If you’re thinking of buying a house, whether a first-time buyer or somebody buying their first or even second home, it’s a huge investment and commitment that you’re going to need to think about a lot before you decide on the right thing to do. Below, we have a list of important questions to ask yourself before you commit to buy a new home. Take a look and see if you are any better informed afterwards:
Why Do You Want To Buy This House?
First, you need to consider why you want to buy this house. Is it because people are pushing you to buy one? Buying at the wrong time could end in disaster. You can’t give in to peer pressure from your friends, family, or even a partner if you don’t think it’s the right time to buy for you. You need to figure out why you truly want to buy this house, and whether you think that is a good enough reason or not.
Are Your Circumstances Stable?
Alongside knowing why you want to buy the house, you need to know whether your circumstances are stable. Are you secure enough in your circumstances, job and life to commit to a 30 year loan? Are you prepared if something were to change or go wrong? Getting a home-loan can be stressful enough without all of this to think about, but you need to protect the interests of your future self, too. Are you happily married? If not, then it may not be a good idea to buy with your partner. You need brutal honesty surrounding your circumstances before you can make the right choice.
Can You Really Afford The Cost?
Now, you need to consider whether you can truly afford the cost of a new home. You need to have a substantial down payment, as well as regular mortgage payments, bills, maintenance, and anything else that might crop up. Owning a house is expensive. You may also want to consider whether you’ll be able to make improvements and renovations in the future. Remember, just because you’re approved for a set amount doesn’t mean you need to buy a house to use it all up. It’s always better to take less than you are approved for so you can be confident you can afford the house.
Is This Somewhere You’re Going To Be Happy Living For The Next 5 Years?
If you think you’ll want to live in the house for any less than 5 years, you risk losing money. Living in a house for 5 years doesn’t sound like a long time, but it could feel like it in the wrong place. If you’re in the right house, it’ll fly by. Make sure you’re honest with yourself about where you want to be and where you expect to be in the next 5-10 years.
Are you going to take the leap and commit to buying a new home? Leave your thoughts and ideas below!