Are you currently in the market to get a new house? If so, and you’ve been looking for several months now, we can understand why you might be getting a bit anxious with the entire process. However, being that buying a new house is ultimately one of the biggest investments that you will ever make, we wanted to remind you that it’s not something that you should do without giving it a lot of thought.
So, in order to help you to end up in the kind of home that you and your family will love being in for years to come, we wanted to recommend five things that you should consider before making an actual offer below: Are you eligible for a mortgage? Before you can move into a house, you’re first going to need to be pre-qualified and then pre-approved for a house loan. When it comes to pre-approval, you’re going to need to make enough money to put down a down payment. Plus, you need to be prepared to have a good credit rating. So, if you don’t have 20 percent of the house you’re looking at already saved up or if your credit rating is low, these are two things that could prevent you from being able to make an offer on a house.
Can you avoid the home that you want? Owning a house is a big financial responsibility. Therefore, it’s important that you ask yourself two questions. The first one is if you can afford to pay your mortgage on time for many years to come and two, can you afford a mortgage along with all of your other living expenses. Trust us when we say that being foreclosed on is one of the last things that you want on your credit history. So make sure that a home, along with your other expenses, are what will fit within your budget.
Will you be willing to live in the house for several years? There are some people who find themselves being super excited about moving into a particular home. However, a couple of years later, they decide that they want to live in another neighborhood or even another state. When that happens, selling the house can sometimes be difficult. Purchasing a new house is a long-term commitment, so you should seriously assess if you plan to be in the one that you want to buy for more than five years (at least).
What is the condition of the neighborhood? Picking the right house is not just about the home itself but the neighborhood too. That’s why you should speak with the neighbors in the area, check out the school zones and look to see how far the closest grocery store is from where you live. Knowing all of these things will help you to figure out which house truly is best for you.
Will this house fit into my long-term plans? If you were to consult with a real estate company about what you should consider before making an offer on a home, one thing they would tell you is that you should ask yourself is if the house that you want will fit into your long-term plans.
For instance, if you’re a newlywed couple with the hopes of having several children, it’s probably not going to be a good idea to move into a three-bedroom house. So, don’t make an offer on a house that you feel won’t accommodate your future needs. Make sure it’s one that you can live comfortably inside of for decades to come.