Common Mistakes First Time Home Buyers Make

May 13, 2024
0
Share

Buying a home for the first time can be tiresome. Since you don’t have previous experience buying one, it is understandable to feel overwhelmed. If you are one of those buyers, this article could really help you to learn and have a smoother buying process.

Forgetting About Costs

Your loan will not be the only cost when it comes to buying a home. You have to take into consideration other costs like lawyer fees, property insurance, taxes, utility bills and any renovation or décor costs that will pile up soon. So it is wiser to check your savings to see whether you could cover these additional interrelated expenses.

Looking for a Home before the Loan

Don’t waste your energy and time looking for your dream home before your loan amount is approved. Because once you find your dream house, you don’t want to wonder whether you could afford it. Knowing your budget and whether you qualify for the loan and you could pay the monthly interest fee will make it easier for you to narrow down your options and makes the buying process efficient.

Being Too Picky

It is absolutely ok to have your preferences when it comes to buying a house. But if your preferences are too long or too specific, you might spend a very long time just looking for your perfect home. Do remember that you could anytime make alternations after you move in.  So always take into account what you want vs what you really need and be flexible to make adjustments.

Ignoring the Future

If you are thinking on living in the new house you are about to purchase, you will have to think bigger and way ahead of the future. You might decide to have children in a few years and then you will be faced with a set of new challenges such as does the house have sufficient bedrooms or is located with access to schools nearby etc.

Related Posts

Covid – 19 impacts on the Real Estate Market of Sri Lanka

May 1, 2020
0

The economy is grinding to a halt. Will the real estate market follow?

The spread of COVID-19—the disease caused by the novel coronavirus—was officially declared a pandemic by the World Health Organization on March 11.

In Sri Lanka, we have 718 confirmed cases and 7 deaths from this pandemic disease of COVID-19. Sri Lanka is fighting successfully with a very high recover rate and also doing many PCR tests per day in order to battle COVID-19. But after recovering from the COVID-19 pandemic, will Sri Lanka’s Real Estate market remain as it was before the pandemic?

Sri Lanka has an estimated tourism industry that is worth more than $4.5 Billion. Due to COVID-19, it’s falling rapidly due to the total shutdown in Sri Lanka to fight COVID-19. With the economy taking a big hit on the market, the Real Estate industry will most likely fall due to the recession that is forecasted to be faced by Sri Lankans.

Real Estate markets during previous pandemics and concluded that while home sales dropped dramatically during an outbreak, home prices stayed about the same or suffered a slight decrease. This makes intuitive sense because it’s harder for prices to change when there are few transactions. In short, previous pandemics have simply put the real estate market on pause.

Real Estate Market of the Capital – Colombo

With the Real Estate market going into the pandemic was, in a word, tight. Consider Colombo, where property prices have risen drastically as it has become one of the country’s leading tech hubs. Due to COVID-19, the spending on any property purchase will be stopped and all big investments are likely to be paused. But after fighting COVID 19, there will be a high demand for properties around the capital of Colombo.  

  • Vendors wearing facemasks look for customers along a deserted street in Colombo. (AFP Photo)

Nearly a third of home building material inputs come from China, not to mention more finished products like bathtubs, sinks, appliances, and more. These supply lines have been disrupted. This could delay home construction at a time when it has finally picked back up. Since the financial crisis, home building has struggled to keep pace with demand because of the cost of construction, lack of available land, and a construction labor shortage.

This is significant because it suggests that the demand for housing is still there—it’s just a matter of waiting for the supply to return to the market. Taken together, the housing market appears like it will spring back into action once the virus allows for it to function again.

However, given the timeline for a home sale is usually a few months, the recovery will likely be gradual as opposed to instantaneous, and any recovery will still be subject to the virus flaring up again.

Smart Home Devices to Turn Any Living Spaces into Smart Living

June 15, 2024
0

Today only some of the ultra luxury apartments carry smart living systems like app based and voice controlled lighting, heating and security facets. In these luxury apartments residents can adjust the room temperature, play music and control lighting etc with their phones or on the way from their vehicles. Lets take a look at some of the ways these smart solutions are revolutionizing residencies.

CLIMATE CONTROL

Through smart device you could easily program and set your room temperatures to the levels you prefer and the preferred times as well as when you are present or absent whether in your living room or bedroom and even in your bathroom.

SMART SWITCHES

Smart Switches operate with sensors that know you are in the room or left the area. The lighting could be dimmed or brightened based on your preference.

PROXIMITY SENSOR

Smart systems linked with proximity sensors and GPS location detectors can synchronize with your car and could control the lighting, heating and security eco-systems of your residency.

SECURITY

Security systems vary from basic intruder alerts to monitoring the weather and air quality of the environments. These systems will even alert when a door or window is left open or smoke or toxic gases are detected within your living space.

Leave a Reply

Your email address will not be published. Required fields are marked *

eight + nine =