Buying a home is an exciting and overwhelming process. Especially for first-time investors or newly wed couples, there are certain factors that most people overlook. It's important to have list of things to keep in mind before buying a a big purchase such as a house. This list will play a crucial role in narrowing down the home that you want and can fit your budget as well.
#1: Purpose of Buying a Home
Because you will be practically putting years of hard earned money into buying a new home, another question that needs to be answered is: what is the exact purpose of buying this property?
Is it for a primary home? Vacation home? Rental investment? Are you going to flip the home?
Determining your purpose before paying for the house can save you time and money when you feel as though you want to move into a different type of house or want to relocate in an entirely different city.
#2: Type of Home
As you go through the homebuying process, you'd find that there are different types of houses in the market. Single detached homes, bungalow houses, townhouses, villas, even condo properties can be considered as a home.
By already knowing your objective for buying a property, figuring out the type of property you need will now be easier.
If you have a big family then getting a big space that a house can offer might be more reasonable. If your family, however, is rooted near certain business districts for work and/or school, then purchasing a condominium unit ear strategic locations might be a better option.
#3: Location of the Community
You’ve probably heard it countless times that location is an important consideration when it comes to buying a home. Figuring out where you want to live with your family is a crucial step since location affects your social acitivities, hobbies and lifestyle, work, education, and daily commute. Living in a different city or country may have certain effects such as going though homesickness or overcoming culture shock.
While this is not a main priority for everyone, it is important to understand that there are different kinds of neighborhoods. Different neighborhoods have different accessibilities, appearances, ambience, and even nearby amenities.
You may find that some neighborhoods have exclusive subdivisions with their own amenities, being guarded with security. Some neighborhoods may not have secured entrance gates and perimeter fences but offer easy access routes near major roads and have nearby establishments for your convenience.
#4: House Size
For any growing family, the topic of your house size is always an important thing to consider when wanting to move homes. While some people opt to move because they want a change of scenery, it is usually for more practical purposes such as needing more space or needing to be in another location.
Do you plan to have more kids? Growing families often need more rooms to make space for new members in the family. Naturally, the more people you want to accommodate, the more rooms you would need. This means housing options like a condominium unit would probably not suffice should you need more than three rooms for your family.
#5: Set a Budget
This is probably the most important step to put first before anything else. Set a budget for the monthly amortization and stick to it. There are a lot of well-designed houses that looks like your ultimate dream house goals. But it may burn through your finances should you decide to pursue a home you cannot even afford in the first place.
Consider other factors such as your kids' tuition fees, car loans, utility bills, and even credit scores.
Overall
The property you will be looking for should be able to meet your requirements based on your family’s size, the location of your children’s schools or your spouse’s workplace, and the type of property you are looking to acquire. Once you have been able to think about these requirements, the next step would be to drill down the specifics of the kind of property you are looking for.