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5 Factors to Consider Before You Buy a New Home

Posted by : Premraj | Posted on : Thursday, June 4, 2015

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Buying a home requires a lot of money. When spending that much money, mistakes can cost you a lot. To help you navigate safely through the home buying process, here are some factors you should consider beforehand:

1.Your way of life

You should base your home purchase on your lifestyle; otherwise you will be stuck with a home you don’t enjoy living in. Some people love being in the city, others love the laid back lifestyle of the country where they can raise animals and have a lot of sprawling land.

If you are trying to raise a family, you also have to take their needs into consideration. For instance, a suburban neighborhood is ideal for your kids because they will make a lot of friends and they will grow up with a sense of community. The urban environment offers great exposure to culture and has more career opportunities.

Therefore, while you might want to live life in the country, it might not be the right thing if you want to give your kids maximum exposure. You can buy a well finished luxury condo at http://thecaysatocotillo.com/ and take advantage of an urban and suburban environment.

2. Future expansion

In addition to lifestyle, you should also consider the size of the house you are buying. Will you outgrow a small sized home in a few years? If you have plans to expand the size of your family, buy a house with more room to expand into.

3. Maintenance

The type of house you buy could mean more work for you. If you buy a single unit with a lawn, you will have more work mowing the lawn and performing other maintenance tasks. If you buy a condo, you might forgo all that work.

4. Affordability

Once you have decided on the type of home that is right for you, you have to consider the cost of owning it. Cost includes a lot more than just the price of buying the home.

There are many expenses that you will have to incur as a home owner and you should consider whether they can be comfortably settled through your monthly income. Factor in all costs such as repairs, HOA fees, taxes, insurance, utility bills, maintenance and others.

If the home you want to buy is in a different town or state, check the cost of living in that state to see how it will affect your income. Cost of living can make simple day to day living expenses such as transport or groceries difficult to manage and make your home ownership really expensive.

5. Will you build or will you buy

The last most important factor to consider is whether it will suit you better to build a new home or to buy one that is already done. Most of the time, it’s usually better to buy a home that is complete and avoid all the headache involved in building a home.

Some home owners opt to remodel an old home and sometimes get the wrong results. Other home building mistakes include underestimating the cost of building material, which often leads to half-done projects. Building a home from scratch is also time consuming, therefore, unless you have a lot of time on your hands, you should buy a new home.

About the author

David Kuttner is a photographer, writer, and a father. When he’s not busy writing, he’s most likely spending time with his wife and their two mischievous dogs: Lily and Bart. Visit his site for more.

Comments : 1 Comment | Category : Buying Home, Money Advice, Mortgage, Personal Finance, Planning | Tags :

One comment on “5 Factors to Consider Before You Buy a New Home

  1. Pingback: Family Planning as a Form of Investment - 101 Centavos

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