Things I Didn’t Know That I Needed To Know About Real Estate
Being an adult is not easy, though I have come to accept that I am now an adult. There are so many things that you are not prepared for when you’re young and carefree.
Who knew that making friends when you’re over 30 could be so challenging? Why did nobody tell us that we would have to tolerate so much from so many people?
When we were teens we couldn’t wait to grow up and have all the freedom we could ever want. Only, we aren’t free since we actually have obligations.
So, it shouldn’t be a surprise that we also have to use some big brain time to figure out the ins and outs of real estate and buying and selling a house.
Here are things we didn’t know that we needed to know when it comes to property.
Real estate terminology
There are so many new words that come into your vocabulary when you are adulting and need to find housing. Terms like tracking mortgages, remortgage, acceptance and conveyance are confusing and I never thought I would need to know.
Luckily, having an estate agent that explained everything like I am five made things very smooth when we were selling our house.
If you know nothing about real estate then brush up on the terminology before anything so you don’t look dumbstruck when people are talking to you.
Being honest about finances
There comes a time when you feel like you have to buy a house because you’re an adult now.
Just because you think it’s time doesn’t mean it actually is. Yes, you are paying your rent on time and have a good job, but can you actually afford your mortgage? And your other bills?
Do a deep dive into your finances. Track your spending and see where you are spending the most money. If a big chunk of your income is going to rent and credit card bills, then you will almost certainly end up house poor.
Many homes have problems
You think you found the perfect house. It looks the part and you can already see yourself lounging in front of that cozy fireplace on a rainy night.
Yet, the fireplace has some candles in it and doesn’t look like it’s been used in a while. In other words, things are not always as they seem.
The chimney is a fire hazard and the fireplace can’t be used. There is a crack in the foundation and the house is settling at an unhealthy rate. And there are some major problems with flooding in that area that you weren’t aware of.
Buying a house is not a fairy tale where you pick out the ideal home and live happily ever after. It is a minefield that you have to negotiate your way through to find something acceptable.
Take your time and make sure the house is thoroughly inspected before you make any decisions.