Buying a new home is an exciting step, but it is major decision that should be entered into with great care and concern. While buying a home may be a dream come true, owning a home is a reality that often comes with more responsibilities than most buyers are unaware of. To determine if you are truly prepared to buy and if the home you are looking at is really the home of your dreams, ask the questions below.
Do You Have The Finances Needed To Take On Home Maintenance and Upkeep?
When you own a home, you may lose your monthly rent payment, but you take on a monthly mortgage payment, homeowners insurance, property taxes, lawn care and landscaping costs and any home maintenance and repairs that often come out of nowhere. You will no longer be able to call your landlord when an appliance breaks or you have a plumbing issue. This means you need to have the cash on hand to pay for these expenses upfront. Also consider if you will need to invest in more furniture and home décor to make your new home feel like yours.
Are You Living Where You Want to Be Long-Term?
If you have the down payment needed to acquire a loan and the finances to maintain your home, the next step is to consider is whether or not you are living where you want to live long-term. If you have not yet confident that your area will be your long-term home, you may want to wait until you are more comfortable committing to a town or city permanently.
Are You in The Career You Want Long-Term?
If you are not fully committed to your current career choice, it may not be the right time to buy. By continuing to rent, you will have more freedom and flexibility to go back to school, try a new career field or relocate for a job opportunity in a new field. While all of these things are still possible when you own a home, they are significantly more difficult to achieve.
What Condition Is the Home In?
Don’t let the external beauty of a home blind you from its true quality. When you find a home that looks good on the outside, you want to make sure it is solid on the inside, too. Be certain you understand the condition the plumbing, wiring, heating, cooling, roof and foundation. Also ask if the home has been checked for asbestos and lead in paint.
What Comes With the Home?
When you find a home that is a strong contender, make sure you are clear as to what fixtures and features come with the home, because missing items will add to your move-in budget. Some common items that may not come with the home when you move in are appliances, window fixtures and garden elements such as fountains, flowers and foliage.
Too often buyers get so caught up in purchasing a home as quickly as possible or before their lease expires, instead of focusing on if they have found the right home and if buying is really their best option. By answering the questions above, you can enter into home ownership educated and ready to take on the commitment and responsibility.