Buying a home is a big decision that should be given a lot of thought. A lot of people are thinking about buying a house, but even those people who can afford it and have a good credit score are still hesitant to take the leap.
If you wish to buy a home but aren’t quite sure if it’s the right move right now, these questions will help you reach the right decision.
Can you afford it?
Aside from your ability to cover mortgage payments on a monthly basis, there are still a lot of expenses you have to consider when contemplating whether or not you can afford to buy a home. Mortgage payments and other fees will most likely take 20-30% of your monthly income. Are you comfortable spending that much of your income to buy a home?
Is your income dependable?
Buying a property involves a long-term commitment. You may be able to afford a home on your current income, but are you confident that you’ll still be able to afford it in a few years time?
You might want to put off buying a home unless you have a strong sense of certainty about your financial future or are established in your line of work.
Do you plan to stay put?
Most first-time homebuyers do not consider whether or not they’ll be staying permanently when they buy the house. But buying a home wouldn’t make sense unless you are planning to stay there for at least 7 years. Most of the time, it takes this long to recover from all the costs of buying a home.
If you’re not planning on spending the rest of your life in the same house, then you should consider the resale value of the house.
Will you be able to maintain the house?
When you buy a house, the responsibility of maintaining the house comes with it. The hardwood floors you fell in love with are going to need basic maintenance. That floor to ceiling windows need to be washed on a regular basis. The backyard needs to be mowed and the list goes on.
If you are a busy person, it might be extremely difficult to look after those things. So, before you decide if it’s the right house for you, you also have to consider the maintenance.