There are several things to consider when purchasing a home for your family. You’ll need to answer a series of questions about your wants and needs. Whether you’re a first-time home buyer or an experienced investor, here are some key things to remember.
1. Quality of the House
One essential factor is the age of the house. If you’re not looking to renovate, then avoid old houses as they often need a lot of repairs and renovations that might be costly if you don’t have the budget. Consult your realtor to know the updated building codes before buying a home, or consider moving into a more modern one instead.
If you buy an old house, then understand all issues that need fixing. Draft a budget for renovations, repairs, and upgrades for your new home. Once you know how much you expect to spend to renovate, you’re in a better position to bargain with sellers.
Make sure you have enough room for your family. Ensure the kitchen space, bedrooms, and bathrooms fit your family’s needs. Consider the number of people in your family and whether you’re planning on having more children to determine how much space you need.
2. Location
Location is key, specifically for schools. According to NCES, public schools have about 526 students, while private schools have about 166 students on average. You can visit a few schools in the area you wish to buy your home to get a feel of the learning environment there and how much to expect to spend on fees.
Besides schools, consider the proximity to other facilities, like libraries, hospitals, play areas, and your work. Consider how much accessing these facilities will affect your overall expenditure. Various costs, such as fuel, must also be considered when purchasing a home.
Another important factor is your family’s overall security. Consider living in HOA communities, as they have numerous benefits. Social Enterprise explains that 22-24% of citizens live in HOA communities in the US. If your budget allows, then consider moving into such communities as they’re secure.
3. Economic Factors
Make sure you buy a home you can afford. Before purchasing, calculate all your debt and mortgages to help guide you on how much you can spend and the type of flexible plan you need. Check for any hidden costs before you find yourself making payments that you hadn’t budgeted for.
Always consider the market before buying a home, especially if you intend to resell the house. You may ultimately move, get a better job, or need money up-front, so always invest in a profitable house in case of any unexpected change. At the end of the day, a house is an asset, so invest well.
Ensure you can find an insurance plan for the house you want to purchase before purchasing. Buying a house doesn’t guarantee you won’t be a disaster victim. You want to always insure your home with a plan that will not burden your finances but safeguard you from harm or unseen disaster.
4. Understand the Legalities
Talk to your realtor about legal matters before you purchase a home. A savvy realtor will always protect your interests and help guide you through the purchase process so you get the best. This includes negotiations and inspections.
Always take time and read your contract word for word. Look for hidden charges and any words you don’t understand, and have your realtor explain. No one should force you to sign a contract you’re uncomfortable with.
Negotiate and ask for an extension as part of the deal if necessary. Get a lawyer if you suspect your realtor may not be upfront with contract matters. They’ll help you understand what kind of deal you’re getting into and the implications of signing it.
5. Buy a House With the Future in Mind
According to Ruby Home, 40.2% of the movers shifted less than fifty miles from their previous houses to the new ones. Make sure that the home you want to purchase is within a neighborhood whose resale value is profitable. If your old neighborhood has an issue, then consider a different location. Work with a realtor to determine your best options.
Don’t rush to buy a house. Research deeply and check out the property values in the area. Plan long-term. Buying a home is one of the biggest investment decisions you’ll make. Take your time before signing the sale agreement.
