5 Thing to Consider When Buying a Home
There's no doubt that buying a house is a big decision – one that should not be taken lightly. With so many things to consider, it can be easy to get overwhelmed. But don't worry, we're here to help. In this post, we'll discuss five important things to think about when buying a house. So read on for helpful advice and tips!
1. Location - Things to consider are your commute to work, the schools in the area, and the available amenities (i.e. grocery store, pharmacy) in the area. You should also consider the type of neighbourhood - is it urban, suburban, or rural? This will be important depending on your lifestyle.
2. Size of the house - is it too big or too small for your needs? On average, the ideal square footage is about 600 – 700 square feet per person. The ideal house size is one in which you feel comfortable while also having a high utilization of space - there is no sense in having unused rooms. What about the layout - does it have enough bedrooms and bathrooms for your needs, and is the layout functional for your lifestyle?
3. The age and condition of the house - is it in need of repairs that you don't want to deal with or repairs you are capable of doing yourself? Are you comfortable with how much you'll need to spend on necessary repairs or updates? Also consider the timeline any necessary improvements will take - people have different tolerances for living through a renovation.
4. Future resale value. Very few houses are “forever” homes and therefore, resale value is something you should consider. The most in-demand home types will be different in a retirement community vs a family neighbourhood. Your real estate agent can advise you what features improve resale value in a specific neighbourhood.
5. How much can you afford to spend on a mortgage and monthly payments? Don't forget to factor property taxes, home insurance and utilities into your budgeting. It is recommended that your monthly housing costs should be no more than 32% of your average gross (pre-tax) monthly income.
Buying a house is one of the biggest decisions you will ever make. It’s important to take your time and consider all of your options before making any final decisions. Be sure to communicate with your realtor regularly and ask as many questions as possible. By taking these steps, you can be confident that you are making the best decision for you and yours!