Buying Spaces

For obvious reasons, houses are not like fine wine. They don’t necessarily get better with age. Unless the house you plan on buying has historical value, think long and hard before buying an old house.

Old houses may have that flair and grandeur of better, classier times. If that’s the kind of house you’ve always wanted, then by all means, look into it. But be warned that older houses have a lot of surprises.

This is where dialogue with the agent and seller comes in handy. Find out if buying an old house means having to update the wiring, plumbing, or air filters. This will give you time to organize your finances. Find out if the house is prone to flooding. Check if the wood has ants or termites. If you overlook these things, the house might cost more than you initially expected to shell out.

A good assessment of the house’s value might give you insight if building a new one would be cheaper and a better investment in the long run.

You’re not really buying a house. You’re buying a living space, somewhere you can breathe. You’re sticking your flag into the ground and claiming this plot of land as yours. Here, you are king. But where your hedge ends is where your neighbor’s kingdom begins. No one wants a fight with the neighbors after pouring everything into securing your ideal house. In the end, you’re buying the whole neighborhood.

If you have children, check to see if your neighborhood is child-friendly. It should be close to the schools or playgrounds and with ample and safe sidewalks. Learn how far the hospitals, police stations, and firehouses are from your new house. Find out more about the Homeowners Association so you aren’t caught surprised by stiff membership fees.

There is nothing worse than moving into the perfect house and being forced to stay indoors because you don’t get along with the neighbors.

Once you have found a property you feel you like, make sure you learn as much as possible about it. Even if it seems perfect at first glance, try to think about it from all angles. Take down extensive notes on both the pros and cons of the property. Even if everything feels perfect try to find some things you don’t like about the house in order to make an objective decision later on.
Finally, don’t be satisfied with only one visit to the house. View the house in the daylight and at night, and even at rush hour, so that you can truly imagine what it would be like to live there.

While buying a home, you’ll have to deal with a large number of professionals, including surveyors, real estate agents, and mortgage lenders. It is possible that you will not be happy with their services, and may even lose out financially or in other ways due to negligence on their part. What can you do in these cases?
It is best to put everything in writing. Write a formal and calm letter to the professional or company in question stating exactly what you are not happy with, how it has affected you, and what kind of action you expect – do you want a refund, compensation, or some other result? Remember to keep a copy of this letter. If they refuse to accept your complaint, you can pursue the matter further with the relevant professional body.

Before signing a contract, the first thing you should do is check the property of similar houses in the area that are on sale, or have been sold recently. This will be particularly easy to check if you are buying a property on an estate where there are lots of houses that are about the same house as yours and in similar condition.

When making comparisons, bear in mind that a property’s value can be increased by factors such as what fixtures were included in the price, extensions, loft conversions, fitted kitchens, being in a good location, or the year it was built.

Four reasons why a home near a college campus is always a good investment:

1. First of all, if you have kids who go to school, they can save on the cost of dormitory stays, food, and transportation.
2. If you buy a house that is larger than you need (even if you don’t have kids), you can rent out the spare bedrooms to college students, and potentially earn enough to supplement your mortgage payment each month, or even pay it in its entirety.
3. If you do not plan to live in the home, you can rent it out for use as a dorm house or even a fraternity or sorority house.
4. Finally, demand for housing near college campuses is always high! When it’s time for you to sell the house, you will potentially make a good profit if the house is still in excellent condition.