REAL ESTATE SPOTLIGHT: Four Things to Consider When Buying a Home
By Space Coast Daily // May 24, 2018
Buying a home is an incredibly exciting time for everyone, especially if it is your first. However, no matter how excited you might be, buying a home can also undoubtedly be a very stressful time with so many things to do and think about. This is especially true when you realize how large of a monetary commitment a home is.
While working with professionals can help, there are still a lot of things to consider before making the big purchase. In an effort to help make the home buying process easier for you, we’re going to look at four things you should consider and think deeply about before spending hundreds of thousands of dollars on a new home.
What Sort of Home Do You Want?
Before even getting close to purchasing a home, you need to know what you are looking for. There are several different types of homes that are available to purchase. There are condos, apartments, townhouses, lofts and a variety of others.
Warehouse style loft in Dallas, TX.
Each will come with their own different features, options and pricing. You need to think long and hard about your needs and wants out of a home, and simply what style you enjoy the most. Each city will likely have many styles of each type available, so work with a realtor to help identify what you want or search online.
Don’t Forget About Your Budget
Keeping in line with your budget when looking for a house is incredibly important. If you overspend on a house, you will be stuck making payments that you can’t afford for years and years, which can be incredibly daunting. You need to determine your budget by looking at how much of a down payment you can afford, and how much of a mortgage payment you can afford each month.
Unfortunately, it is easier said than done to stick to a budget. There are surely going to be some homes that you fall in love with that are way out of your price range, but don’t succumb to the pressure or desire. A good way to prevent this is to do your best to only check out homes that are within your price range.
The Neighborhood is Important
Location, location, location. You have likely heard that phrase used before and that is because it is incredibly important. You can change, modify and renovate your house as much as you want, but you can’t pick it up and move it to a new location or neighborhood. As a result, it is very important to think long and hard about the neighborhood you live in.
Each neighborhood has different benefits and/or drawbacks. Some people might like being closer to amenities, stores and things to do, while others might prefer a quieter neighborhood closer to parks and playgrounds. Some neighborhoods will also be safer than others, some will have larger lots, and more. You want to visit (day and night) and research neighborhoods of all kinds before choosing one to live in.
Think for the Future
While you might be a single person who only needs a tiny house now, there is a chance you could be married with a child in the next few years. As a result, you shouldn’t only be buying a home for the “current” you, but also for the “future” you. This doesn’t mean overspend, but simply take time to consider the future when shopping for a home.
A house is something you will be paying off for the next few decades, so make sure it is something that fits your lifestyle, no matter what it might be. More space is always better than less, as long as you can afford it.
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