Buying A Home: How To Tell If It's A Good Buy
Much of buying a home depends on a variety of factors including the intent of investment, your time
It's an age-old dream: grow up. Get married. Have kids.
Recently, though, that dream is changing. In fact, 72% of millennials surveyed ranked becoming a homeowner as the top priority over marriage and children, showing once and for all that the dreams of younger generations are moving in a new direction.
If you're in this age group, it's empirically proven that you more likely than not want to become a homeowner. But when is the right time to take this step? This can be a hard decision. After all, when someone has dreams, they often feel ready to take the leap before they're actually at that point.
Here, we're going to help you decide whether it's time to be buying a home yet. We'll give you the three signs that tell you, definitively, if that home you have your eye on is a good purchase for you now.
Read on to learn more and take the first steps to fulfilling the new American dream.
1. You're Ready
Of course, the first factor signaling that a home is a good buy has nothing to do with the property itself. It has to do with you and what you want out of life. Here, we're going to tackle whether or not you're at the right stage in your life to become a homeowner.
It's the Right Time of Your Life
Everyone's life plan looks a little different, and thankfully so. It's what makes us all unique.
Less thankfully, though, it also makes knowing whether you're in the right place in your life to buy a home more challenging. Owning real estate isn't something you can do just because your peers are buying it. Even if your best friend and his wife have just moved into a new place, you could still be far from ready.
Think about what you want in life and where you're going. Are you settled down, and ready to stay settled down? Unless the answer to this is a resounding yes, there's no reason to buy a home. It makes no sense to purchase land and then leave it after a year or two.
If you plan on getting married and having kids later in life, it's a good idea to consider the implications that this will have on the property you own, too. What if you need to move with a partner or family? Make sure to consider these factors before buying.
Your Finances are In Order
It's also essential to make sure that your finances are in order before you invest in real estate. This means making sure that you have enough for both the down payment on the home and the funds to contribute to your property's upkeep.
You don't want to move into somewhere only to discover that you can't afford to pay the mortgage. This can lead to issues with the local homeowner's society and even to possible eviction.
Even if you can afford the mortgage, you want to make sure that it isn't going to put too big a financial strain on you. It's no fun to be stressed about whether or not you can afford groceries because the mortgage payments on your house are too large for you to handle.
Basically, look into your savings. Make sure that you have enough money in your account to pay for all your finances and needs. Once you're 100% sure that you can afford it, then and only then is it time to begin house-hunting.
2. You Aren't Giving Anything Up
When people go into the arena of shopping for houses, they usually believe that their dream home is out of reach. And while, sure, you probably can't afford a mansion with an indoor pool and dock for your yacht, you can expect to find a home where you aren't giving up anything reasonable.
Here, we're going to help you figure out whether you're giving anything up when buying your home. Because, well ... you shouldn't do that. You shouldn't have to.
It's In the Right Area
People often underestimate the importance of the area that their home is in. This is something you definitely don't want to do. If you're a country boy and decide to buy a house in the city, something's off. Likewise, a city girl won't have a great time buying a little country cottage.
Don't compromise on the setting that you want your home to be in. The place you live has a great impact on your lifestyle, and you don't want to be unhappy with it for the rest of your life.
This doesn't just apply to choosing between urban, suburban, or rural areas. This also applies to choosing your community. Want an area in a predominantly LGBT area? Do you want to live somewhere with a certain age demographic?
The people you live around are the people you interact with every day. Choose the right people. You'll be doing yourself a favor.
The Layout is Perfect
You probably have an idea in mind for the perfect layout of your home. Do you want it to be two floors? Have a specific number of bedrooms? Where do you want the kitchen to be, and how many bathrooms do you want?
Chances are, there's a home out there with exactly the layout you just envisioned. It won't be too hard to find, either, since there's awesome technology that lets you tour homes right from your computer.
These tours let you see a home just as though you were inside it, so why wait?
The Size is Right
Similarly, you probably have a size in mind that you want your home to be. This can vary based on how many people you envision living there as well as what kind of place you like.
Don't compromise on the size of your home. There are so many houses out there that come in all shapes and sizes, so there's really no reason to do this! Remember that you're going to be stuck with your home for a long time, so it's important to make sure it's perfect.
The Property is What You Want
The house itself isn't the only thing that matters when choosing your home. The property is also important. Have you pictured having children or a dog running around your yard? Grilling on a patio? Doing landscaping or gardening in your garden?
Even if these seem like small dreams, even if they seem insignificant, you don't want to wake up one day feeling like you missed out on part of life that you wanted. This is especially the case if you feel like you could have prevented these regrets easily.
It's easy to get a home with the yard, patio, or gardening area you want, so why not? Even if you have to wait a couple years, that's nothing compared to the life you'll be spending in your perfect home.
3. It's In Good Shape
The location and style of the house aren't the only things that you should be adamant about. You also should demand that the house is in good shape and livable before moving in. If your prospective house isn't put together, that's a surefire detail signifying that it isn't time to buy.
The Assets are Up to Date
One thing that you should pay attention to before buying a house is the condition of its assets. By this, we specifically mean the roof and siding. This can cost a lot of money to repair, and as a new homeowner you're going to be strapped for cash anyway.
Plus, there are a lot of homes for sale that have roofing and siding that's just been repaired. It's a good idea to find one of these houses since it will be ready for you without the investment of unnecessary time and money.
Your Insurance is Good
Ah, insurance. It's something that most people learn briefly in high school consumer ed and never think about again, so we've taken the liberty to link a page explaining home insurance here.
In any case, you're going to want good home insurance before you buy a house. If you don't have this, it could cause all sorts of problems for you in the future, like being unable to repair damage or even foreclosure.
There's High Property Value
You're also going to want to buy a house in an area with high property value. This way, if you do ever need to sell your home, you'll know that you can buy a new one since you made a good investment.
Check out this technology that gives you an aerial view of the area in which you might buy a home. You can research the property value — as well as the community — in this fun and interactive way.
Learn More on Buying a Home
Deciding when to buy property and figuring out what home is right for you is a difficult task. There's not only a lot to consider, but the pressure's on. After all, buying real estate is one of the most important life decisions you'll ever make.
Luckily, there are three details that show that buying a home is right for you. If you're in the right place mentally and financially, have a home in mind, and find that home in good shape, it just might be time to invest.
Now you know whether buying a home is in the cards in the near future. If it is, check out awesome realtors near you. These agents will help you to find the best home for your needs and get awesome deals.