If you have a healthy interest in the real estate affairs, you must have noticed how the housing sector is thriving. Among other factors, research has partly attributed this sense of industry wellness to the fast-growing middle class. This means that more people are within the space to generate disposable income and afford to buy a home. What’s more, the public and private sectors are giving more attention to the need for affordable housing, meaning that very soon, more Kenyans from the lower class will be able to buy houses. However, exciting as the house buying prospect is, you would be safe knowing that such a journey is riddled with mistakes that may open room for pain and regret. Therefore, knowing the first time home buyer tips is vital.
Here are some first time home buyer tips that will help you to avoid making costly mistakes
- Consider the potential infrastructural plans
In most cases, real estate agents acquire and develop a property based on government promises on infrastructure. Unfortunately, some of those projects take long to implement due to corruption, bureaucracy and low political will. Therefore, you need to look at these issues and consider if they are worth your patience.
- Do not follow the crowd blindly
Many people choose to settle in locations where they have some social, economic or religious affiliation. Keeping in mind that this could be the home where you will spend the rest of your life, it is critical to consider factors that matter the most to you as an individual or family. These may include
- Public amenities such as hospitals and schools
- Proximity to your workplace
- Closeness to your kin and friends
- Check the developer’s background for credibility.
It is essential to check your developer’s track record to ascertain if he has a reputation of finishing projects in good time for off-plan buyers. Plan to visit some of their projects to determine the quality of work and how they maintain completed communal areas.
- Make a price comparison.
Ensure that you have comparative data of offers from other developers in the same area to take the best deal. Failure to undertake this due diligence aspect can see you spend way more than what you should according to the average market prices
Besides the cost of buying the house, you should also be aware of finer details along process including;
- service charges
- maintenance costs
To a larger extent, the above items depend on the specific area and the product type.
- Future relevance or functionality
Consider your family’s size in the future compared to the size of the house you are purchasing. For example, you do not want to build a five-bedroom bungalow the will remain unoccupied once all your children grow up and move out
In such a case, a couple whose children will be moving out would be content with a 3-bedroom house.
- Consider zoning regulations.
Do thorough due diligence to determine any chances that the face of the neighborhood will change. Some of the questions you may want to think through may include;
- Is it a low- rise designated area?
- Does it have strict and controlled regulations?
- Have the authorities approved any future high-rise buildings?
While the process of buying may be tedious, you can easily avoid all the pitfalls by, for example, reading research reports to keep abreast with industry trends. You can also talk to real estate experts to get first time home buyer tips before making up your mind.
There are cases where people buy a home only to plunge themselves in financial constraints. To avoid this, it is vital to organize your finances and buy a home as guided by a budget.
If you aspire to go for a mortgage plan, make sure that you understand critical factors including your mortgage eligibility, income stability and repayment . Your age and current interest rates may partly determine the mortgage repayment plan.