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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