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| 3 Questions to Ask Yourself Before You Purchase a Home |
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It’s no secret that major life changes often come with a multitude of micro-decisions in their wake. With something as massive as purchasing a home, there are many factors to consider before you cross the t’s and dot the i’s.
While investing in property comes with a vast number of benefits, as with everything else, there’s no such thing as a free lunch. Here are 3 questions you may want to ask yourself before diving head first into the housing market: 1. Are You Prepared to Take On New Responsibilities? One of the biggest things many people take for granted are their landlords. Sure, it can be a hassle to go through an additional party when dealing with repairs, but ultimately it also saves you a lot of trouble. As a homeowner, you will be responsible for resolving issues such as mold and water damage.
Instead of deferring to your landlord’s sources, you will have to come up with your own. However, if you feel this is a fair trade and you will be prepared, there are numerous companies to help you with any and all needs such as restoration with All Dry.
In addition to this, it is your responsibility to cover any areas that will require insurance for instances such as storms and subsequent damage.
2. Is Your Life Stable Enough to Commit to a Owning a Property?
Property is a big ordeal to purchase but is an equally huge endeavor to sell. So, if you are interested in buying a home, it is in your best interest to commit to living in said home for at least 10 years.
Due to this, it is a good idea to consider every possible change you may make in your life. Is your job expected to remain the same in the upcoming years, or will there be any potential changes in your income? Is it possible that your job may wish to transfer you to a new location?
You will want to evaluate not only your financial situation from every angle but your personal one as well. What are your partner or spouse’s expectations for the future? Are they able to commit to the location as much as you?
3. Will Your Family Fit Comfortably?
Because of the long commitment, depending on your age and where you are in in life, you may want to consider other potential factors that could arise while living in a home.
This would include any other transitions within your household including any additional children or any existing children who plan on leaving for college soon. You will want to choose a living space that will fit all the needs of your family size, without needing any extra space.
In addition to children, pets will need to be taken into account. If you have a dog, you will want to choose a home with a sizable yard that matches the needs of your dog’s breed. If he is larger and requires more exercise, more room will be needed than say a smaller breed of dog.
Conclusion:
If you have gone over these questions and find your answers indicate the desire and need for a house, you would be best suited for purchasing property. However, if you hesitated more than once during this question line up, you may want to stay with leasing for the time being.
There are a lot of facets that go into purchasing, maintaining, and then finally selling a home that can include some financial as well as personal upheaval.
Don’t forget, there is also the option of purchasing an apartment instead of a house. With the advent of things like Airbnb this presents additional benefits that are better suited for owning a loft or smaller living space.
By assessing your present and future needs, as well as the additional needs within your household, you will be much more prepared for any property purchase in the long run.
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"The only way of finding the limits of the possible is by going beyond them into the impossible." Arthur C. Clarke |
