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Don’t Buy a Home Before Considering These Factors

HomeBusinessDon’t Buy a Home Before Considering These Factors

When you buy a home, there are a lot of things going on. There is a ton of paperwork and legal jargon that you need to work your way through. It can be easy to just try to rush through this mess as quickly as possible so that you can just get it over with. However, there are a few things that you should seriously consider before buying a home. Consider the following items.

Your Finances

Before buying a home, you need to take a critical look at your financial situation. If you are going to make such a big commitment, you want to be sure that you can afford it. Defaulting on your mortgage payment could cost you your home and all the money that you invested in it. See how much you can afford to make in a down payment. A higher down payment means less interest on your mortgage. Is your monthly income large enough to pay the mortgage on the home?

Use the Home Affordability Calculator to determine your loan amount.

Commitment to Location

If you are going to buy a home, you need to commit to it. Selling a home shortly after buying it can end up being a very costly process. You need to know that you like the area that you’ll be moving to. Do you like the terrain? Some people love open plains, others prefer mountains, and still others love the ocean. Do you like the culture? Culture varies greatly across the United States. The North is very different from the South and West is nearly the opposite of the East in many aspects.

Renting vs Buying

Should you be buying? Or should you be renting? Sometimes renting is a better option than buying. If you are not planning on living in the area for a long time, or are unsure about the move, you may be better off renting. It is very likely that you can find a home to rent that fits your needs and is cheaper than paying a monthly mortgage. Buying a home does allow you to build home equity. You may be able to get a lot of your money back, but that depends on your ability to sell the house at a good price. You’ll have to weigh these pros and cons before committing to a course of action.

Your Family’s Size

Your home needs to be able to fit your family. It’s best to avoid forcing your children to share rooms. A shared room makes it difficult for a child to find a private place that they can consider their own. This will make them want to leave the house when they are upset rather than just go spend time in their room. Sharing a room also often leads to bickering and fighting that can make it hard to have peace and quiet. Don’t just pick a home that fits your current family. Consider the possibility of having more children down the road.

Sustainability

If you care about environmental sustainability, this could really affect your search. You should look for a home that offers thick insulation. This will reduce the power requirements of heating and cooling your home. You can further reduce the power requirements by looking for a smaller home. Avoid homes that use high ceilings. High ceilings require a lot of energy to heat and cool without providing any functionality. A custom home makes more green home features possible. You could include solar panels and energy-efficient appliances.

Neighborhood

Even if you like the general location that you plan to live in, you need to take a closer look at your intended neighborhood. Crime, gangs, and drugs pose a threat to your family’s physical, mental, and emotional well-being. Even a very nice home isn’t worth exposing your family to these things. Fortunately, there are many websites that track and report crimes. You can see how frequently crimes occur and what type of crime they are. You can even see if there are people living nearby with serious crimes in their past. Aside from making sure the neighborhood is safe, you also want a place that is fun for your children. Look for signs of other kids when you tour homes. If you see bikes and toys lying around, that usually means there are plenty of kids at play.

Education

Your children need a good education if they are going to succeed in life. Look at the schooling options nearby. You may even want to visit the schools and tour them if you are seriously considering one of the homes nearby. You should ask about the student body’s academic performance. Try to ask some of the students about their teachers. Check what kinds of advanced classes are offered. You should even see what sort of extra-curricular activities exist.

Mother-in-Law Apartments

For most people, their home is the biggest drain on their financial resources. But it doesn’t have to be this way. If you purchase a home that has a Mother-in-Law apartment, you could turn it into a source of income. You just need to put a lock on the door that separates the apartment from the rest of the home and then rent it out. In some cases, you could cover more than half of your mortgage payment through your rental income. Your tenant will be helping you to buy your home.

Weather

An often-overlooked factor in home buying is the weather and climate of the region you live in. For example, if you live in a place that experiences snow and ice, the location and type of driveway are very important. A steep driveway can be very difficult to go up and down in bad weather. The sun will also be at more of an angle during the winter. If the driveway is on the shaded side, the snow and ice won’t melt as frequently, and you’ll have a very slippery time getting in and out of the house. Other weather patterns to consider are hurricanes, tornadoes, wind, hail, and floods.

Taking all these factors into consideration may seem like a long to-do list. However, if you do, you can rest assured that you have made a smart home purchase. You are much more likely to be satisfied in the long term and your life will be more enjoyable.

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