In addition to what to ask your agent, ask yourself the following questions to ensure you’re making the right decision.
1. Can I Afford This House?
Before you start considering homes, take a close look at your finances. Review your monthly bills and estimate how much you can afford to pay each month toward your mortgage and new living expenses.
Also, confirm your ability to afford the down payment and closing costs. A 20% down payment isn’t a requirement, but it helps you save on your monthly mortgage payment. The more you pay upfront, the less you’ll pay over time in mortgage interest.
Many lenders will accept a 3% – 5% down payment. But if you put down less than 20% on a conventional loan, you’ll pay a monthly private mortgage insurance (PMI) fee.
Closing costs are another major expense associated with buying a home. Closing costs typically equal 3% – 6% of the total loan amount. So you’ll need enough money saved to cover your closing costs and down payment before deciding to buy.
2. Does This House Meet All My Needs?
Before you start the home-buying process, make a list of everything to look for in a house. This includes square footage, location and the number of bedrooms and bathrooms. Next, split your list into wants and needs.
For example, maybe you’d prefer a home with four bedrooms, but three is a must-have. You can automatically eliminate any homes with fewer than three bedrooms. Knowing just what you need from a home will make it far easier to take a pass on homes that don’t check all your boxes.
3. Is The Location Close To My Job And Loved Ones?
Consider a home’s proximity to places you frequent. If you have a job outside the home, calculate what your commute would look like and whether it fits with your lifestyle.
Think about how long it would take to drive to see loved ones or reach your favorite grocery store. And check for any nearby landmarks that might cause heavy traffic and increase your commute time.
4. Can I See Myself Living In This Neighborhood?
You must research a neighborhood ahead of time to determine whether it’s a good fit. First, consider the vibe of the neighborhood and whether it has amenities you may prefer, such as sidewalks, bike lanes and parks. Next, when you visit the neighborhood, pay attention to the activity. Do you see neighbors socializing? Do people feel comfortable letting their kids play in the front yard?
Other factors to consider about the neighborhood include:
Its proximity to schools
Nearby grocery stores, restaurants, and other amenities
The neighborhood crime rate
Average neighborhood home price
5. Is This House The Right Size For Me?
For many people, buying a new home means upgrading their space. But some people may move into a similarly sized home or even downsize to a smaller home. In the latter case, ask yourself whether all your belongings will fit.
Pay attention to the storage space available in the home. If you’re unsure you’ll have room for your belongings, ask yourself whether you’d be willing to get rid of some items or pay for a storage unit to store them.
6. Will This House Work For Me Long-Term?
Ask yourself how long you plan to stay in the home. This will help ensure the house will meet your needs throughout your stay. Maybe the home is big enough for your family today, but will it be big enough in 5 years? Is there room to expand your family if you so desire?
If you plan to retire in the home, it’s also important to consider the home’s function. A multistory house might seem attractive when you’re younger, but stairs may become more challenging as you grow older.
For Real Estate needs:
LET ME HELP YOU! CALL ME: +1 404-317-5556