5 Things to Think About When Choosing a Home to Buy
It can be easy to get carried away with excitement after you get pre-approved for a mortgage, but you definitely want to be 100% sure that you are making the right decision when it comes to choosing your home.
Here are 5 things to think about when choosing a home to buy:
(1) Take Your Time
Don’t make any rash decisions. There is a large sum of money on the line and you want to ensure that you are confident with your decision and that you will truly love your new home. There is no room for being wishy-washy here.
As they say in business, location, location, location! Same goes for your personal life and where you choose to live. How far is the commute going to be from work? If you save on a house, but have to travel an extra couple of hours every day, is it worth it? Not to mention, the cost of gas, as well as wear and tear on your vehicle. If you have kids (or if you are planning to), will you be living in close proximity to relatives or family friends who will be able to conveniently care for them? If you are a “downtown person”, will you be happy being more than a 30-minute drive away?
(3) Avoid Becoming House Poor
It is so easy to overlook the financial reality of a situation after you find the house or neighborhood of your dreams. However, being in the home or location of your dreams may lead to a road of stress because you may not be able to enjoy it if all of your money is going towards your mortgage payment. This can lead to buyers remorse and getting yourself into a position that may be hard to get out of. Just like relationships, it is important to think with your head, and not just with your heart.
A great idea would be to try living for a period of time pretending that you have to make the required mortgage payment. See how it goes and how much money you have leftover for actually being able to enjoy your life, pay your other bills, and so on. Create a budget with all of your income and expenses to see the full picture.
(4) Study the Market
Look around the neighborhood and see what other houses are selling for or what they sold for. Asking prices may not be indicative of their true value. Taking the time to do this research will also help set your mind at ease and make you comfortable with your decision to purchase.
(5) Avoid a Home that Needs a Ton of Work
Is the home you are looking at in a great location or going for a good price, but needs a ton of work? Renovations can be extremely costly and take a lot of time. Is it going to be worth it in the long run? Are you going to be happy while you are pretty much in limbo until your renovations are complete? Getting a new home is exciting and being able to settle-in right away definitely seems like a better option.
In summary, buying a home will definitely be one of the most exciting times of your life. You want to be thorough and realistic when going through the decision-making process.
Questions about the mortgage part of it? Contact the mortgage specialists at Ronin Mortgage today! You can even apply for a mortgage online and our Vancouver mortgage brokers will get back to you in a timely fashion. We look forward to helping make your dreams of home ownership a reality!