Buying a home is a huge financial investment and a very huge decision to make. However, times have changed and acquiring a home loan is now easier that it was before. Much like marriage, buying a home is a lifelong commitment. Once you’ve said yes, there is no turning back. However, unlike love, this decision requires using your head instead of your heart. Owning a home always beats the worries of paying rent. For most people, taking a home loan is an immediate solution, but maintaining a healthy savings account is a task. Looking beyond the painted wall, here are things to consider before making a purchase.
Identify the purpose
Weigh the pros and cons of buying a home. The option of buying and renting a home always stand open. Choose wisely based on whether you are moving in on a long-term or short-term basis.
Location is not just an address
Avoid buying a home in secluded areas. You may get the peace and quiet but in case of emergencies, you won’t find help easily. Live close to your necessities. When you save on travel time, you get ample amount of family time.
Save up for down-payment
Buying a house is not an impulsive decision. A home loan is easily available but it’s important to start saving for your down-payment. You will certainly know approximately how much is needed. Calculate and find out if that is something you can pay off. Don’t bite off more than you can chew.
Family, friends, relatives… everyone wants to be a part of this decision. Some may suggest that you take a home loan. But it is you alone who can decide if that’s the best decision to make. Don’t take advice blindly.
Inspect and negotiate
Even if you have a big bank balance, you will still fall short if you haven’t made a wise purchase choice. Some apartments are cheap to acquire but come with a clause. Replacing the furniture, tiling, wiring etc. the list is endless. Inspect the apartment and avoid investing in renovations.
Select an agent carefully
Do a background check on multiple agents until you find one you can trust. Agents are great at pep talks. Don’t get emotionally tied up. Take your time while you make your decision or else you may end up shelling out more than what you’ve bargained for! Keep searching until you find your dream home and invest in a property that fits your budget. Good luck!