Look to the Future when home buying
With today’s interest rates at near record lows, many people are recognizing that a mortgage payment on a house can actually be comparable to what they would spend on renting an apartment or home. Perhaps you’re one of them and are ready to take a step up the property ladder.
For most people, buying a home is the
most significant financial investment they’ll ever make, and there’s a lot of
planning that goes into a successful transition. With that in mind, here are a few tips to
help buyers navigate the home buying process:
Consider
future needs.
Look ahead and anticipate what your family may look like just a few years from
now. If you’re a single buyer, you may
someday add a ‘significant other’ to your household. If you’re a young couple, you may be planning
on children. Or you may already have
children whose needs will change within just the next few years. As they get older, perhaps your children will
need a bedroom of their own, or some private play space. Though additional space may not be needed
immediately, it’s important to consider potential future plans for a home. Keep in mind that there is no such thing as
the "perfect" house. Instead, determine what’s essential for the near
future – number of bedrooms, approximate square footage, community, etc. But be cautious. Look to future needs but don’t overextend
yourself buying space you may not ever need.
Remember resale. Purchasing a home is a great long-term investment.
However, there are many reasons home buyers may need to move again, such as
relocating for a job or a major lifestyle change. Think about the length of
time that the home may be owned and during your search, also consider the potential
resale value of prospective properties you are viewing. Your local
Plan for maintenance and repair costs. Owning a home is a
rewarding experience. However, along with a set of house keys come certain
responsibilities for upkeep. A leaky
faucet and unkempt lawn won’t take care of themselves, so be sure to include future
repairs and maintenance in your household budget. Keep in mind that certain properties such as
condominiums and town homes require less exterior maintenance and might be a
good option for those who find the idea of maintaining a yard a bit daunting.
Want to know
more about the home buying and selling process?
Contact the John Samus Group for the inside scoop on your market.
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