5 Questions Buyers Should Ask Themselves Before Buying a Home
Today I’m here with five questions every buyer needs to ask themselves before they buy a home.
How Much Can I Afford?
And the first and most important question you should be asking yourselves is how much can I afford every month in my housing costs? Now it’s not so much the end price of your home but it’s how much that monthly cost is. Your principal, interest, taxes, insurance and then any upkeep that you need to do on the home. That’s the most important question you have to ask yourself. So get a budget, understand what you can afford every month in your home.
2. What are my wants and needs?
Number two is what are your wants and your needs. Everyone has their lists of things that they want in a home. But that’s important to prioritize what are the things that I absolutely cannot live without. Do I need a garage? Do I need a deck? Do I need four bedrooms because I have three kids? Whatever those things are understand what your wants are and what your needs are. You may want a pool but you don’t need one. So understand your wants and needs before you buy a home.
3. How will the location affect my purchase?
Number three is how is the location of this home going to affect my purchase? Do I commute? Do I need to be near a bus or a train? Do I want to be in a great school district for my children? Do I want to have a great community? Do I want to be near restaurants and bars? Where do you want to be and how is that location going to affect you? If you are commuting how long is the commute? Do you need to be closer to work or do you want to be further away from work? Understand those things before you look to buy your home.
4. What type of home doe I want?
Number four is what type of home do you want? Are you looking for a condo a co-op or a townhouse or do you want a home? Do you want a single-family residence with a backyard and a driveway? Understand what you’re looking for before. You may need to get out and start seeing them a little bit and understand the differences but you want to understand what kind of home you want before you get out there and look.
5. Am I willing to do work on a home?
And the number five question that you want to ask yourself before buying a home is am I willing to do work. If you’re looking for a house that’s completely done you may be paying a premium for that. So you have to understand that getting something that’s totally done brand new house is going to cost you a little bit more. Are you handy do you want to get the work and build your own equity into the house? Well then look for something that needs a little bit of work and you might pay a little bit less for that. So it all depends on what your motivation is after you move in of what kind of work do you want to do.
So those are our five questions that every home buyer home buyers should ask themselves before buying a home. If you have any questions find us on social on Facebook or Instagram @GibbonsRealEstate. Let us know what you think and if you need any help buying a home we’re here to help. I hope you enjoyed our video remember who you work with matters. Have a great day!