Owning your first home can be very exciting however, there are important things that you need to consider to completely ensure that you are really ready for this big financial decision. Here’s a checklist that can help you determine if you are prepared for this huge, life-changing step.
Think About Your Finances
It is crucial that you can truly afford to purchase a home. Make sure you are covered financially. Re-assess your current financial situation, know how much your expenses are, your income, and the like. Think about long-term and consider the down payment, maintenance, insurance, taxes, and monthly mortgage. These things matter so make sure you keep everything current before deciding to buy a home.
Think about the Future
Being a homeowner is a long-term responsibility so make sure you also consider your future. Ask yourself the following questions: why are you looking for a house? Is it for business or for future family? Is it for work? Think about your future expenses too. Always have an emergency refund and never ever put all your savings into the down payment. If you get everything right, rest assured that your home will increase its value overtime.
Home buying takes a lot of effort, time, and money so you need to make sure that your investment pays off. If you’re going to move in a year, you might want to wait after that because you’d be forced to sell the house that you just bought at a lesser value.
Ready to Compromise
Congratulations! You've found the perfect home! The next question is, can you afford it? You must be willing to compromise so that you can get the best of both worlds without spending too much. The key is to always stick to your budget. Besides, you can always improve your home in the future.
Home Maintenance is a Must
Homeownership is a huge, on-going responsibility so make sure you know how to take care of your home by regularly maintaining it. From having a leaky faucet to re-painting your walls, these issues must be addressed to ensure that your property will always be in good shape. This will lead you to an instant increase of home value in the future.
Consider all these things before buying and you’ll save yourself from a lot of stress and financial trouble in the future. I’m always available for you if you need help in looking for the right home. Don’t hesitate to contact me for more information.
Sean Blanchette(703) 371-5710Sean@FrontDoorHomes.com
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