IS IT TIME TO BUY A NEW HOME?
Purchasing a new home is a highly personal decision based on a variety of factors. When considering a purchase one needs to not only consider your personal situation but also local market conditions, cost of ownership, location, financing cost etc.
The following list of questions can help you think through the process and help you determine if a new home purchase is right for you. An experienced Buyers Agent can help you sort through each of these questions and in addition provide you with valuable local market insight.
THINGS TO CONSIDER WHEN PURCHASING
- How long do you expect to live in your new home?
- Should you consider a New Home or Resale Home?
- What can you afford to pay each month for housing-related expenses?
- What are the total costs of home ownership?
- What type of home or community is right for you?
- How has the home purchase process changed since I bought my last home?
This may also include:
- Mortgage payments (based on various interest rate and term assumptions)
- Property taxes
- Community HOA Fee’s
- Homeowner’s insurance
- Maintenance costs
- Any other special fees?
- Will your housing-related expenses increase or decrease if you purchase a new home? (changes in interest rates can affect the cost of ownership)
- What additional expenses are required to complete a purchase? (closing costs, mortgage fee’s, moving expenses, etc.)
- Will your home ownership costs decline or increase after adjusting for interest expense deductions and property taxes ?
- Are local market prices favorable to purchasing?
- Do you anticipate future prices to increase or decrease?
- Do you qualify for any special mortgage programs that can help lower the cost of home ownership?
I’M RENTING SHOULD I CONSIDER BUYING A HOME?
- What are your total expenses associated with renting (monthly rent, utilities, housing assessment, parking, etc.?)
- How does renting vs. buying factor into your long-term investing goals?
- What are tax advantages if any, if I decide to purchase a home?
- What are your personal preferences regarding the type of home and community you wish to live in?
- What is important to you when choosing a location?
- Do you expect your personal situation to change, in terms of future housing needs?
- Are their specific physical needs you will want to accommodate in your home?
- Do you anticipate your employment to remain the same or change in the future?
- How does a new home purchase factor into your long term financial goals?