Consider These 4 Things Before Buying a House

There comes a time in life when you begin to feel financially stable and ready to put some real roots down. Moving on from the rental life and become a homeowner is a big and thrilling step in life. There are many different reasons as to why you might want to buy and it’s important to make sure you’re doing it for all the right ones. Keep in mind, buying a house is a huge undertaking and a big responsibility. Take note of our things to consider before buying a home before signing on the dotted line. 

Are you interested in buying a home in Orange County? Call Balboa Realty today: 949-386-8310

Buy When You Are Truly Ready

As you get older, you’ll start to notice your friends and coworkers buying houses. This may cause you to feel the pressure to keep up with the crowd and if you don’t you’ll be behind in life. We’re here to debunk this common misconception. Do what is best for you and try and think less of what others are thinking and doing. After all they’re not the ones who will be paying for it or living in it. Take your time to find a house that fits you and your lifestyle without digging too deep into your pockets. Take a deep breath and let go of these outside stressors because at the end of the day it will be your choice and your responsibility. 

Are You Filing a Void?

When emotions are running high it can cause us to make impulsive and irresponsible decisions. After going through a tough time many people want to start fresh and begin a new life, but buying a new home isn’t always the answer. Buying a home will undoubtedly add more stress to your life and if you're already experiencing rough waters this will only add to that. Take some time and heal your wounds and reach a place of peace and happiness so that you are 100% sure you are making the best decision for yourself and your future. 

A House Costs More Than Just a Down Payment 

When you purchase a house the biggest payment that will hit you every month is your mortgage. Even if you are able to negotiate a good mortgage loan there are still other bills for you to pay. When you conduct a home inspection this costs around $250 and closing costs can run you up to 7% of the total price of the house. Even after the closing costs are all paid for, remember that there will be other bills along the way that will be costly such as property taxes and homeowners insurance. Also, life happens, so it’s better to be safe and put money aside for unforeseen circumstances such as a broken washer or dyer, or a clogged drain, or a cracked sink. Your life will be much less stressful when you know you have money in the bank for times in need. 

Consider Your Job Stability 

In today’s society moving jobs is extremely common and people do it frequently…sometimes even every year. Our parent’s generation was taught to get one job, keep it, and slowly work your way up over time. This “slow and steady win the race” mentality works for many people even in today’s times, but it’s also common for people to jump around from different companies and try new positions. With this new found fluidity keep in mind that your salary might fluctuate and that’s something to consider. If your job has a likely potential to relocate you, that is also something to think about. Experts recommend staying in a home for at least 5 years before selling it and moving to make sure you won’t lose any money. 

Published on Thursday, September 7, 2017