Want to paint your walls a nice color?
Sorry, your landlord prefers “prison cell beige.”
Thinking about getting a pet?
Only if it’s imaginary.
You can’t hang pictures.
You can’t have guests for more than a week.
And even you can’t question your landlord’s ridiculous rent hike.
Renting means living under someone else’s rulebook.
So what should you do?
If you’re a young professional tired of unpredictable living costs and want to get control over your living space, homeownership could be your ticket to stability.
But then, do you know the ins and outs?
If not, we are here to help!
Consider these tips as your homework that you have to do before jumping onto the home-buying bandwagon.
Know What You Can Afford
Before you start house hunting, knowing how much you can afford to spend without stretching your budget too thin is important.
Look at:
- What is my total monthly income? ( Salary, side hustle earnings, or rental income)
- How much do I spend each month? (Rent, groceries, bills, transport, medicine, entertainment, etc.)
- Do I have any loans? (Student loans, car loans, personal loans)
Start Saving
Buying a home is exciting, but it’s important to plan strategically. Saving for a down payment is difficult when you’re a young professional; choosing the perfect location and making sure your finances are in order can be a hassle.
To make a smart decision, it’s important to set a realistic goal because property prices may vary depending on the location, size, and type of home.
To set a savings goal, calculate:
- How much you need for the down payment
- How long do you have to save
- How much you can set aside each month
Besides this, it’s also important to explore financing options. Many developers and builders offer home financing options to make buying easier.
Many housing projects offer easy installment plans, allowing you to pay in smaller chunks instead of one big down payment.
Likewise, don’t forget the closing costs, which can be a significant expense. This includes:
- A lawyer to help you with the property verification and transfer process.
- Property registration and government taxes based on the property value
- Similarly, if you’re buying through a real estate agent, 1-2% of the property price will go into the commission.
- And before moving in, you may also need to pay for home inspections and utility connections.
Do Your Research
Each homebuyer’s financial situation is unique, so doing your homework before committing is crucial. As a young professional, you want to invest in the right property at the right time and with the right developer.
Before purchasing, study market trends, current property prices, and upcoming developments. Likewise, not all builders offer the same quality, pricing, and payment rates.
Remember to check your chosen builder’s reputation, past projects, and reviews and testimonials from previous buyers. For example, if you live in Pakistan, it is better to consider projects developed by renowned Karachi builders and developers who have been in this field for ages. This will ensure your hard-earned money is invested in the right place.
Similarly, check the quality of materials and amenities like security, parking backup generators, water supply, and recreational areas.
Most importantly, never take only the seller’s words; instead, check the property history to prevent disputed issues. Ensure the property is registered and has all approvals from the building control authority.
Work with a Real Estate Professional
Real estate agents know the market inside out. They can help you find a home that matches your criteria, including location, size, features, and budget.
Also, if you are looking to buy property in a major metropolitan city, it’s easy to be caught off guard by market fluctuations, legal complexities, and other risks. This is especially true for first-time buyers who may struggle to evaluate different projects.
Working with a real estate agent can simplify the process, as they have in-depth knowledge of the latest projects, ensuring a smoother property-buying experience.
Prioritizing Convenience and Future Proofing
Choosing the right location is one of the most important things to consider. A long commute can be exhausting, resulting in less productivity and personal time. When selecting a location, consider:
- How long will your daily commute be? (Ideally, it should be 30-45 minutes.)
- Is there easy access to public transport?
- Are major roads and highways nearby?
The amenities and community vibes are also important things to keep in mind. The basic amenities you should look for are cafes and restaurants, gyms and parks, supermarkets and shopping malls, and safety and security features. When visiting a neighborhood, try to walk around, visit local spots, and get a feel of the community.
In addition, choose a location with upcoming infrastructure projects, new commercial development, and steady property value that will increase over time.
Furthermore, look for adaptable homes that you can flexibly expand according to your family’s needs. Most importantly, even if you plan to stay long, it’s smart to consider the resale potential. Houses near good schools, hospitals, business districts, and universities have good resale and rental value.
Many buyers are also attracted to homes with energy-efficient features like solar panels, proper ventilation, and energy-saving appliances. In short, consider how the location and property will serve you in the long run.
Conclusion
Thinking about buying a home?
Start by getting a clear picture of your finances to understand what you can afford. Location is key; choose an area that suits your lifestyle and has good prospects for property value appreciation. Going with a trusted builder can save you headaches down the road.
Also, consider how the home can grow with you and appeal to future buyers.
Last but not least, it’s wise to consult a financial advisor or realtor to ensure you’re making informed decisions throughout the process.
