Ready for a house?
Picture this, you’ve been working hard for years. You have a stable career and you live in a one-bedroom apartment. It’s modest but it fits your needs at the time.
Suddenly life is changing fast. You are welcoming a new baby or ready to marry the love of your life and you need more space. So, you begin to inquire about purchasing a home. Unlike renting an apartment space, owning a home is a long-term plan. Before entertaining the idea, here are a few things to keep in mind:
- Purchasing a home is a commitment.
From the decorating to the plumbing, you will sink a large portion of your money into your property. So, it is important to have realistic goals about what you can and cannot afford.
- Savings are key!
Make sure you have enough money in savings for any issues that arise, so that you have some breathing room. For example you may need to spend money on fixing something in the home in the future. Having extra money for emergencies can go a long way from helping alleviate the stress of owning a home. Think ahead and be prepared for anything.
- Know yourself and your budget.
Don’t get distracted by features to a home that are more flashy than functional. It is important to set your budget before you do anything else. It’s very easy to go over budget, given numerous factors that could be outside of your control. According to the Zillow group, Urban buyers are more likely to go over budget than suburban or rural buyers.
- Know your location and what the houses around the area are priced.
Keep in mind the location you want to purchase and do your research. Being knowledge about the community and resources available should absolutely factor into your decision.
- Make a list!
Find what can meet your needs. Are you worried about a long commute to work or are you the type of person that hates the sounds of construction? If you’re not sure then make a list of those needs and find something along those guidelines.
Buying a home can be a time consuming and stressful process, but it will be rewarding in the end. Be cautious! It is ok to walk away from an offer if the house you have your eye on has issues. Life happens and you may face several obstacles on your way to home ownership. Remember that you are planning for the long term don’t be discouraged along the way. You want to be happy in the future so keep that in mind.