4 points to check before buying a home

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Rudolphe ABEN

4 points to check before buying a home

Buying a home is a long-term investment because it requires getting a loan, using savings for a down payment, and possibly investing in repairs. Whether this is your first home or your fifth, you should always ask yourself these questions to ensure you find a place that perfectly suits your requirements. I hope the following guidelines will help you define your needs more precisely.

Don't rush into buying a home without first doing some serious budgeting

The first and most important requirement for buying property is a stable financial background. Have you been saving up for a down payment? Can you regularly afford the mortgage payments? Make sure this move won't get you into financial trouble in the long run by determining how much of your monthly income can go toward paying off the loan.

“Determine the maximum monthly revolving credit balance you can have without going into debt”.

Your home life and outlook

You won't be able to afford renting or buying for the next year or two. So, before settling on criteria like square footage or number of bedrooms, give some thought to your plans. Possible that you only need two bedrooms right now. To increase your family, however, more will be required. This forethought also extends to other, more concrete concerns. If you're thinking about getting a second car, for instance, you'll need a secure place to keep both of them.

Situation: satisfying your wants and needs

Before beginning your search, give careful consideration to the kind of atmosphere you'd like to have, as you'll be settling in for at least a few years. How about the bustle of a neighborhood? The energy of a commercial district? The ease of being in a location with good public transportation options? Spend some time together as a family figuring out the answers to these questions so that we can settle on a set of shared priorities. Take into account the utmost distance you're willing to commute to work in order to immediately eliminate any homes that are too far from your office (or the kids' school) on the list.

No matter how old or new a home is, the priority and criteria for comfort

Which type of house, new or old, do you prefer? There's no rule against pursuing either market, but knowing which you prefer will help you save energy and zero in on the homes that are the best fit for your requirements. In a broader sense, think about whether you want a private outdoor space, whether you need an elevator, whether you want covered parking, and so on (garden, terrace, balcony). If you prioritize your own criteria, you'll have an easier time sifting through the properties that don't quite measure up.

"To save time and easily identify the properties that meet your request, "you need to have a clear idea of what you prefer."

Talking with everyone in the family is essential if you want to arrive at a consensus on what features are most important to you and what kind of home is best for your situation. The assistance of a real estate firm can be invaluable in defining the essential components of your project.