Being a new home buyer can be a very daunting experience if you are uncertain how to prepare yourself for some of the challenging issues that can come up throughout the process.
The Following are Some Questions to Ask Yourself Before Purchasing a New Home.
If you are thinking about purchasing a new home asking yourself these 7 questions can be a great way to avoid hurdles further down the line:
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How is my present credit score?
Your credit score can be a huge factor in whether you have the capacity to buy a home. If you have a poor credit score, it is going to be more difficult to take out a loan for your new home.
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What does my savings account presently look like?
You need to always have a significant amount of savings set aside for home emergencies being a homeowner. This funding should be allocated for emergency home repairs, like a broken A/C unit, or a worn-out water heater.
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Have I considered all the expenses that come with purchasing a home?
There are a lot of additional expenses that come with purchasing a home. Besides your mortgage payments and taxes on the home, you should account for about one to four percent of your home’s value for maintenance annually.
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How secure do I feel in my present job?
Due to the added expenses mentioned above, you should get into a steady and secure career prior to purchasing a home. A loss of income might mean foreclosure on your home in today’s economy. You need to also ask yourself: how am I going to pay my mortgage if I lose my job?
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Am I committed to the surrounding area and location that the home is in?
If you are unhappy with the surrounding area and the location of your home, you are not going to feel strongly tied to the home. Examine the surrounding school systems if you have or plan on having children. Check out the local restaurants and find out which stores and attractions are close. Finding these out before you buy a home can have a huge impact on which home you eventually decide to purchase.
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How long do you plan on living in the home?
Buying a home should be regarded as a long-term investment. If you want to live in one place for only a couple of years, home buying might not be the best choice for you. Usually, a homeowner should live in their home for a minimum of five to seven years prior to reselling the home. When considering this question take into account the following:
- Am I going to be changing jobs anytime soon?
- Do I wish to start a family, and how big do I want it to be?
- Am I going to get married (or divorced)?
- What other kinds of uncertainties may happen within the next five to ten years?
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Am I prepared mentally to be a homeowner?
There are additional aspects to consider other than just the financial factor of purchasing a house. You should be mentally in addition to financially invested in purchasing a home. If your heart is not in it, it might not be the right time for you to buy. Owning a home is somewhat like being in a “long-term relationship” with no easy way out. It is going to be a painful and drawn-out process to resell the home after you have purchased it, so be sure you are ready for the long-term commitment.
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