Buying a Home – What is Right For You?

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Buying a home is a life-changing decision and possibly the biggest money transaction you make in your life. The least you can do is be mentally present when the deal is being made rather than imagining yourself in every room you walk through. There are a number of considerations you have to make when deciding whether a home is the right one for you. Just because it has a terrace or is airy does not make it the best option.

You have to avoid the pitfalls of making a financial decision when feeling overly emotional; and for that, you need to evaluate the homes you inspect thoroughly. Make a checklist that consists of everything you are looking for in a house.  Then you can go over each house you visit from top to bottom making sure it meets your needs.

Affordability

Can you afford to buy the home you like? The cost of a house isn’t limited to just the price you have to pay for it, but also extends to items like closing costs and any maintenance. In all likelihood, it could take years to pay off the debt you incur when buying a home. You need to be absolutely certain you can bear the extra financial burden. As a general rule of thumb you should not be spending more than a third of your income towards servicing your loan. Only if you can afford it should you even consider negotiating with the seller.

Location

Regardless of how impressive the interior design and architecture of a home are, its location should be just as important. Avoid neighborhoods that are known to be high crime areas. Research the location before you check out the home. This way, you’ll be less disappointed in the future.

Size

The ideal home size for you depends on how many people are going to live there. For a single person, a condo or a studio apartment will suffice. Larger condos can accommodate a family of three or four quite easily. However, if you have more than four people, you are better off searching for townhouses or single-family homes. Along with the number of rooms, also check if there are enough bathrooms.  You would hate to have to share a single bathroom with 4 other members of your family.  Finally, make sure there is enough storage space.

Condition

Does the home require any renovation or repairs? The costs you bear when buying a home can increase quickly if you have to pay for damage restoration as soon as you move in. Before ever closing on a house you should have a thorough inspection completed. From the electrical wiring and plumbing to the foundation and roof, you need to get each and every thing checked. A home in poor condition is likely to demand constant repairs and maintenance, putting a further dent on your pocket.

Sale-ability

On average, people change homes every seven years. Yet, you could have to relocate earlier than that for any number of reasons. If that is ever the case, will you be able to find a buyer who is willing to pay the asking price for your home? It all depends on how saleable your home is. The real estate market is slowly improving however it’s still not in the best shape. It could be a few weeks (or months) before you finally find a buyer.  The ‘right’ home for you might not be the ‘right’ choice for others.

Final Thoughts

Assess any home you are interested in against these factors. They will help you decide whether or not that home is the right one for you. Putting in a little effort can save you a lot of trouble and money in the long run. Plus, it makes your investment worthwhile.

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