A home is one of the most pertinent investments one could make, both for themselves and their families. It, therefore, follows that careful consideration must be taken to ensure that not only does one get the home of their dreams, but that they also do so in a way that does not negatively impact their future and that of their family. With that understanding, there are a few things that potential, wise home buyers should keep in mind. 

  1. Know your financials – For most people, buying a home will usually involve a bank and some kind of mortgage. This mortgage or any other financial support one gets when buying a home must be paid off sometime in the future. Knowing how much one might be able to avoid when buying a home as well as their monthly payments is something all wise homebuyers ought to keep in mind. Starting with very high monthly payments without looking at one’s financials can be dire because even if one can pay their mortgage today, they may not be able to do so in the future.
  2. Buying cash versus using a mortgage – A mortgage opens up an opportunity to buy a home while staying financially viable. The reason is that one does not have to offer a lot of cash upfront when getting a home using a mortgage compared to buying cash. Even with that being the case, in the long run, most mortgages are usually more expensive than if one bought cash. It is, therefore, better to purchase a home using cash than it is using a mortgage, unless one is not in a financial position where that is possible.
  3. Choose a home, and home environment, that is best for you and your family – Choosing a home in this way calls for careful considerations for other factors beyond the home. For example, one would consider access to public places, schools, and other amenities. When it comes to the home itself, buying a modest home that fits one’s needs while also giving them the choice to expand in case they have kids or something of the sort is something to keep in mind.
  4. Ask about creeping costs – creeping costs is a term used to describe costs that arise after one buys a home. For example, certain repairs might have to be done or certain appliances might have to be swapped out or upgraded. Although buying a home with very low creeping costs can be a bit more expensive than buying one that needs a bit more work, the former gives you a lot of peace of mind in the knowledge that after the home is bought, you will not have to add in more cash for the foreseeable future, bar the mortgage if you have one. Make sure to purchase a home warranty to help offset the expenses that should be expected as appliances and systems need repair.
  5. Know exactly what you are looking for, do not settle – A lot of people settle for homes that they are somewhat happy with compared to ones they like. Making a list of what you need in a house before you go out buying ensures that you get the exact home you need and envisioned, and ensures that you do not move into a house you will not be happy with for perhaps the rest of your life.
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