understandable if you are cautious and don't want to throw your hard-earned money at a bad investment.

So, here's what to look for when buying a house.

Know What You Can Afford

Once you've found a house that you love, it's hard to go back. You will start imagining yourself preparing Sunday breakfasts in the kitchen, chilling on the deck, or enjoying its amazing location. But, if the house is out of your price range, then you are just hurting yourself.

That's why it's best to set a budget and only look for properties in your financial range.

Consider the Location

The location is the second most important thing to consider when shopping for a house. And, by that, we mean that you need to learn how to be a bit flexible. If you can't find a good house in the neighborhood you love, try to determine what makes that location so good and consider other options. You don't want to end up with a bad house in a good location.

If you found a neighborhood you like, spend some time exploring the area to see if it lives up to your expectations. Walk to the cafes, shops, restaurants, and parks nearby to see what they have to offer. If you have kids or plan on starting a family, then you should check the school district rating.

Think Beyond Your Immediate Needs

You may not like the color of the bathroom tile or you may think that the kitchen cupboards are from another era. Don't let these small cosmetic issues distract you. Try to imagine the house as a white canvas and see all the potential it has. And, most importantly, always think long-term. You may think that a two-bedroom downtown apartment may be perfect for you and your spouse, but if you are planning on having kids in the future, then this space is may not be enough for a family.

Check the Condition of the House

A house that needs major repairs will sell at a lower price. However, you also need to keep in mind that you don't get back 100% of your investment. If you don't want to spend money on costly repairs, then here's what to look for when buying a house:

• The condition of the roof: A new roof can cost between $5,000 and $10,000, so you will want to make sure that the house you are considering doesn't have damaged shingles or other issues.

• The plumbing: Most people aren't aware of this, but we use the plumbing system a lot. Every time you wash your hands, get a glass of water or brush your teeth, the system is hard at work. So, you want to make sure that there aren't any serious issues with the plumbing. Check for leaks around the toilets and have the sewer lines professionally inspected, especially if the home is older than 20 years.

• Check the HVAC system: A HVAC unit can last between 10 and 25 years if it is properly maintained. Look for signs of rust, cracks, or water damage to ensure the system is in good condition.

Conclusion

No house is without sin. Even a brand new home can have some issues. In every situation, you need to assess the conditions and decide if a compromise is worth it. CSMC Mortgage can help you with all of your mortgage needs when you are ready to purchase your next home. Contact us today to get started.