4 Questions To Ask Yourself Before Buying a Home
Buying a home is one of the most important decisions you will make in your entire life ‐‐ and for this reason, it is important to ask plenty of questions when speaking with your realtor and with any potential sellers. However, it is also important to ask yourself a few questions, as well! Because the choice you make when buying a home will affect virtually every aspect of your life, it is important to consider your plans for the future very carefully in order to make the right decision. Here are a few questions that you (and your spouse/family) should ponder before buying a house:
- 1. 1.Urban, rural, or suburban? What type of area would you like to live in? An urban zone that is close to all the action? A tranquil place out in the country where you can disconnect? Or a suburban neighborhood that offers a bit of both worlds? Because properties in these distinct areas tend to vary enormously in terms of price and style, it is usually best to know your answer to this question before beginning the buying process. When answering this question, it is important to take your profession, your hobbies, and your personal preferences into account.
2.How many kids do we plan on having? At the very least, you need to know how many bedrooms your dream house should have! Moreover, kids might also affect other factors of your home buying decision ‐‐ for example, living in an area with a good high school is much more important for families with kids than for young singles.
3.What is my budget? Again, you are going to need to be upfront with your answer to this question when speaking with potential realtors. Your budget will also help determine other important decisions such as what type of neighborhood you would like to live in, and whether or not you are interested in buying a fixer-upper.
4.Can I afford a mortgage? Getting pre-approved for a mortgage is usually the first step when it comes to buying a new home ‐‐ and if you are in doubt, then it is probably a good idea to try lowering your debt-to-income ratio.
Going through with your decision to purchase a house? Check out this Madison Monroe and Associates blog article on maintaining the value of your home!
For more useful tips about managing your finances, we encourage you to visit Madison Monroe and Associates online today!