So, while you might be having fun weighing the pros and cons of each house you look at, make sure you take time to think through these 7 life considerations before you make an offer.
It goes without saying that your finances matter when buying a house. Do you have good credit and income that will allow you to be approved for a mortgage? Have you saved the money that you need to make a down payment? Will you have enough money to cover any “surprise” maintenance issues that will come up?
If you aren’t sure about these questions, you might not be ready to buy a house yet.
Why are you interested in buying a house? Does it have anything to do with the fact that most of your friends have purchased or are in the process of purchasing a house? Are you suffering from a fear of missing out?
If the main reason you are thinking about buying a house is because you are trying to “keep up with the Jones,” you are making a mistake.
This is a big decision and not one that should be dictated by your peers.
When you are buying a house you need to think through your lifestyle. If you enjoy entertaining at your house then you want to choose a house that offers you plenty of room to have guests over, and possibly a nice outdoor entertaining area.
If you like to go out for shopping, restaurants and night life, you probably want to look for a place that allows you easy access to these locations.
Are you settled in your career? Is your job reliable? If you have been thinking about making a change in your career, it might not be the right time to buy a house.
If you love your job and can’t imagine making a change, consider what type of commute you are willing to make. That 45-minute commute from your new house might not seem like a big deal at first, but it could quickly get old after several months.
Are you ready to settle down for the long haul? Committing to a 30-year mortgage is a big deal. Not every homeowner is able to sell their house when they feel like it, so you need to make sure you are ready to live there.
If you get bored easily and like to take off to find adventure, it might not be the right time to become a homeowner.
There is a long list of repairs and maintenance that come with owning a home. If you do not have the skills to complete the work on your own, you need to have the finances to hire someone else to do it.
Many renters who purchase their first home are caught off guard by these additional expenses.
If you are currently single, but hoping to get married and have children in the near future you need to keep these plans in mind when choosing a house. Find a house that will meet your current needs along with your future needs.
Buying a house is not a decision to rush into. Think through each area of your life and how buying a house will impact it. Once you do that you will have a better understanding about if you should purchase, and what type of house to look for.