One of the inherent developmental tasks of adult is to provide a home for their family or for themselves. However, this requires careful thought as it does require significant investment. This is where a duly certified and trustworthy estate agent can help by guiding you in the making of the correct decision. Of course, you can do this yourself by making sure that you are clear about what you want in the first place. As such, here are 3 things that you simply have to ask yourself before you buy your first home.
1. Should You Buy or Should You Rent?
There are pros and cons to both buying and renting a real estate property. If you can honestly picture yourself living in that neighbourhood for the rest of your life, then buying a real estate should be your best option. This is especially true if you are deeply connected to that particular community that leaving it is simply not going to happen. Or maybe you simply have too many fond memories of that place that you simply cannot let go.
Now, if you prefer a highly mobile lifestyle, moving from one place to the next, then buying a house is simply not for you. A more viable option will be to just rent a real estate property and when the right opportunity comes along you can all just pack up and move on with your lives.
For the past few decades, there has been a growing trend on families opting to rent than own. Nevertheless, this is something that you clearly have to decide on before you even attempt calling your real estate agent.
2. Will You Be Staying in the Area for Long?
This is actually related to choosing between buying and renting. So, if you do decide to buy a house, make sure to plan to stay in the property for at least 5 years or so. At the very least, should you eventually decide to move, you can capitalise on the home improvements that you have made as well as the appreciation in the property value. You can then use the proceeds of the sale to other more productive endeavours. If you are interested in an area make sure you speak to local people, check out available schools and seek the advice of knowledgable estate agents before you make a decision.
3. How Much Space Do You Really Need?
One of the greatest mistakes of first-time potential homeowners is that they buy homes that are more than what they really need. Some will be looking for a 3-bedroom house complete with other features and amenities yet there are only 3 members of the household – the father, the mother, and a child. The reason why you need to be realistic about what you really need is for practicality. Larger homes simply means higher mortgage and repair and maintenance costs. And if your family is not going to grow, you are simply wasting a lot of your resources. Additionally, your children will naturally want to have their own house, too.
There are other things you need to think about before buying your first house. An estate agent can also help you make a better informed decision.