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A house is the biggest purchase you will ever make, so don’t make a bad choice.
This process should take careful consideration and thought. What do you want in a home?
Are you just dying to have an in-ground pool? Or is a basement on the essentials list?
So, should I buy a house now? Consider these five important questions first.
1. How Long Do You Plan to Live There?
Where do you see yourself in 5 years? How about 10?
Before you purchase your home, you may want to ask yourself how long you plan on living there. What you need out of the home in 10 years may be different than what you need now (think kids, city vs. suburbs, etc.).
If you’re ready to plant yourself for quite a while, make sure to consider what future you may need. Plan accordingly for bedrooms, bathrooms, location, and more, and you’ll be happier with your choice in the long run.
2. Am I in a Good Financial Spot? Should I Buy a House Now?
The importance of this question cannot be understated! You’ll want to wait until you’re financially stable to purchase a home.
Another thing to consider on the financial front is your credit score. Buying a house with bad credit can be pretty difficult and pricey.
Before going to find homes, you should think about how you’ll pay for the home. Most of us don’t have a couple hundred thousand dollars to spare, so you’ll want to ask yourself: what are my mortgage options?
3. Do I Want a Fixer-Upper?
Are you a creative ready to tear down a house to rebuild your home? Would you prefer to buy something move-in ready instead?
This choice will determine how much effort you need to put in your home to make it livable, so really think about this one.
4. What Is on My Must-Have List?
Time to consider wants vs. needs.
Make a list, make a whole bunch of lists: What do you need? What would be nice?
Consider how many bedrooms and bathrooms you need at minimum. What will future you need (if you plan on staying at your next home for a long time)?
It is necessary to be realistic with your must-have lists when buying a new house, but it’s equally important to not waver too much from your needs.
After all, you know what will make you happy in a home.
5. Is Location Important to Me?
Are you a homebody or do you prefer to spend your free time out of the house? Where do you want to set your roots?
There are many aspects of location to consider when purchasing your new home!
You should think about the convenience. Do you want to go into the city a lot? Do you have a car or need to have access to public transportation?
If you prefer to be home a lot, you may want to spend more money when purchasing a house. If you’re someone who prefers spending their time out and about, maybe those expenses are more important to you than putting it into a home.
Are You Ready for Your New Home?
Feel prepared to purchase your next house?
If you’re asking yourself, “should I buy a house now,” consider these questions at length. This is a significant decision ahead of you, but we know you’ve got this!
Looking for other information like this? Check out the rest of our blog.