Your house payment will be a big part of your life for up to 30 years, so be sure that you already have established a household budget before you start your house hunt. Don’t forget to include funds for homeowner’s insurance and repairs and maintenance on the house. After all, you won’t have a landlord to call if something breaks. Additionally, don’t forget to consider taxes. Many experts advise that your house payment, including taxes and insurance, should cost no more than 25 to 30 percent of your monthly income. Remember that no matter how much you want to own a home, or how amazing of a deal a particular home is, if you can’t afford the monthly payment, you shouldn’t buy that house.
Location is one of the most important things to consider when buying a home. This factor influences many parts of your day to day life. First, is it within a reasonable distance from your work? What is the school zone like? How high are the taxes? Additionally, you will want to consider the neighborhood itself. Is it a safe neighborhood? Are the other homes generally in good repair? Homes that are not kept up will bring down your property values, so it’s not just about the condition in which you keep your own house.
Temporary or Permanent
If this house is your forever house, you will want to be a little more particular about the house than if you plan on moving in a few years. Small annoyances that you can tolerate for a year or two can be a big deal when you’ve had to put up with them for decades. Likewise, if this home is a temporary place, you will probably want to buy in an area in which home values are rising.
Don’t just figure out the size of home that you need right now. Look ahead a few years to make sure the home is the right size for your long-term needs. If you plan on having more children, you may want a home slightly larger than what you currently have. If your kids are college age or close to college age, you may want a slightly smaller home as you face an empty nest. If you may be providing elder care in the near future, a home with extra space and accessible bathrooms might be a good choice.
There are many factors to consider when you’re buying a home. Think carefully about these items before you sign papers for a new home.