Monday, 12 November 2018
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This Old House - Do-it-Yourself

What You Need to Consider Before Buying a Home

Written by Posted On Wednesday, 07 November 2018 15:36

Buying a new home is expensive and stressful. There’s planning that goes into it and things that you need to plan for after you buy the new home as well. You need to make sure that you have your finances planned out before you go house hunting to make the process smoother. If you make your plans ahead of time, it will make your life so much easier.

 

1. Know What Your Budget Will Be

The very first thing that you should know is your budget. This number shouldn’t just be pulled randomly from the air. Instead, you and your spouse should think hard about what you think is an accurate budget for you to spend. You don’t want it to be too high and then back out of a house last minute. The more honest your budget is, the easier buying a house will be. If you see a house out of the budget, move on. Taking time to look at the house while knowing it is something that you can’t afford only wastes your time and the time of the real estate agent who’s giving you a hand. To create a budget for the house, you should have a realistic idea of your incomes and make sure that your mortgage payments could be paid off in a timely manner. You don’t want to be in debt for the rest of your life, so it's good to be honest with yourself and with your agent. Your agent will do their best to keep the homes within your budget.

 

2. Know Your Deal Breakers

Before you go out looking at the homes, sit down and talk about your ideal home. Know that your deal breakers are. If you want a home that comes with solar panels, figure out how much that raises the cost of the home and then find out how much buying them later would be. You might even consider looking up just how do solar panels work to make sure that they are something that you want. Look for things in houses that you need and for things that you don’t care as much about. Then, once you know your list of deal breakers, give it over to your agent to make their job even easier. It will help them to find suitable homes that have everything that you need and nothing that you don’t want.

 

3. Think About the Future

Before you run right into a home, you need to have some other aspects of your life relatively planned out to make the transition a lot easier. You should ask yourself three main questions.

 

  1. How long am I planning on living in this home for?

  2. Do I think we will be getting any additional family members in the next few years?

  3. Am I in a position to buy a home right now?

 

If you’re planning on living in a home for just a short time, you might want to consider renting for a while instead. If your job could change at any moment or if you’re not ready to settle down, then think of a different option instead. If you plan to have a child or adopt a new member of the family, you’ll need to reconsider the size of the home that you want. You want to make sure that you will have enough space. Most importantly, don’t just buy a house to buy one. If you’re not in a position financially to own a home, then you might want to consider waiting until the time is better for you. It is so important to plan out your future before considering buying a new home.

The most important thing that you can do is make sure that you and your family are ready for this step. You don’t want to go out house hunting and put yourself through the emotional stress of looking for a place but end up deciding that you’re happy just renting for now. Make sure that you actually want to buy a house before you commit.

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