Buying a home is a major decision. It’s easily one of the most expensive purchases most people make in their lives. Given how much you’re paying for it and how long you’re likely to live in it, it’s important to choose a home you won’t regret buying later. That can be easier said than done, but there are some things you can do to help.
Approach It Financially
The average price of a home reached an all-time high in January. With affordable housing being a growing concern for many, it’s important to take a financially responsible approach to buying a home. Keep in mind that the cost of a home isn’t just the amount you pay for your mortgage. You’ll also have to pay property taxes and may be required to pay for a homeowners insurance policy as well. That doesn’t even touch on the costs of repairs and maintenance or utilities. You’ll regret buying a home you can’t afford in next to no time, so make sure you have a clear understanding of how much home you can afford.
Check Out the Neighborhood
Location is critical in real estate. You should make sure the home’s community meets your expectations before closing on the purchase. You’ll be stuck with your neighbors for a while, not to mention the schools any children you might have will be going to. If you aren’t happy with the schools or if you’re concerned about whether or not you’ll get along with your neighbors, spend some time in the neighborhood. Talk to people. Visit the schools. Drive around the area at different times of the day. That will help you get a feel for whether or not it’s going to be a good fit.
Get It Inspected
Unless you’ve budgeted for repairs, you don’t want to end up saddled with a home that is riddled with problems. Before you close the deal, make sure you get the home inspected. Home inspections look at things like the home’s structure, plumbing, and electrical system and can make you aware of major problems that could be deal-breakers. Be aware that home inspections don’t look at everything, so it’s smart to know what they don’t look for, as well.
One of the worst things you can do when buying a home is to seal the deal on one you end up feeling regret about buying later on. Make sure to approach searching for a new home from a realistic financial perspective, take the time to check out the neighborhood ahead of time, and have it inspected before closing the deal. That will help you feel more confident that the home you choose to buy is going to be a good fit for you in more ways than one.
Read this next: What to Keep in Mind About Insurance When Building a Home