Buying a home requires carefully thought out choices and serious planning. As a potential buyer, it may be a difficult experience to wade through the market and successfully make a purchase. You need to know the important things to reflect on in order to avoid an unwelcome set of circumstances.
1. Affordability
When buying a new home, you should clearly understand what is in play in terms of the price. You need to make a choice that fits your budget. Most lenders advise home buyers to budget a 1/3 of their gross income for a mortgage. Others suggest a total of 28% for all related costs i.e. insurance, taxes, and mortgage.
You should be able to afford to pay the mortgage and other expenses even when you change jobs. Think of unpleasant situations like losing your job or being in debt, leaving you unable to afford a house. Reputable companies like Creditfix can help you come out of debt and get your dream house.
Also, consider other expenses and costs like bills, realtor’s fees, rates and living expenses, etc. Will you be able to afford them all? If not, look for a cheaper option. Remember, your expenses may increase in the future when for example you get a family. So, you need to be able to balance all home expenses, including your family.
2. Size
The size of your home matters a lot. When thinking of size, know that it will have a huge impact in the future. You may not currently have a family or pets but may want to in the future. The choice you make should be able to accommodate them. Don’t forget that size will affect comfort.
You may also wish to make some income from it by housing borders. Does it have enough room for this? Is it big enough for all your belongings? You don’t want to purchase a home that lacks the capacity to hold all your belongings without having to throw some out in the backyard.
If you will later want to invest in expanding it, does it have the potential? Do you want to grow a garden? How big do you want your parking space or garage? Do you want open concept design or closed concept? All these aspects affect the size of your home so be sure to put them into consideration.
3. Location
Your life revolves around a lot of things and destinations that make up your lifestyle. The location of your home is a top determinant of the quality of your life. An excellent choice is one which is close to your place of work or your children’s school. Also, how far is it from where you shop? Is it too far or too close to where your friends and family live?
Decide if you want to reside in a familiar environment or a new one which will force you to change your lifestyle. Also, other important factors to consider when choosing location include security and accessibility of public infrastructure.
If location is not put into consideration, you may end up purchasing a home in an unfavorable environment then later regret it.
