When it comes to buying a home, there are some key considerations to keep in mind. While buying a home is one of the most exciting, and emotional experiences you can have in life, it is also an extremely important financial decision. Buying a home touches your heart and your wallet.
Before taking the plunge, smart buyers consider the following four factors:
Financial situation – It is human nature to make purchases equal and often greater than our current income allow. The more we make, the more we spend. Carefully consider not only your financial situation today, but what it will look like in the future. A manageable mortgage payment today could limit where you vacation tomorrow or the size of your daughter’s wedding years down the road.
Location – The number one most important quality for many homes is their location. But smart buyers know to look beyond just the address they will have. For example, make sure your daily commute does not require you to play Frogger across four lanes of traffic. Or ensure the neighboring vacant lot is not zoned for a future night club. There are many things which may not become apparent until after moving in. Now is the time to do your research.
Eye on the future – Life has a funny way of making us adapt. A new, but perhaps unexpected baby may arrive or events like the global pandemic may make working from home more routine. Closely evaluate your future home’s floorplan and try to envision your family growing into it rather than potentially growing t0o big for it.
Your new neighbors – It is best to meet your neighbors before you decide to purchase. Many savvy home buyers will meet their neighbors two or three times before signing on the dotted line. The first visit is an opportunity to get a first impression if you will get along with those living nearby. If your potential new neighbors appear friendly (if not at least tolerable), future visits can be used to pick their brain about the pros and cons of the neighborhood you are considering.