So, you’re finally buying your first ever home! Congrats!
Buying a home is both an achievement and a responsibility. It’s one of the biggest long-term investments you will have in your life. So, before you dive in and give your downpayment to your real estate agent, you must first ask yourself these four questions.
How is your financial health?
Before you start looking for houses and falling in love with each and everyone of them, it’s best to check your finances first. Look at your savings and determine if you are prepared for the purchase and the future expenses of a home. This audit will help you to know if you’re really ready to make a big purchase or you need more time to save and prepare. (Read: 5 Ways to Manage Your Finances Amid COVID-19)
My Pope tip: While saving for your home purchase, do not neglect necessary savings as well such as your emergency fund.
Which type of home will suit your needs?
Some people will advice you to buy a house, but you have to ask yourself if it will really suit your needs and lifestyle when you decide to buy your first home. A traditional single-family home is great for a growing family while a condominium at the center of the city will give you access to everything. Each option has pros and cons so ask yourself and decide what your homeownership goals are and which type of property will help you reach these goals.
Which features do you want your ideal home to have?
First, think whether this is a starter home or a forever home. This is perhaps the biggest purchase of your life so you deserve to have a home that fit both your needs and wants as closely as possible. Prepare a checklist of the things you need and want: size and neighborhood, bathroom layout, kitchen needs, pet-friendliness. Take a look at real estate websites so you get a sense of pricing and features that are most important to you. (Read: A Novena Prayer for Finding a New House)
Do you have a good real estate agent?
A real estate agent will help you locate homes that meet your needs and are in your price range. Once you have chosen a home to buy, these professionals can assist you in negotiating the entire purchase process, including making an offer, getting a loan, and completing the necessary paperwork. You need a good real estate agent to protect you from any hassle that you may encounter. Be reminded that most agents receive a commission from the seller.