If you’re in the market to purchase your first home (or second, or fourth) making a rushed decision is never going to end well. Especially, if you’re trying to find a home that will continue to meet your needs for the next fifteen or twenty years. Before you put an offer on a home, consider the following four questions – to make sure the property is going to last you through life’s milestones.
Will this home work for my needs in the next ten years?
Time goes by much faster than you think; consider how your family is going to change over the next ten years. Will you have additional children or aging parents staying with you? Are your children heading off to university? Purchasing a large five bedroom home for your children when they’re already teenagers is a waste of money and space—especially if they’re planning on moving out within the next decade.
Can I financially afford this home?
No one likes to think about the worst-case scenario, especially if that means a job loss or disability. Before you make the commitment to a high-priced home, consider how your financial obligations are going to be impacted by your purchase. If you’re going to struggle to make your monthly payments, look for a smaller home.
Do I like the neighborhood and community?
Not only should you like the home you’re about to purchase, the community and area matters substantially too. Consider whether you’d like your children growing up in the area and whether there’s anything locally for them to do. Source out parks and schools they’re likely to attend and see what others think of them. If you’re not sure, visit the areas one afternoon and see what a typical day entails.
Am I using my brain or my heart to make a decision?
Many times we allow our heart to step into the equation with a home purchase, which can lead us to trouble down the road. Majority of bidding wars stem from an emotional attachment to the property, which can lead to higher monthly payments and knee-jerk decisions that we often regret later. Make sure that you’re making a decision with a clear head and mind before putting in the offer. It’s always okay to take a night to sleep on the decision—despite what some individuals will try to tell you.