The process of buying a new home is exciting. However, there’s no denying that, at times, it can be complicated. Alongside trying to find the house of your dreams, you’re also worried about finances and overall practicality. Sometimes, it can feel as if you’re a bit too far over your head.
Below we are going to talk about ten questions you should ask yourself when you start looking for a new home so that you can be as prepared as possible. Sound interesting? Then keep on reading!
What is my budget?
The first thing you need to establish when looking for a new home is what you can afford. Everybody has a budget, and with a house, it’s not something that you can blow over. If you’re taking out a loan from the bank, you need to be 100% certain that you can afford to pay back your mortgage. Otherwise, you’re going to end up in a sticky situation.
Not sure where to get started? Create a monthly budget taking into consideration your income—factor in the estimated repayments alongside your living costs and any other debt. Don’t forget, the bigger the down payment, the more you can afford. It might be worth saving a little more first.
Am I prepared for the hidden expenses?
When you’re looking at your budget, you can’t forget all of the hidden expenses that are associated with moving house. Your down payment isn’t the only thing you have to worry about.
You’ll need to save for:
– Closing costs
– Property taxes
– Inspection fees
– Moving fees
There certainly is a lot to take into consideration.
Does location matter?
Depending on where you are buying, most people like to choose a location that is near the right facilities. If your children are attending school, or you will need to catch public transport to work, you’ll want to have close access.
Some people won’t be so concerned about location, especially those in smaller towns, but it is important. Check out these Santa Clara CA homes for sale to get started. The convenient map makes it easy to find your ideal properties.
What are the neighborhoods like?
Even for those that don’t care too much about being close to certain facilities, you still want to make sure that the neighborhood you choose is reputable.
In order to do this, you’ll need to conduct a bit of research. Drive around the neighborhood and see if people take pride in their homes. You might also take a look at crime rates online to see the overall safety of the area.
What are my essential features?
Everybody has needs and wants when it comes to buying a home. Before you go saying no to anything, you need to make a list of the essential features first. For instance, how many bedrooms do you need? Will you require more than one bathroom? What about a carport or garage? By knowing what you can’t live without, you can start to narrow down the list of potential properties.
Am I able to make compromises?
Everything requires some type of compromise. Remember, there are different ways to make a house a home. If you can’t find your dream property think about whether or not there are some things that you can do without.
Most new buyers try and follow the 85% rule: 85% of the home you love, 10% you can change, and 5% you will have to live with. If you view a place and can’t get over one aspect, it’s not right for you.
Do I want to make any improvements?
If you’re unable to make compromises on something, don’t forget that you have the flexibility to make improvements with buying a home. You may be able to do some alterations to help improve value and appearance.
However, understandably, this isn’t always a choice for everyone. Renovations can be expensive and time-consuming. You don’t want to bite off more than you can chew. There’s also no one better to ask for help than an expert home inspector who can see all the little details that you might miss.
Is buying my only option?
Most people choose to purchase a home because they seek freedom, and while there is nothing wrong with this, don’t be afraid to consider your other options. Depending on your personal circumstances, renting might be a better alternative for the time being. Yes, you don’t own the place, but you aren’t tied down to a particular area.
Don’t forget that you can also choose to build a home too. This takes some time, but you can design everything down to the layout and materials used.
Do I plan on selling in the future?
Is this home going to be transitional? Or do you plan on living in it forever? Knowing what your future will be will help you decide upon what property is best for you.
If you are thinking of buying and selling, later on, you’ll want to choose a place that has good value. This will help you earn more profit down the track. You may also be a little more flexible and think of making improvements since you won’t be living there for the rest of your life.
Is it the right time?
Finally, the last question to ask yourself when you are looking for a new home is if it is the right time for you. We all have different ways of progressing through life, and depending on where you are at; it might be worth waiting. Your job, desire to travel, and plans for future children all come into play when choosing to settle down and purchase a property.
And that’s it. If you are able to answer all of the questions above, you should be able to go through the entire house-buying process much more quickly. Yes, it might seem like a lot to go through, but it really is better to be prepared, especially when it comes time to make a decision as big as this.
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