Everyone have a dream about buying a new home, and is generally an
exciting venture – the thrill of finding a home that you and your family can
enjoy, where you will raise your children, make friends – all the fine things
that home ownership.
However there are several things
that you should think before setting down your hard earned money on a home
purchase.
Does this home make sense? This question means that will
this home make logic for you and your family in the long run? Are you an adolescent
family and hope to develop? Maybe a two bedroom townhome is not the correct
buy. Sure, with one child it may be very convenient. Ideally you should look
for a home that will accommodate you for at least five years. This may mean
forgoing some fancy upgrades, but eventually the cosmetics of a home can be
changed, whereas adding square footage is a whole different ball game.
If there are tons of children in
the neighborhood, and you are a qualified couple who need quiet, then you might
be in the wrong place. Make sure you choose an area that fits your way of life,
whether you’re looking in the city or the border.
Preferably, you want to buy in the best
area you can, even if that means buying a home that may not have all the extras
that you want. Your home is your investment, and eventually the old saying location
will always hold strong. You can’t make extra land, no matter how hard you try.
Still, you can spend in the home that you obtain through renovation.
If you are a dual income couple and
are scheduling on starting a family, you may have only one profit for a while. If
your income was to go downward, would you be able to afford the home? If you do, make sure you financial plan that
into the equation. Factor in the annual tuition to your costs. Any changes in
interest rates could change your mortgage expense in the years to come. Make
sure you can handle any upticks in the interest rates.
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