Purchasing your very own home is definitely one of the most common items that top the list of any adult’s bucket list. This is an achievement of a lifetime, given that a house also is one of the best assets for anyone to ever own. It doesn’t even have to be a mansion for it to be the best home for you. From small apartments to condominiums to a bungalow or a house with a sprawling garden, a house is truly a home when you make it yours in deed.
But, before enjoying the benefits of becoming a homeowner, you’ll first have to go through the stringent and possibly daunting process of buying a house. Particularly as of writing where there are yet so many restrictions in place, all the more that you’ve got to prepare for and thoroughly go through the house-buying journey.
To help you out, here’s a list of some of the most important factors that can help determine whether a house will turn out to be your home:
1. Job Security
In 2021, one of the most important factors that now come into play when making big financial decisions is your job security. The pandemic has seen so many lose their jobs over the past year. Even those who thought of their jobs as stable now have fallen victim to this economic downturn as well.
So, before making a splurge or a big purchase like your home, start by thinking of how secure your job is at the moment, and perhaps for the next five years. Especially if you’ve already got children right now, this becomes a very important decision to factor in all the more.
The key is to make sure that the down payment required and the subsequent mortgage payments on the house you’re looking to buy won’t burn a hole in your pocket or put you in debt. If you’ve always wanted to have a five-bedroom house, but perhaps this is now a tad bit too ambitious financially, then there’s no harm in downsizing your options.
2. Features You’ve Always Wanted
Among all other factors to have in mind, remember too that this is your home. So, you’ll also need to have in mind those factors that you want and need in a home. Reputable agencies like Windermere Real Estate have a wide selection of houses, each with different features, so you can kickstart your search there.
For example, you’re a big family that loves to host events. A big garden and a sizable kitchen would come in handy. But, if the kids are now older and they’re soon off on their own to college, you may not really need that swimming pool or an extra room dedicated as a play area.
The features you want can also influence the price of the home you’re keen on buying, so make sure you list this all down first before finally deciding on one.
The location of the house is another thing you have to consider. For most buyers, this would mean that the home is accessible to and from their job or the kids’ school. Most importantly, it has to have the basic needs nearby, like a supermarket and a hospital.
A good location will always make your home a great asset. This means that over time, its value will continue to appreciate. If the time comes for you to sell that house, you can have a better profit out of it simply because the location is great.
The size of your home is another personal choice. This will depend on the number of people who will be living in the house and also the use and potential of your house.
For example, a one-bedroom house is a bad purchase if you’re a family with three kids. The reverse is true, too. If you don’t really need to have six bedrooms, then don’t go for that option, either. There’s no need to pay more for space that you won’t end up using regularly.
5. Neighborhood and Surrounding Area
As much as possible, you’ll want to buy a home with a good reputation as to its surrounding area. Surely you wouldn’t want your kids to be playing in your garden, exposed to the dangers surrounding it if the home is situated in a place where crime rates are high.
Take the time to get to know the reputation of the house’s surrounding area. Most importantly, the neighborhood should also suit your needs. Are you the type who prefers city living? Or would you rather be in a less urbanized neighborhood?
With these tips, you can now make that plan to buy a home now a reality. Without a doubt, buying a house is going to be one of the biggest and most significant decisions you’ll ever make in your life.
It's’ for this reason that you truly have to be careful about factoring in everything that will affect not just your current decision but even your future financial situation. Keep these tips in mind so that buying your house won’t feel like such a dragging process. Rather, it’s something for you now to enjoy and cherish, as it’s often also just a one-time thing.