Everybody knows that buying a house is one of the biggest and most expensive decisions you’ll make in life. Most homes to cost hundreds of thousands of dollars, and many people need to take out a mortgage to pay for one. This means you could be living in a home and paying down the mortgage for the next 30 years (if not longer). Consequently, you definitely don’t want to rush into homeownership without asking a few questions first. So, in today’s guide, we’re going to take a closer look at 5 important questions to ask before buying a home!
Is this enough space for my family?
Even if you and a spouse are just planning to move in by yourselves, you should always plan for the future. Do you want to have kids? What about pets? Will your parents need to move in with you when they get older? If you answered ‘yes’ to any of these questions, you’ll need to make sure that the house is big enough for your current and future family. Moreover, you’ll need to make sure that it’s big enough to fit all of your possessions. And once you’re ready to move everything into your new home, remember to contact the experts at Black Tie Moving for help!
Is this a safe neighborhood?
Nobody wants to live in a neighborhood with a bad reputation. So, do your homework on the area before you sign the papers. It’s very difficult to back out of a mortgage later on, so if you don’t like the neighborhood once you move in, there’s not much you can do about it. If you have kids, living in a safe area with good schools is especially crucial.
Can I afford this house?
Naturally, you should always do a thorough review of your finances before buying a home. Assuming that you’re getting a mortgage, the lender will review your finances before you can be approved. However, just because you get approved for a loan doesn’t mean that you will be able to afford it 5, 10, or 20 years from now. Therefore, it is vitally important to consider your current and future finances when shopping for a home.
Am I getting a good rate on the mortgage?
At the moment, mortgage rates are much higher than they were just a few years ago. Even getting an interest rate that is one percentage point higher could mean spending thousands of dollars more over the life of the loan. So, always shop around and even consider government subsidies to get a good rate on your mortgage.
Can I see myself living here for the next 30 years?
Many mortgages are fixed at 30 years, which means you will need to consider your long-term plans before making a decision. If you’re unsure about a home, you should think about what you really want for the future. Do you see yourself living here for 30 years or more? If not, why? Asking these questions will help you decide if a home is right for you.
Did you like this guide on 5 important questions to ask before buying a home? If so, be sure to check out some of our other articles on 3 Kids and Us today!