Preparing for the Big Purchase: What to Do Before Buying a New House
Buying your first house can be stressful, exciting and terrifying all at once. It is a huge decision which will impact your life in many ways in the years to come.
Make sure that the impact on your life and that of your family is positive. Do your research and due diligence so that you consider many of the possible financial obligations which will incur and the potential changes which may affect your choice.
Here are five things to consider when buying a new house which will help you focus your search and make the best possible decision.
1. How Long Do You Expect to Stay?
If you are in your twenties, you may be trying out different cities, careers and even partners. You may not yet know where you want to settle down forever.
If you are in your thirties, you may be married with small children and looking for a place to set down roots.
Where you are in your life will dictate your priorities in buying a house. If you are not committed to a long stay, look for a place with good potential for long or short term rentals or resale. If you are looking to stay for ten years or more, school systems and long term market projections will be more important.
2. How Much Do You Have to Spend?
Work out your budget before you buy your first house. Take into account how your income may grow in the coming years, and how much taxes and other expenses will increase.
You may be able to get a bigger home if you go for an older structure, but do you have the money to fix it up over time? Remodeling and restoration can add value to a house if you do it the right way, but if you can’t afford to maintain your home and keep it modern, it can lose value.
3. Whose Home Is it, Anyway?
Unless you live alone, you must take into account the needs of other family members when buying a new home. Look at commute times for both you and your spouse.
Waterfront property is always a good value, but if you have small children you need to consider safety concerns. If you live with an older relative or someone with mobility issues, you need to look at staircases and other potential hazards as your loved one gets older.
If you want to downsize, make sure you consider your family’s belongings. If your wife treasures her grand piano, you will need accommodations which fit this prized possession!
4. What Changes Do You Expect in the Next Ten Years?
If you have not started a family yet, think about how many children you would like. If your kids are growing up, think about your needs once you become an empty nester.
Do you want to retire soon? How much can you afford on your fixed income? Do you want to get away from snow and cold you get older?
Think about your long term plans when you contemplate your new house. Speaking to experts like the people at Wheaton real estate will help you take many possible situations into account as you decide which house is best for you now and in the future.
5. How Is the Market?
Is the market in your target area growing or in a downturn? How is the economy now and what are expectations for the coming years?
No matter how much you love your home, changes may occur which will bring you somewhere else. You want to make sure you can sell or rent your property if your situation changes.
Buying a New House: Do Your Research
When you are buying a new house, imagine your life in the coming years and how you will live in this new space. If you can see your family growing and changing there, and your budget will accommodate continuous maintenance and upgrades, it may be the right house for you.
For professional advice on finding the house of your dreams in the South Florida area, check out our blog.