You’ve been waiting years to buy a new home and the time has finally arrived! While you are excited, you may have some concerns if your new home will live up to your expectations. Here are some thing to consider when deciding on a new home purchase.
Location
You can’t say enough about the importance of location when deciding on a new home purchase. Many real estate experts consider it a top priority when finding a new home to meet your needs. Consider these factors regarding the home’s location and how it fits in with your lifestyle:
- What is the home’s proximity to shopping and schools?
- What is the crime rate in the area?
- How far will your commute to work be?
- Is the home located in a flood zone?
Budget
You know what you want, but do your wants match your home purchasing budget? A good first step is obtaining a pre-approval for a mortgage loan. Once you know your budget, it will be easier to prioritize home features and decide what you can and can’t live without. Consider what you’ll be comfortable with for a down payment and monthly mortgage note. As the saying goes, you don’t want to become “house poor.”
A mortgage calculator analyses several factors to help you find a home you can afford including home price, down payment, how many years you plan to finance your home, and current interest rates. If you think you may need a little help with budget, there are many mortgage calculators that can help, including this handy mortgage calculator from Zillow.
Space
You need enough space in a new home so that you and your family can live comfortably. It doesn’t make sense to purchase a home that you’ll outgrow in a few years. You’ll need to consider things like the number of bedrooms you’ll need, bathrooms, outdoor space, square footage, and your preferred floor plan.
Give some thought to how you are your family will use the home and property. For example, is there enough outdoor space for entertaining or for the children to run and play outside? Just as a home may be too small to fit your unique needs, it could also be too large. Consider, each room and how you plan to use it before making a final home buying decision.
Property condition
No one wants to spend time and money making home repairs after moving in. You just want to begin enjoying your new home. One way to ensure you won’t be stuck with costly repairs is to have a home inspection completed before buying a new home. A professional home inspector will assess your home’s condition to identify key areas of concern such as foundation, electrical, plumbing, and insulation inadequacies.
You want the purchase of your new home to go off without a hitch. Take some time to do a little research to make sure your home purchase will leave you feeling satisfied. Be sure to have your new home inspected before making a final purchase to identify any potential problems and get those issues resolved, so all you have to do is move in and enjoy!
