Ask Yourself These When Buying Your First Home

Buying your first home requires a substantial financial commitment. As such, you shouldn’t leave room for regret to squeeze into the picture. To make sure of that, ask yourself the following questions before you finalise the details of your contract:

How quickly can I get a home loan?

Trick question. Regardless of whether you are buying an existing house or having a new house built, make sure you have been pre-approved for a loan before you start looking at houses. Not only does this help set your budget, but it also helps speed up negotiations with the seller or the builder.

Is this home the right size? What about five years from now?

It’s easy to fall in love with a home the moment you enter the front door, especially when it meets your current needs. Do not fall into this trap. Your first home should be able to meet your needs in both the present and future, ideally five to ten years from now. This is especially important when you have very young children, or if the kids are a few years away from leaving for college.

Would I like living in this particular suburb?

The neighbourhood you live in is just as important as the beauty of your home. After all, a stunning suburb can significantly raise the value of a home. Take the time to research a suburb. Focus on commute times and security.

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