What to Consider When Buying a Home

Kennith Bogan

There are many variables that you need to consider when buying a home. For instance, you should consider the qualities of the neighborhood in which the house is located before making an offer. It may also be a good idea to determine how easy it will be to sell the property in the future. Contemplating these questions now may improve your odds of making the right decision with your money.

What Are Your Needs?

When you start your house hunting journey, it is important to know what you need from a home. For instance, a single person may only need two bedrooms while a parent who runs a business may need three bedrooms and a dedicated office space. Other needs may include multiple bathrooms in the home or a kitchen that has good sight lines to the backyard.

What’s Your Price Point?

Setting your budget ahead of time is worthwhile because you don’t want to be house poor. Furthermore, a lendermay offer to loan more money than you can reasonably afford to repay. When considering your ideal price point, make sure to consider taxes and insurance on top of the principle and interest portion of your monthly payment.

How Much Can You Afford to Put Down?

To obtain a conventional loan, you must put 20 percent of the purchase price down when the deal closes. However, FHA, VA and USDA loans may allow you to put down 5 percent or less of the purchase price. You also have the opportunity to ask others to make the down payment for you. Therefore, these alternate loan options may be best for those who can’t afford a down payment or don’t want to deplete their savings.

Are There Good Schools Nearby?

If you plan on staying in your home for several years, you will want to live in an area that has quality schools. One benefit to doing so is that your home will be easier to sell whenever you want to leave. Another benefit is that your future children will have a quality education in an area where there are likely to be other kids their age. This increases the odds that you develop relationships with other parents, which gives everyone an incentive to create safer neighborhoods.

How Much Space Do You Need?

Lot sizes are generally smaller in the city compared to the country. Therefore, if you need a lot of space for hunting, fishing or other activities, it may be best to live in a more rural area. However, if you don’t mind being close to your neighbors, homes in the city may represent a good value. Real estate agents from Voyager Village may be able to help you decide where to live.

Buying a home is a decision that can have significant short and long-term consequences. Generally, you should plan to live in a home for at least three to five years. Therefore, be sure to pick a property that can meet both your current and future needs.

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