Buying a house can feel like the next step in adulthood. Often, young couples or professionals feel driven to buy their first home and ignore the dangers of an uncertain market. Buying a home isn’t the kind of investment that a person or family should go into rashly though. There is a lot of thought that goes into it, and it’s a good idea to make sure that you’re buying a house for a good reason.
Long Term Financial Investment. When you’re getting ready to buy your first home, you need to pick a place you’re willing to invest in. The best way to make sure your investment is worth the money you put into it, is to stay at the same location for several years and earn equity. That’s why it’s important to look at both current and future needs. Are there schools in the area? Is it close to work and convenient for groceries? Is the neighbourhood friendly? Location should be your number one priority after your budget.
You’re Ready to Sink in Time and Money. Homeownership is more responsibility than renting. It comes with the perks of being able to paint, decorate, and renovate the way you want, but if things break or need to be fixed, it’s up to you to correct the problem. You need to make sure that after your downpayment and monthly mortgage payments, you still have enough left over to cover a busted pipe or broken dishwasher.
Homeowner Pride. Regardless of whether this is your forever home or a starter home, it’s important to only buy a place you can take pride in. This is your home after all, keeping it clean and in good shape is up to you. If you can take pride in your place, then you’ll be more motivated to keep it looking great. A well maintained home will sell for more when you’re ready to look for your dream home, and after several years and renovations, this home may very well grow into your dream home.
Are you ready to find a home you’re willing to invest in and want to stay for several years? I’m here to help! Call me today at (403) 660-5319.