Buying a house is a huge deal. It’s not easy either. A lot of times you look for months for the perfect house and sometimes it doesn’t even pan out. Sometimes you put in an offer and it doesn’t work out. Why put yourself through that if you’re not ready? We put together a list of 4 main questions to ask yourself before you go through it. Be honest with yourself. The housing market is not going anywhere!
1: Why do you want to buy a house?
One of the worst things you can do is buy a house because people are telling you to invest while the market is great. Your parents, friends, coworkers may have some good advice for you after you decide that this is the right move for you but don’t do it just because other people are telling you. Buying a house is a major step in anyone’s life and the worst thing you can do is buy one because others are pressuring you. If you want to buy a house because it feels right, or youre looking for a place to start a family, or you just think its time to move out of the apartment you’ve had since you’re early twenties than do it! A lot of homebuyers that start want a house for one main reason: freedom. If you want to paint orange polka dots on your ceiling and have lime green as an accent wall you can do that. If that’s the real reason you’re buying than do it! Only start the process until you have come to that decision on your own.
2: Can you save up?
Owning is a lot more work than renting. Whenever your hot water tank doesn’t work, the lights flicker, or there’s no heat it is on you to fix it. The costs of owning a home are more than a lot of people realize until after they buy it. Once you sign on the dotted line that house and all of its issues have now become your issues. Most of the time, home buyers think of this when they do their inspection and they see what kind of things will have to be replaced. Keep these things in mind when you start to put in your offer. Remember- you’re going to need to save up some money in order to cover those times when things come up for your house. When the sewer goes or a pipe bursts-all of those things are a surprise. Just ask yourself how much of your income you’re willing to save in order to cover those costs.
3: Will you stay there for the next 5 years?
It will take a normal homebuyer about 5 years to recover from the closing costs alone when buying a home. If you move out sooner, there is a chance you will end up losing money on your initial investment. Also, 5 years is pretty short in the grand scheme of your life. When you’re looking around certain areas ask yourself if you will still want to be here 5 years from now. Can the home accommodate a growing family? Will the area still be safe in the future? All of these things are important to think of- especially if you’re buying your first house.
4: What kind of house do you want?
Think of what you are going to do with the house when you are done with it. Let’s say after 5 years you and your family decide that you need something different. Are you going to sell it? Are you going to fix it up and re-sell it? Are you going to rent it out? If you are going to fix it up make sure that it is something you could foresee in the future or work on it as live in it. Do you have the costs to cover that? If you are going to rent it out after a certain period ask yourself about the location. For example- if you are near a college campus is the area walkable? It may seem far-fetched and into the future but at least you’re thinking ahead and can plan according to what you kind of think may happen.
If all of these questions have easy answers for you then you’re ready! Buying a house is an exciting process. It’s one of the greatest adventures you will ever take in your life. We just want to make sure you’re prepared. If you are buying or selling, we truly do wish you the best of luck. Happy buying! If you are looking to have an easy home buying process, Red Door Real Estate is more than happy to help you. We are opening doors all over WNY- let us help you open yours, just give us a call at 716-768-1177!