Home purchasing is generally a
thrilling exploration i.e. thrills of purchasing a home that you and your
family like and enjoy, where your children will grow; make their friends and
several things that they make. Although there are several things exist that you
should consider before investing your hard earned income on purchasing the
home.
Will home make sense for the long run?
It means that will this home make sense for you and
your family members in the long run. It depends on your family planning; Are
you a young family and wants to expand? The two bed room home is right to
purchase for this condition. It may be suitable for you if you have only one
child. But if you expect two baby numbers in the coming year you should be
obliged for home shifting within couple of years. You can get any profits
related to transfer taxes and realtor fees that is just not smart purchase.
Preferably you should discover home that will lodge you for at least five
years. It may signify that some fancy upgrades are relinquishing but finally
the home cosmetics can be changed while including square footage is a complete
different ball game.
Have you fallen in love with the home furnishing?
It is the consumers that should think about the
home furnishing before investing their money on home purchasing because home
furnishing are made by developers according to consumers desire for ideal home.
Though you may thought home you bought is not the home you require if all fancy
furniture gone. You can ignore that stairs in three levels home because you
loved the concept of open area of living. You should notice the home thoroughly
when you visited, think that how it should affect your daily life. But if you
have small children then you should also consider the carting baby buggies,
strollers up and down from those stairs then it may be not a great home.
Do you prefer the locality?
If you are a professional couple and desire for
quiet place and locality has many children then it might be a wrong place.
Equally if you have children but there are no place for basket ball hoops and
no school within the walking distance then it might be not a good place for
you. You should ensure that choose that area that fits according to your
lifestyle whether you are looking in town or suburbs.
Can I afford it?
If you are professional couple and have dual income
in family and try to start a family, you may have only one income for a while.
Will the home put financial pressure on you? If your income decreases, would
you be able to afford the home? It is not only depend on you purchase a home
that you can afford but also you should afford it in future. Do you want to
send your children in private schools? Can you afford the annual tuition fees? Don’t
forget to speak with your mortgage broker. Interest rate changes could change
your mortgage payment in future. Ensure that you can afford any ups and downs
in the interest rates.
These
are things that you should consider while purchasing real estate property.
Common sense could rule the day. You should ensure that while purchasing of new
home you leave your rose coloured glasses at home.
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