Buying a new home is an exciting step. However, it can also be wracked with uncertainty. If you’re in the market for a new home, you have many questions you must answer, including those below. If you know the answers, you’ll be in good shape to start your search.
What Can I Afford?
One of your biggest concerns before buying a home is what you can afford. As a rule, your mortgage payment should be no more than 36% of your income. Pick a home you know you’ll be able to pay off, even in a financial bind. If you know how to calculate your LVR, you can begin looking at a home loan.
Do I Want an Investment Property?
Another thing to consider is whether you want an investment property, which is any building you plan to either recover your money in rental payments, or by reselling it later. You could purchase a duplex and live in the upper or lower half, or you could buy a home, make some updates, and sell it later for profit.
Do I Want to Split the Cost?
Many couples split the cost of a home, if both partners work. If you live alone, or one of you is unemployed, consider buying a home with someone you trust. If you and a sibling know you’ll be in the same area for a long time, consider buying a home together.
Can I Make Renovations?
You may need something specific in your home, like a two car garage or a swimming pool. However, remember that some home changes can be made after buying the house. The leading designers at Bellevista Pools, who are pool builders in Brisbane, can provide you with an expert consultation when you’re ready to make a splash in your backyard.
Do I Want to Buy Immediately?
As a new home buyer, you might feel pressured to take the first good thing you find. Fear of missing out is something realtors know well, so make sure they don’t take advantage of you. The right home for you may turn up next week; it may turn up next month. The housing market always rotates, so you don’t have to make a move unless you’re sure.
Will I Still Want This Home in 20 Years?
When you buy a home, consider the long-term, as well as the short. Your home might be perfect for your family of three, but will it serve your needs throughout the next twenty years? Are you planning on raising a bigger family? Your home should meet your needs for the next few decades, so consider those needs before you buy.