Settling down is a goal most people dream of. To find the perfect home that makes this dream a reality, one takes considerable time.
Unfortunately, buying a home when you’re ill-prepared can lead to frustration, unwelcome surprises, and worst of all, buyer’s remorse.
Buying a home involves a significant investment on your part, and so you simply can’t afford to buy a house that doesn’t meet your expectations. Below are four points to consider before you embark on your home-buying journey.
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- Your finances are in orderWhen obtaining mortgage, get ready for lenders who will scrutinize every aspect of your finances including your personal income, debt, and assets. They will leave no stone unturned to make sure you don’t exceed the debt-to-income ratio limit. Also, if you’re upsizing, you must confirm that you can handle a larger mortgage. Plan a monthly budget that includes all cost aspects of homeownership including property insurance, maintenance, taxes, interest, etc. It’s imperative that your housing and utilities doesn’t exceed 30 to 50% of your gross income to avoid getting into heavy debt or risk foreclosure.
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- Your family is growingHaving a baby or moving your parents in with you can really make a starter home feel instantly smaller. When you need to accommodate new family members, you require more space. You’ll want your new home occupants to be comfortable, have their privacy, and move around freely. Thus, a new home with more rooms, spacious living spaces, and a backyard for a growing family to spend time in is in order.
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- Your quality of life is decliningHow’s the old neighborhood? Is it as peaceful or as vibrant as before? If you see a pattern of neighbors leaving the area, or if the schools are underperforming, the area may no longer be for you. Other signs to look out for include poor public services and planned developments that will compromise the peace and quiet of your community. If the quality of your neighborhood is on the decline, you might need to move to another home.
- Your current home is too expensive to repairSure, you can always repair a home that’s looking a little worse for wear, but sometimes, remodeling and/or upgrading a home can be more expensive than selling it and buying another house. Especially if the repairs are going to take a while, you don’t want to spend weeks or months at a hotel or rental apartment while you wait for the project’s completion. If renovation is just not feasible, you’re better served by buying a new home.
Don’t make costly mistakes when you buy a home. Ensure home-buying success by working with a good Chicago real estate company such as Unique Realty. Check out the testimonials we’ve received from happy clients. Browse the website to see your options. For inquiries, call (847) 971-0674 or email rjames(at)askunique(dotted)com.