If you are buying a home for the first time, it’s easy to let the excitement get to you. Remember though that this is one of the biggest decisions of your life, financially and otherwise. While it might be tempting to immediately put a down payment on the first house you see, there are some significant benefits to waiting until you are truly ready.
1. More time to build finances – Buying a home before your finances are in order is a recipe for disaster. You will have to pay more in interest, probably end up taking on more debt than you can handle, and the stress from the situation will strain your relationships. Keep in mind that the mortgage is not the only expense, so ma ke sure to get a house you can afford.
2. Get to shop around – Patient home buyers have more choices, and are much more likely to find their dream home. You can visit your target neighbourhoods and chat with the people there, or take a look at house and land packages offered by Modeina and other up-and-coming developers. Who knows, you might find out that your ideal home is significantly different from what you currently have in mind.
3. Make fewer compromises – When you have to buy a home in a very short amount of time, you will usually end up making many sacrifices. Perhaps the kitchen is too small, the house is over an hour away from work, or the floor plan makes terrible use of space. These flaws might convince a rational buyer to look elsewhere, but if you’re rushing, there’s a good chance that you will settle.
These compromises, however, will come back and bite you in the future. They ruin the joy and excitement you feel at finally getting your new home, and will greatly affect the resale price. Even worse, you will be seething with envy when a friend manages to get a much better house at a lower cost, simply because they looked around more than you.
4. Avoid buying a lemon – The vast majority of people that end up buying a house with major hidden flaws did so because they were impatient. They did not want to “lose” the home to another buyer, and ended up skipping crucial steps like a professional inspection. Afterwards, they find out that their new dream home is actually a nightmare with serious issues, such as foundation cracks and rampant mould. Save yourself the headache and make sure to hire a good inspector.
Like any major decision, it’s best to take your time and think everything through. This doesn’t mean that you should hesitate too much. If you find a good property or plan, you’ve done all the necessary checks, and the price is great, then go ahead and buy it.