6 Things Nobody Tells You About Buying A House (3)

Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. The gold standard in buying a house is 20 percent down ― that is, you pay 20 percent of the purchase price upfront. Now that we have our preapproval in hand, we’ve been looking at houses trying to find the perfect one for us. We’ve been through a few houses, and while each one has a story and a nickname, we haven’t been able to find that one house that screams us. The house did not have a fridge when we moved in. I can see that as being a hindrance to a potential buyer.

Buyers should concentrate on whether buying is affordable and the right decision in the long-term, rather than panic over house prices or cave into the UK’s ‘must-own, must-own’ mentality. At this point, you’ve probably already heard about the extra costs associated with buying a home—like closing costs and mortgage escrow fees, for example—but there are also typically some unexpected costs you’ll face, like earnest money payments and loan processing, appraisal, and surveying fees (just to name a few).

You real estate agent will take your contract to the house owner, who will then make an offer, let’s say, of AUD 320,000. You may have seen that if you found a house you really like and inquire about it that it is no longer available. Buying somewhere with woodchip or other textured wallpaper slapped all over it usually means excavating through layers of paper.

I am pretty certain that the buying process for these new apartments would be easier than buying a ‘used’ apartment as you would be dealing with a business (property developer) and it would be in their best interests to make it all as painless as possible. And in the case you have the plans to stay there for longer, you must ensure that the house is up to your expectations.

This house is also in the same neighborhood as the many others we’ve looked at. Previous owners have converted the 1 car garage into another room and built an oversized 2 car garage partially behind the house, which added about 300 square feet to the house. They’re particularly important if you’re buying an older home, but a home of any age can have hidden issues—even new houses can be poorly built—and a qualified home inspector can spot problems in a hurry. I didn’t mind the layout of the house because the front of it is pretty open and would be good for entertaining. This house is in a great location and has a lot of possibilities, but something about it didn’t feel right.

Tagged with: