5 P’s You Should Consider Before You Buy Or Rent a House

5 P’s You Should Consider

Searching for a new house to buy or rent is never an easy task. There are a lot of things to choose and consider, many options to explore and reject, and many properties to qualify and disqualify. The checklist for choosing the right space is exhaustive and tedious. But, since it is also an important decision, you just can’t leave it to instinct.

Looking at many things at once can really spin your head. But what if there’s a smart checklist that gratifies all your needs and pacifies all your qualms? No, this is not a bait, but simply the truth. You don’t have to look at a multitude of things to buy or rent a new house, you need to look at only 5 parameters!

Here are 5 P’s you should consider before you buy or rent a house:

  1. Price
  2. Place
  3. Parameters
  4. Paperwork
  5. Preservation

 

1. Price

The factor which is to be considered first is the budget. Unless you have the budget to match your requirements, do not go for that house. The best suggestion is to start with the budget itself as the ultimate parameter. Go through the prices of different houses. Compare all, and then go for the one which fits the best in your budget.

2. Place

Always find a place that suits you and your habitat. Yes, that literally translates to – go for spaces that you need and not the ones that you ‘wish to have’. If you have a family with kids, you might want to consider a place that has a good school nearby. If you have elder people, go for homes only 1 level and that have hospitals and gardens around. A luxury apartment on the outskirts serves no good when your kids spend half the time traveling to school and back.

3. Precaution

Once you’ve picked a place, be very precautious of the functioning of that place. Check every nook and corner of the house and if you find problems like leakage, bad ventilation, weak walls, rust, etc. do not go for that house. It is very important for you to live comfortably, so even if the place you’ve found is in a good location, do not settle for it if you’ll likely have a problem living in it!

4. Preservation

Well, you don’t always have to reject a house with leaks and bad ventilation. Sometimes, if the condition is not that bad, you might still want to consider it if the location is perfect for your needs. If you’re at this stage in the process of house-hunting, you can opt for renovation over rejection. Get in touch with a good renovator or contractor to assess the house. If experts say it can be redone, why not go for it and get it fixed rather than continuing the never-ending search? But, if the experts say that it can’t be redone, just hop to the next prospect!

5. Paperwork

Paperwork is the main thing people forget to go scrutinize. Statistically, fraud in paperwork has increased by 38% to 48% from 2015 to 2018. You should carefully review every document before signing the same way you should before investing. Rather than skimming through the papers and depending on your gut, simply ask an expert to help you out.

 

Want help at any stage in the 5 P process? Jim Mitchell can help!

Call Jim Mitchell and put one of the most experienced realtors in California on your side!