Thousands of first-time home buyers are in the market for a property, and with that comes a huge need to make the right choices and get a property you can afford and handle the responsibility of.
These are five things to ask yourself before buying a property and why it's important to get in on the market sooner rather than later.
Why Am I Buying a Home Right Now?
What’s inspiring you to buy a home now?Do you have large life changes where you need more space?Are you buying because it’s just a milestone in life you assume everyone has to do?Think about it seriously, and decide if your reason for buying a home is that you want to own a home and that you'll be able to handle everything that comes with it.
How Much Can I Afford While Having Money to Spend?
Houses are pricey!Take a step back and think about how much you can afford without ruining your quality of life.Although you can cut cable and replace it with streaming, the cost of a home shouldn't miss all of the fun out of your life.If you realize that you'll only be able to buy a home if you give up every bit of excitement that gets you through the workweek and year: it's not worth it.
Do I Have Any Major Life Changes Coming Up?
For some, the push that gets them to buy a home is a life change like a pregnancy or a marriage.Although this is exciting, consider how the impact of this life change could impact how well you can afford a home. For example, if you're expecting a baby and your current budget is looking tight compared to a house payment calculator, it's not the right time to buy a home.Children are incredibly expensive and time-consuming, and it's important to get to a far more comfortable place financially before throwing a house into that mix.
Is the Market Trending In a Way I Can Trust?
The housing market is unpredictable, but it's been rising at an unbelievable rate to the point that some houses have nearly doubled in value for the last couple of years.Pay attention to this, and talk to others who work in real estate to decide how you feel about buying a home in the current market.
Do I Understand All of the Costs of a Home?
The costs of a home aren’t just the mortgage!Take a look at everything from home insurance to taxes, the cost of home insurance, the HOA fees, the money you'll need for maintenance, updating the property, and everything else that goes into a property.All of these costs can double your bills from simply the home price alone, so it's good to remember them.
Your Answers to These Will Change Over Time.
Although we like to think that our current versions of ourselves are the same person we've always been, our opinions and ideas shift and change over time.Because of this, it's important to remember to ask yourself these questions again at least once a week to see if anything has changed.
