Factors to Purchase a House

1. Which type of house is right for you?

There are several options to buy residential property. For example, the traditional one-unit house, an apartment, a modern one-unit house, or a building with more units or a large residential complex. Each option has its advantages and disadvantages. It is important to decide which option aligns better with your goals.

2. Which house is your ideal house?

Buying a house is the biggest purchase of your life. Have flexibility and make a list that addresses all your needs and prioritize them. In fact, your list should include primary factors, such as location, public transportation stations, neighbors, and the proximity of schools. These factors are more important if you are also thinking of your property as a long-term investment. Houses in better locations appreciate more in price and are easier to resell in the future. Details such as the type of building materials, the age, and appearance of the house, the type of flooring, and even the design of the bathroom and kitchen and other small things are other factors that can be considered. Lastly, you need to purchase a house that you feel comfortable living in it and makes you happy.

3. How much loan can you afford?

Before buying a house, it is important to know how much mortgage lenders will borrow you and under which conditions and terms. It will be a waste of time to search for houses within the 500k price range if you only can borrow 300k. Later, you will need to pay this loan in monthly installments. Therefore, make sure that it does not bring you a big financial burden.

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