Buying your first house marks the beginning of a new life, and is a milestone you want to have no regrets over. Which makes it something that should definitely not be handled lightly! It is also a major purchase, so you will want to ask yourself some questions before signing the contract.
In this article, I will guide you through some questions that will clarify whether or not you should buy that house. Keep in mind that I’m not here to persuade you to buy a property; rather, I’m here to ensure that you won’t come to regret your decisions later.
With that out of the way, let’s dive into 6 key questions that will help you make the best decision for you.
Question #1 Why Do I Want To Buy?
This is a personal question that you will want to take your time to reflect on. Why do you want to buy a house? What are your motives?
You do not want to buy a house for the wrong motivation, then find yourself full of regret when you have to pay a high mortgage each month. There are various benefits of being a homeowner, but you should also weigh the drawbacks as it is a decisive step.
Question #2 What About Finances?
One important question is evidently whether you have enough money to invest. Make sure that your mortgage repayments won’t go above 25% of your income; you can even go up to 28% if you have no debts. Do not go beyond your ability to repay, as you may have to give up the house if you find yourself unable to keep up with your schedule.
Keep in mind that even after owning a house, there will be other expenses associated with it every month, such as taxes, insurance and so on. If you are unsure, talk to a professional and clarify any doubts and know how much money you will need to invest.
Question #3 Where Should I Buy A House?
Okay! I know that you will think this is a frivolous question, but really, this is the most critical question. While everyone is thinking about aesthetics and money, which is also important, people tend to neglect the location or think it is obvious.
Choosing the right neighbourhood is essential. Remember that some places may be cheaper than others. Also, you will want to run some background checks on the area to know if it will be a good fit for you. Before you move again, you should stay in that house for at least three to five years to break even on the mortgage.
Question #4 Should I Hire A Real Estate Agent?
While you may think it is unnecessary, let me tell you why I believe it is fundamental to hire a real estate agent to help you buy your new home An agent will have more knowledge about potential problems that your house may have, which will make inspections that much easier.
Question #5 What About The Future?
This is one of the most surprising questions you will find on this list, but it has its importance. As I said earlier, you will want to stay for at least five years in this house. If you are thinking about going for a trip around the globe for two years in the near future, then it’s not worth buying right now.
Before buying, it is best to know where you stand and where you are heading. Because if you have to sell your first house in a year, you will have very little, if any, accumulated worth in the property.
Question #6 Am I Ready?
This is the big if not the biggest of all questions. As I said earlier, being a homeowner comes with so many advantages but comes with responsibility too. You will need to be prepared for unexpected expenses at any time.
Do not succumb to the pressure to purchase a property before you are ready. You might be better off renting or leasing a home every year until you feel ready to buy.
To wrap it up….
Asking yourself the questions mentioned above before purchasing your first house will save you a lot of time and money. Because buying a place for the first time is such a significant investment, you must be confident in your decision. Leave a comment down below and tell us if our questions have helped you.