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You’ve found your perfect home, but before you take the leap and sign on the bottom line, you need to ask yourself some crucial questions.
1. Why do I want to buy a home?
Before you buy a home, you might need to think about what appeals to you about buying and owning a home. Do you like the idea of maintaining your own property and building it around your lifestyle? Are you drawn to the pride you’ll feel when owning a home?
The answers to these questions might need to take into consideration the work that comes with homeownership. But the work is rewarding when you realize you own the property.
2. How do I envision myself in a home?
One aspect to think about when you picture yourself living in a home is the stability your job offers you.
It’s likely that your job will aid in the payment of your home, so it’s good that your job offers you some stability when purchasing a home.
You may also need to take into consideration your personal status when picturing yourself in a home – maybe marriage and growing or starting a family is close in your future. Thinking about this will let you know how much house you’ll need.
3. What are my wants vs my needs?
Chances are, you already have in mind some of the features you want in your new home. Make sure to think about the most important features and how crucial they are to you.
One feature to seriously consider is the location of the home and its distance from your go-to places. Also consider the number and size of the bedrooms and bathrooms, the condition of the home’s appliances, and the age of the house.
While thinking about these factors make sure you understand the difference between your wants and needs in a home. The features you need are things you absolutely must have, like:
- Two bedrooms
- A two-car garage
- A large kitchen
The features you want are things that you wish for in a home, like:
- A pool
- A heated driveway
- A large, ensuite walk-in closet
Knowing the difference between what you need in a home versus what you want will let you quickly narrow down your home search. It’s helping to know the features in a home you absolutely do not want.
4. How can I finance a home?
Buying a home can be a big purchase. There are some things to know when determining if you can afford a home.
For a down payment, it’s usually recommended to put down 20%, as benefits include a lower monthly mortgage payments, a lower interest rate, and more.
However, if you are one of many who don’t have quick access to that much cash, there are some programs that allow lower down payments and will help you pay for your home.
Another factor to know when figuring your ability to afford a home is your credit score. It’s recommended that your score be the best it can, as a higher score can get you lower monthly mortgage payments.
5. What’s the history of the house?
The history of a home might be the deciding factor when deciding to buy or not. You need to be aware of past issues and damage the home has previously had and who fixed these problems, as past issues could lead to other problems in the future.
Make sure to ask the sellers about renovations and upgrades, why they were made, and who did them to ensure the home is still structurally safe. It’s also a good idea to ask the sellers for building permits that repairs and renovations may have needed, just to be cautious.
Getting a home inspection can help you learn more about the house, its condition, and become aware of any future issues you may need to fix if you purchase the home.
Answering the questions above will help you when going through the process of buying your first home. Our real estate agents will also help you along the way and offer expert advice so you can make the best home-buying decisions.
