There is a lot that goes into buying a home, but with these 5 home buying tips, you will be able to better prepare yourself for what can be a rigorous and stressful process—hopefully even eliminating some of that stress for yourself, as well!
1) Location, Location, Location
Where are you planning on living? Is it close to your work? Will your children have very far to travel to school? It might be tempting to purchase a home outside of the city—and outside of extreme property prices that usually come with living near the center of things—but if you are going to be traveling in traffic for hours a day, will your quality of life suffer? Make a compromise and decide on an area that is not going to affect your quality of life, while still going easy on your pocketbook. Follow us on our latest blog post to be more updated.
2) Check Out the School
If you have children, you need to check out what the schools are like in the area that you are planning on moving to. Are the schools reputable? How are the teachers? Are there any issues about the students? Do you have children with any special needs—ones that you are going to need a new school to be able to accommodate? There is a lot that goes into picking a new home and how it will affect your children is a big part of the decision.
3) Is Your Property Value Going Up, or Down?
Check the historical property values for the area that you are planning on moving (you can also check on whether or not any major developments will be moving into the area or whether or not it is projected for growth). The last thing you want is to end up with a house that is worth less than you paid for it—pick a thriving, growing area and then pick a great house.
4) Talk to the People Who Will Be Your Neighbors
You are going to be living beside these people, so if you’ve decided on a house, it is a really good idea to get out there and talk to your neighbors before you move in. Are they difficult people to live next to? How do they keep their yard? Do they have loud pets or children? You will be spending potentially a great part of your life next to these people, so it is very smart to make sure that you actually like them before you decide on moving in.
5) You Like it All, but How Much Can You Afford?
So you like the neighborhood, you like the neighbors, you even like the school and the commute—can you afford it? Be realistic here. Will this house cause a significant disruption in your quality of life? Will you have to cut back significantly in order to live here? The bigger your down payment, the smaller your monthly payment will be. So even if the bank will let you make a smaller down payment, it might be smarter to wait until you have some more money saved up—so that you don’t spend the rest of your life paying your mortgage.
A lot goes into making a home purchase, but with these tips you can help single out some key indicators as to whether or not you’re making a good decision, or if it’s something that you might want to take a little more time on. More can be found at our source.