An investment like this requires a lot of thorough thinking. Making a mistake when buying a house has severe long-term consequences that can cost you a lot of money and a lot of patience. After all, it’s not really your regular everyday purchase, like when you’re shopping for groceries.
The best start here is answering a couple of questions so you can be certain about your decisions. You should go through all aspects and make a wise decision, because it’s your future home that’s at stake here. And, this should be especially crucial for making a good purchase if this is your first time buying a house.
Do You Really Need One?
Living in your very own home, which is yet to be modeled according to your vision, is one of the greatest things all people can do in their lifetime. It’s a base for security and the perfect environment for raising a family, and everyone should work their way towards buying one.
However, is it the right time for you? Sure, money is the greatest factor here, but you should also include something more than dollars in your decision. A home needs your attention and its costs don’t stop at purchasing it, because it’s an investment that goes along with other smaller ones – emotional, time-wise, and monetary. So, are you ready?
Is it a Fixer-Upper?
This nice little option allows you to buy a lousy home in a great neighborhood that you couldn’t normally afford and secure a happy childhood for your kids. However, they can be an inextinguishable money pit.
If you’re considering fixing up your future home with simple and practical DIY projects and a team of affordable handymen, it’s quite necessary to estimate the real worth and calculate future costs, which is why you’ll need an experienced appraiser. Pay special attention to the basements and attic, because they are usually the largest source of misfortune.
Do You Know Everything about It?
It’s crucial that you gather all the info regarding the house you’re interested in. It’s not a bad idea to use a whiteboard with columns, so that you can keep track of all the things you learned. And, it will also help you remember the tiniest details about the houses you’ve seen earlier. You shouldn’t hesitate from looking into the history of a certain home and its neighborhood if you’re fairly interested in it.
What Will You Do with Your Current House?
If you have a landlord and you’re at the very end of your contract, this question isn’t of any importance to you. However, if you’re selling your home and buying a new one, some planning needs to be done here, especially if you have a family. If it’s just you, it will be easy and not too expensive to find a place to sleep for a while in between switching homes.
However, if you have children, you should carefully time your moving because you mustn’t allow a gap between changing homes. Obviously, you can always check into a hotel if it comes to that, but unexpected delays usually lead to extensive expenses, so you should really do your best to avoid them.
Do You Really Have Enough Money?
If you don’t want to get into serious debts, you should be highly realistic about money and be aware of the genuine worth of your wealth. Chances are that you’re taking a loan and that you will try to balance out your regular bills with this new one, so you should reconsider and revise whether your income is certain and whether you’ll be able to pay for everything and save some money on the side.
It’s not at all a bad idea to reconsider and postpone your purchase, or to set the bar a bit lower and get a comfy medium-sized house instead of a spacious one. Of course, you can wait a bit longer until a great offer comes your way.
The bottom line is that buying a home requires time and a lot of patience. Like always, you should talk to your friends and family who recently had similar experiences and find out what they did wrong, so that you don’t repeat their mistakes. Also, consult experts on any subject that’s unfamiliar to you and don’t be cheap about hiring them, because they can save you a lot of money in the future. All this trouble will be worth that single moment when you finally place your “Welcome” doormat in front of your new home.