Buying a home is such an exciting time, but it can be easy to get caught up in the house hunt to ask yourself the important questions about your future home. Aside from buying something that you like and can see yourself living in, there is so much more to the house buying process to think through. If you’re buying a house by yourself, its important to think through these questions; and if you’re buying a house with someone else, its even more important to discuss through each of these.
How Much House Can I Afford?
This is so so important to think about before you start looking at houses. Getting a pre-approval or pre-qualification letter only tells you what the bank says you can afford. When it comes down to what you are actually willing to spend per month, it could be very different than what you are qualified to spend. It’s super important to not get overly excited about what the letter states you can spend. I suggest figuring out what you want your monthly payment to be and work backwards to find out what you want to spend.
Do I Want A Renovation Project or Move in Ready?
If you’re looking to buy a house by yourself, this can be pretty easy to figure out. But if you’re purchasing along with someone else, it’s a good idea to get on the same page. Some projects are easier than others and knowing your limits of a project when you walk into a showing will make the search even easier.
Are You Ready To Save For Miscellaneous Expenses?
It’s super easy when you’re renting a home or an apartment to get repairs taken care of. You call up maintenance, they come while you’re at work, you come home and it’s fixed. It can be pretty nice, but when you own a home you have to pay for all those surprise repairs. They might not happen very often, but if you’re struggling to cover your mortgage and other bills, those repairs can become unmanageable. Make sure you allow some in your monthly budget to prepare for surprise repairs and maintenance that you home will require.
I love helping buyers find their new dream home, but it’s critical to think through all the options that you may have before looking at homes. If you have any questions about buying a home, I would love to hear from you. Let me know if you or someone you know are looking to buy a home or sell a home in North Texas.
