Buying a new home is exciting, especially if you’re a new homeowner! This milestone is often celebrated as a gauge of success, particularly to younger homeowners who worked hard to purchase their first home.
Buying a property is a considerable decision, and it should be taken seriously as you invest in your dream home. There are a couple of things to consider before signing that deed of sale! Here are 5 things every new homeowner should know about their property:
1. Buying Landed Properties VS Apartment Units
When making the choice between buying landed properties versus apartment units, you may be considering your rights to the land. However, there are other things to factor in when choosing between a landed property and an apartment or condominium unit.
For one, landed properties have high costs in both construction and maintenance. If you’re starting from the ground up, chances are that you will need a substantial amount of budget to proceed building your dream home on a landed property. On the other hand, landed properties provide you ample space, elegance, and land that continually appreciates over time.
Apartment units, however, are cozy and require much less maintenance. They are limited in construction and design such as renovation work that would affect a party wall, you are required to serve a party wall notice in London to the adjoining property owner, as you share a communal space with neighbors, and many apartment buildings prohibit heavy construction works in the building. While you may have a sense of community in your building, you live closely with neighbors that you might not like.
How about properties abroad? Buying landed property for permanent resident status in foreign countries has its own restrictions and limitations. Most countries allow foreigners to purchase or rent apartment units, but buying landed properties is a different story. Always check with local laws and regulations before buying to avoid disputes later on.
2. Check Your Neighborhood
Check out your neighborhood before you purchase a house in the area. Do they have good neighbor programs, events, and get-togethers? Is there a neighbor known to be particularly controlling or the town gossip? You can find out all about your prospective neighbors by asking around the area, and inquiring through the homeowner’s association.
Find a neighborhood that has the right fit for your lifestyle. If you prefer a quiet neighborhood, look for an area that doesn’t host too many events, and the residents generally keep to themselves. If you would rather have a lively neighborhood, check for areas with a sense of community. This way, you’ll avoid disputes with neighbors, and be comfortable with your home.
3. Assess the Property Throughout Seasons
You’ve checked the house all summer long, and you’ve admired the high windows, minimalist design, and the lush garden. You probably didn’t check the roof for leaks for the rainy weather! Checking a house means to figure out everything about it before you decide to purchase the property, which includes checking the house against weather and seasons.
But how do you assess the property without observing it throughout the year? Check for the signs. Leaks would typically show water damage on the roof and surrounding areas, while flooding would have affected other houses in the neighborhood as well. Ask around, and keep a keen eye on the condition of the house. You may opt to ask your agent directly as well.
4. Renovate Your House
If you purchased a property with an existing house, and you intend to live in it, have the house assessed first by a property inspector. A property inspector will find all the weak points in the house, and report back on what you need to strengthen. It is a good idea to renovate the house before you move in to fix any weak spots.
Renovation also gives you a chance to personalize your home before moving in, as it is much more difficult to adjust renovations when you already live in the property. Turn that house into a home with some good renovations!
Remember to stick to your budget when renovating your home. Too often do new homeowners get excited about building their dream home that they tend to go over budget personalizing their home. Start with the necessary renovations first, before moving onto personalization, and keep your budget in mind when considering renovation works as well!
5. Hire Reputable Contractors
There are plenty of contractors you can connect with to help you with your renovations, but not all of them will do a good job. Some may choose to cut costs on materials, leaving you with brittle structures that may break down over time. Others might charge you higher prices, and provide the same quality of work as a competitor with fair prices.
Always scout contractors before hiring them. Ask around with friends and family on their experiences with contractors, and check reviews on prospective contractors that you’ve scouted. Ask for quotations, and meet to discuss the scope of work you expect them to do before you hire them.