Choosing a home can be quite the task. Almost everyone will experience this in their lifetime and making the right choice is important. You get advice from everyone you know weather you want it or not. Everyone has an opinion about home buying. Doing what’s best for you and your family is what you need to focus on. Buying a house is a big deal and needs a lot if thought put into it.
If I were currently looking for a home the first thing I would do is make a wish list. Everyone has things they desire in a home. You may be a young person leaving the nest and ready to be on your own. A small house might be best for a first home. It wouldn’t be as much to keep up with and smaller usually means more affordable. This is ideal when you are starting out on your own.
Maybe you and your spouse are purchasing a new home together? Each of you may have different wish lists. That’s okay but you still may need to compromise on a few things. Keep in mind that you probably won’t get everything on your wish list within your budget. We all want our dream home at a great price but unfortunately that’s not realistic. Finding something you love is possible though.
Determine which things on your lists are absolute musts and what can be added later on.
Many people start looking for a new home when a baby is on the way or if a few kids have already been added to the family. In my personal life we are dealing with this very thing. We have 3 little ones in a very tiny home and a bigger place is something we need soon. Many conversations in our home revolve around this subject because it’s something that will majorly affect our lives. It’s something we need to do soon. It is hard to find that middle ground of jumping quick to make an offer on a house but not waiting too long either. We don’t want to make a bad financial decision but we don’t lose out on a great deal either. However, when it’s the right home that’s meant for me and my family, it will work out.
It makes sense for growing families to move to a larger house. It’s actually quite necessary.
If you are in this situation there are additional things to consider. Space is needed for all of those toys and for the kids to play. A playroom would be nice and plenty of bedrooms and bathrooms depending on how many kids you have. I have 3 kids so a 3 to 4 bedroom home with atleast 2 bathrooms would be perfect for us. Storage is needed, especially when you have kids. Large closets and wall space for storage cubes are so nice. Kids just have a lot of stuff and it needs to go somewhere.
A yard would also be ideal. Kids need to get outside to run around. They have so much energy and need to play hard.
A spacious living room for those family movies nights would be nice. And a kitchen with plenty of room for a dining table to seat the entire family.
After getting a wish list together, I would determine a
budget. In order for a person to do that you need to check about a loan and see if you are able to get pre-approved.
I wouldn’t recommend spending exactly what you are pre-approved for. Putting yourself in a stressful financial situation and becoming house poor is something no one wants. Just because you are pre-approved for a certain amount does not mean you need to spend that much. Wise choices need to be made. Think long term. Will you be able to make the monthly payments down the road? Does the house need work? If purchasing a home with your spouse, will you still be able to afford the home if one of you loses a job?
These are all things I would consider before purchasing a home. Many people don’t think it all through and regret it later. Sit down. Write it out. Talk it out. Plan it out.
Buying a home is a big deal but it’s an exciting experience. Yes, it might be a risk but make the decision within your means. Work hard and make it happen!