Is Buying a House For You?

Buying | January 24, 2020 | written by Corbin Chivers

keys in a home door

Whether you’re planning to purchase a new home as an investment or a place to live in, there are many questions you must first answer before going through with the decision. Purchasing a new home, after all, will be one of the biggest choices you’ll ever make, which is why it’s crucial that you take the time needed to get it right.

In this article, we’ll guide you through some of the major concerns and questions for you to look into when buying a home. Find out more about these considerations in the sections below.


  1. What are the needs that buying a new home will address?

Everyone needs a place to live in, but when it comes to finding the right home, different people will have their own unique set of requirements. Find out what your requirements are by first asking yourself why buying a home is necessary. Determine if your current and expected lifestyle calls for you to buy a house or rather to invest in one. Also, answering this question will better allow you to find a house that is best suited for your needs.


  1. Do you actually need to buy a house?

Sometimes, the better option would be for you to rent a home instead. Find out if buying one makes more sense financially by taking into account the price of rent in your desired location, and the time you intend to stay there. Renting could also mean that you have more home options to choose from, so it can be more advantageous.


  1. Are you financially capable of buying a home?

Assess your present financial state because buying a home is a big investment. Think about how much debt you have and what current mortgage rates are like. Also, don’t forget to consider that apart from upfront costs, regular payments, such as real estate property tax, homeowners association fees, utility bills, and maintenance costs, will all factor into your total spending.


  1. Is the property in good condition?

Finding a home that checks all the boxes can be difficult. Ensure to manage your expectations Before you commit to buying a house, make sure you carefully inspect the property to know exactly what you are buying. You can also take this time to determine whether or not the existing structure will allow for new construction and renovation projects to be done now or in the future.


  1. Will you be able to resell the property in the future?

Another important factor is the house’s resale value in case you end up moving again. Even if you intend to live in a property indefinitely, the future is never clearly defined. Ensure your investment will go a long way so review if you’ll be able to make improvements to the property to increase the resale value should you ever choose to move. 


Wrapping up

Buying real estate requires many decisions, and it’s wise for you to consider all the factors that may come into play. With this list of considerations given above, you can get a better overview of what those factors are so that you can make a more informed decision.


If you have more questions regarding buying a house, consult with expert realtors in Langley at Call Corbin today and see how we can best help you!

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