Since, for most of us, the value of our home represents our single largest financial asset, wouldn’t it make sense to make sure you make the best possible decision when buying by carefully considering those factors, which could be significant and important? Most people consider home ownership to be an important component of the so-called American Dream, so it makes sense to make sure it’s an enjoyable and desirable dream, rather than an ill-conceived nightmare. With that in mind, this article will attempt to consider, examine, review and discuss 5 key factors that wise and well-prepared potential owners should consider and use.
1. Future intentions/purposes: Are you envisioning this as a short-term residence, or your home for life? How do you pursue your future, in terms of lifestyle, specific area/neighborhood, housing and housing features, job security, relocation needs, etc.? Is this something you can afford and that will make you happy in the long run? If you consider it, a starter home, is it located and the type of property most likely to appreciate (or at least maintain its) value?
two. Present and foreseeable needs: What size house do you need and want today? Why are you looking for that? They are called bones of the house, excellent, so that you can do renovations, improvements and improvements, and will they be worth it? Do you expect to continue working in this area, or do you expect to move, in the foreseeable future, due to work situations or other causes? Can you handle the financial aspects and needs of owning a home?
3. Job Security: How safe do you feel, in terms of job security? Are you fairly confident that you will be able to maintain your earning capacity at a similar (or hopefully better) level than it is today? Is there a better chance of staying in this area or moving out of the region?
Four. You may need to move: If you were suddenly out of a job, for a significant period of time, would you be prepared to continue to manage to live in this house? Remember to consider many possibilities, including interest and mortgage principal, energy costs, maintenance, repairs, utilities, etc.! How likely is it that you need to move due to positive or negative circumstances?
5. Specific house and area: Will you enjoy the specific house and area, both in the short term and in the long term? Why do you think that? Before you shop, walk and drive around the area and neighborhood, at various times and days of the week.
While there are many things to consider, it makes sense to focus on these 5 key factors when deciding to buy a home. Will you be a smart home buyer?