At some point in your career you may decided to leave your parents house or stop renting apartments. You want to buy a house. This is a big deal, and we want to make sure you are well-prepared to navigate the process.
At this point I’ve purchased homes in three countries, and been involved with the bank financing for numerous other homes, commercial properties and even private islands. Here are some potholes to avoid so you come out like a champ!
- Take time and don’t rush the process.
- Get something manageable.
- This does not have to be your dream house.
- Understand the financing terms. Fixed vs. floating interest rates. Interest only loans. Consider the total transaction cost legal fees, bank commission, transfer tax.
- Investigate the developers and warrantees.
- Run calculations on the purchase and cost of living. Property taxes, average utility bills, repairs, insurance.
- Take your time furnishing the house.
- Study the market and consider how long you plan to stay. Talk with real estate agents who deal with rentals in your area.
Bonus: Avoid getting too attached and sentimental
Question of the day: Which home buying time did you find most useful? (Comment below or on twitter)
Essential career advice for ambitious young professionals.