Purchasing your dream home will be the biggest and most challenging part of your adult life. It can overwhelm you both in a good and a bad way. In a good way, because you’ve taken a huge step deeper into adulthood after all your hard work. In a bad way, it means it will be stressful. More than you will call for.
Switching from an apartment renter to a homeowner is a big change in your life as well. Now, if you think you’re fit to buy your new home, have you asked yourself these questions?
1. Are You Ready For All The Finances?
Are you setting a firm budget as you save for the house you’re planning to buy? Setting a substantial budget both for your home mortgage and for your down payment shows financial wisdom. How much can you afford? Have you figured this out by your work salary?
Do you have debts or loans that are still waiting for you to pay? It is wise to close all your credit cards to avoid temptation and problems. Have you paid off your student loans and hospital loans?
Aside from that, you need to be ready for every type of emergency because some problems can occur beyond your control. Knock on wood. What if you unexpectedly lose your job? What will you do if your lender won’t comply? Make room for a contingency fund since there will be a higher chance of the project failing if you don’t.
After you get the house, you’re more likely still be paying off the mortgage. With that, there are still more things to do or resolve that cost money, such as moving services, insurances, utilities, homeowner’s association fee, and your furniture and appliances.
These charges will add hundreds to your monthly payment.
2. Are You Mentally Ready?
Financing is one thing, but your mental health is another story. Are you able to handle all of those finances? Are you even ready to settle down? Settling down means more responsibilities, more problems, and challenges to come.
Be sure to take care of yourself before entering a new chapter of your life.
If you have kids, what about them? Did you ask them if they’re ready to move away from a place they’ve grown to get used to? In some cases, children have trouble adjusting to a new place, leading to further problems. So involve them in the decision as well.
3. Have You Considered The Location Of Where You Want To Move?
Do you like the weather there? Did you choose a location where there are fewer thunderstorms or snowstorms? Can your body handle the temperature?
What about your job? How far is your workplace from your future home? Will you consider commuting? Maybe you’re considering finding a new job in which the place is way nearer to your future house.
It is also important if you foresee yourself living happily in the new area you’re about to move into. Whether it’s near to places you would love to go to regularly, like restaurants, grocery stores, parks, or gyms.
4. Are You Able To Fix A Broken Sink?
Not only will the leak be stressful, but it can add to your water utility bill. Plus, poor plumbing can affect your entire waterline or lead to disastrous long-term leaks you might not even find out about until it's too late. Although you will need a professional plumber to fix your kitchen or bathroom faucet, it is still important that you’re knowledgeable about these things.
There’s more. What about your dishwasher or your washing machine? How about your water heater and air conditioning? Do you even know how to install a light bulb? A lot of Millennials and Gen Z do not know how to change light bulbs, along with some older people as well.
Why Buy A Property Anyway When I Have A Perfectly Nice Home That I Rent?
While buying a new house is demanding and overwhelming, it will be a huge achievement on your part, and you will be thanking yourself someday. Owning a fully paid house is a weight off your shoulders. It will definitely be emotionally rewarding. Plus, you will get a lot of benefits from it.
As years pass by, the value of your house increases so you can get more money. When you own a property, the money you spend on your mortgage every month as you’re improving your home guarantees a long-term investment benefit for you instead of a landlord.
Whereas if you rent, you would most likely stress out because the bills get higher every once in a while. Then all the benefits go to the landlord, leaving you with nothing but financial and emotional issues.
Everybody is still different and has different perspectives and opinions. Owning a property may not be the right choice for some people. It requires a rich sense of responsibility and obligation and a certain level of financial and emotional stability.
Therefore, don’t be too reckless in your settlements when looking for a dream home. You only know what’s best for you, and don’t let others decide for you in regards to dream house decisions unless you’re sure they’re trustworthy.
