Purchasing a home is a pretty big deal. It’s likely the biggest purchase you’ll ever make, a long-term, major financial commitment and if you’re planning on living in it and perhaps making it a family home, it will be a huge part of your life forever more.
Naturally, this makes it a big decision that should never be made impulsively. The home-buying process can (and should) be broken down into very specific steps, but we’re just here to talk about the three main things you need to think about on a broader scale. These considerations will help you figure out the best route to take.
Your Budget
Finances are obviously one of the biggest factors that will determine what you can buy. If money wasn’t an object, we’d be purchasing mansions without a second thought, but the reality is that we need to consider our financial situation carefully.
Think about what you can afford, and what you know you can realistically manage to pay off each month on your mortgage for the foreseeable future. Overspending could spell financial trouble for you for years to come, so make sure you’re certain of this.
Don’t forget to factor in smaller home-related expenses, such as regular maintenance and repairs. You’ll want to take a look at reviews of home warranties, home insurance and other add-ons which are crucial for the protection of your assets.
Your Needs
After your finances are in check and you know what you can afford to spend, you need to consider what exactly it is you need from a home. For example, if you work remotely, a good home office space is essential. Kids and pets will definitely require a spacious backyard and if you love cooking meals at home for your family, a tiny kitchen probably isn’t going to make the cut.
Look for houses that fit your needs in terms of space and design too. If this is where you’re going to be building a life, you’re going to want to make sure you enjoy your surroundings.
Home improvement is an option you can consider too – if the house you decide to buy isn’t quite right, you’ll always be able to invest in renovation projects that will improve your life and even increase the resale value of your property.
Your Future
As a huge, long-term investment, buying a home for your current circumstances isn’t wise. You need to think about your future plans, such as where you want to settle down, whether you plan on having kids, growing your family or even relocating in the future. All of these will play a role in your decision in terms of size, space, money, and whether or not it’s a good idea to buy in the first place.
Location plays a huge role here too. For example, if you’re planning on starting a family or already have kids, you’ll need to choose a school in the area. Make sure you pick an area where you can see your family growing and flourishing – work opportunities, good colleges and even friendly neighbours are all important to look out for.
