Since, for most of us, the value of our house, represents our single – biggest, financial asset, wouldn’t it make sense, to ensure, you make the best possible decision, when purchasing, by carefully considering those factors, which might be, significant, and important? Most people consider home ownership, as a major component, of the so – called, American Dream, so, it make sense, to ensure, it is a pleasant, desirable dream, rather than becoming an ill – conceived, nightmare! With that in mind, this article will attempt to, consider, examine, review, and discuss, 5 key factors, wise, well – prepared, potential homeowners, should consider, and utilize.
1. Future intents/ purposes: Are you conceiving this, as a short – term residence, or your house, for – life? How do you pursue your future, in terms of life – style, specific area/ neighborhood, housing accommodations, and features, job security, relocation needs, etc? Is this something, you can afford, and will be happy about, in the longer – term? If you consider it, a starter home, is it located in, and the type of property, most likely, to appreciate in (or, at least, maintain its) value?
2. Present and foreseeable needs: How large a house do you need, and want, today? Why do you seek that? Are the so – called, bones of the house, excellent, so you can make alterations, improvements, and enhancements, and they will be worthwhile? Do you expect to continue working in this area, or do you expect to relocate, in the foreseeable future, because of, either, employment situations, or other causes? Can you handle the financial aspects and necessities of home ownership?
3. Job security: How secure do you feel, in terms of, job security? Are you fairly certain, you will be able to maintain your earning capacity, at a similar (or hopefully, better) level, as you possess, today? Is there more possibility, you will remain in this area, or move, out of the region?
4. Might need to relocate: If you were, suddenly, out of work, for any significant period, would you be prepared, to continue to manage to afford, living in this house? Remember to consider, numerous possibilities, including mortgage interest and principal, energy expense, maintenance, repairs, utilities, etc! How probable is it, you might need to relocate, due to, either, positive or negative circumstances?
5. Specific house, and area: Will you enjoy the specific house, and area, both, in the nearer – term, and the longer – one? Why do you think so? Before buying, walk – around, and drive – around the area and neighborhood, at various times, and days of the week.
While there are many things to consider, it makes sense to focus on these 5 key factors, when you are deciding, to buy a home! Will you be a smart home – buyer?