Things you should know before buying a house.

Are you tired of renting and following the agreed terms from a landlord? Considering to be a fur parent but your landlord is not amiable to it? Or - do you feel the excitement of owning a new house? 

Buying a house isn’t as simple as someone might think. For others, it’s actually a tedious task. From reviewing the market value to finding a great location, you will really need to put in a lot of effort if you want to find the perfect home.

Here are a couple of things you may want to consider when house hunting:

1.    Value
When someone is buying a house, the first question we often hear is “How much is it?” or “Can I afford it?”. 

If you find a house that is over your budget, the real question you should be asking is “Is it worth it?”. 

Buying a house that is not in a conducive environment could potentially cost you more in the long run. Fault lines and traffic situations are just some of the factors that should be researched before buying a house. House repairs aren’t cheap. If you somehow bought a house that’s on or near a fault line, you better be ready for some emergency repairs once an earthquake hits. 

Do you drive? How far is the house to your office? Gas is expensive so wasting it in traffic jams are unacceptable. The bottom line is, don’t just look at the price tag. 

2.    Timing
Houses will never depreciate (unless you don’t take care of it). With that being said, waiting for another year or so may potentially cost you more than you have saved. The average mortgage rate of a home loan worth $500,000 last January 2021 was 2.8% and it is projected to increase to at least 3.4% next year. This means that by the time you have decided to finally buy a house, the house will already be more expensive than it is today.

Photo by Travel-Cents on Unsplash 

3.    Future

Always take into consideration your future when purchasing a house. 

Are you planning to get married? Having kids? Do you plan on changing careers? These are the questions you should be asking yourself. If you are planning to get married and have kids, you have to make sure that the house you will be buying is ready for a family. 

Photo by Avi Werde on Unsplash 

          If you plan on changing careers or are open to moving in case your job requires you to, you have to consider if the house you are going to buy is resaleable.

             At the end of the day, always know that buying a house is more than just a purchase, it is a commitment. Everything needs to be researched and studied carefully because it’s not just a house that you are investing in, it is your future - and a place that you will call - Home.