So now it’s now been just about 1 year since I purchased my home. Ok so maybe I didn’t actually purchase the home with a pile of cash in hand, but I did commit to a mortgage.
A year later and I’m still extremely satisfied with my decision. It’s not a decision to be taken lightly…both whether to buy at all and what home was the right fit. If you’re contemplating making the move, be sure to take your time and ensure it’s all properly thought through.
Here’s a quick recap of some of the key areas that you need to make sure you have covered:
- Whether you can comfortably afford mortgage payments now and as long as you plan on living there. Don’t forget the expenses beyond your mortgage.
- Do you have enough money saved up for a decent down payment that will secure good interest rates and lower your monthly payments?
- Whether buying in your preferred real estate market makes sense financially long term. Is there a good chance that the home prices will rise?
- Where your ideal home would be located and whether you may be almost as happy in a less expensive area.
- Can you see yourself living in that area both in your preferred time and longer if necessary?
- Which real estate agent do you use? Sure a family friend may be nice, but will they put in the work and help get you the best home and the best price?
- Same deal for a mortgage broker. Do you use your current bank, a 3rd party broker or shop around yourself?
- Which specific factors are most important for you personally when buying a home?
- What do you like and not like about the home you are considering buying?
- Is the home going to need a bunch of work to become a satisfying home?
- Are there any red flags that might reflect big expenses down the road? This is where a good home inspector comes in.
- Is the home a good deal for what you’d be getting?
This is just the bare bones of what you need to think about before making what may be the biggest decision of your life. Do not take this decision lightly and risk losing a lot of money or getting stuck in a home that you are not happy with.