What To Consider Before Buying A Home
- 05 August, 2021
Are you considering buying a home? If so, then it's essential to know what you're getting. Buying a home is an exciting time in your life, but it can also be stressful. There are many things to consider before committing to the purchase, and this blog post will help walk you through them!
1. Location
Location is without a doubt the most crucial factor in buying a home. After all, what's the point of purchasing a house you don't want to live in the long term? If location is important to you, then make sure that it isn't too far from your job and other places you frequent.
The next thing to consider is whether or not this neighborhood will be able to sustain your family for years into the future. Are there schools nearby if kids are on the agenda? Do stores stay open late enough or offer convenient hours so parents can stop home after work before dragging their children off somewhere else for dinner and activities?
2. Size of the home
The size of your home is key to ensuring you stay happy for the long term. If you have a growing family, it's essential to consider how much space we will need. It might be necessary for your future needs if there is more than one story or if the house has a basement that can also serve as an additional bedroom.
3. Cost of the home
The cost of your home is also another critical variable to consider. If you plan to stay in your home for at least five years, it's worth considering the cost of what you're getting versus other homes that may be available. If there are two similar houses and one is $50,000 more than the other but has a bigger backyard or more ample living space, this choice will pay off over time.
4. Age and condition of the home
How much are you willing to renovate a home? If you want to save money and the condition of a house is not too bad, it might be worth considering buying an older home.
5. Homeowner's association fees
Are you buying a home in an HOA (Homeowner's Association) community? Homeowner’s association fees can range depending on where you live and cover common area maintenance such as landscaping. They also will determine the community rules such as lawn height and paint colors.
Homeowner's association fees can be paid annually and may increase over the life of your mortgage.
6. Neighborhood safety
The safety of the new neighborhood is one of the top concerns of parents buying homes. When you are looking at a new house, be sure to drive through the community and get an idea of how safe it feels. You can also lookup local crime statistics online to make your final determination.
If you're considering buying a home, it's essential to view all of the costs and benefits associated with your purchase.
We've put together this list of considerations for those thinking about purchasing their first home. As always, we're here to help if you need any assistance with financing. Click here and schedule your pre-approval meeting today.
