There’s so much to consider when buying a home. It’s a real commitment. After all, if there are issues with the neighbors, or a noisy train that passes through in the middle of the night, you can’t just pick up and move like you would with a rental. While it may not be possible to find everything you want in a dream home, here are some things to consider so you come as close as possible.
Out on the Town
We all value different things, so before you buy, make sure the community is in alignment with your lifestyle. What are you passionate about? Do you enjoy shopping locally at farmers’ markets? Or maybe you love live music and theater. A city’s website or social media accounts can give you a sense of the activities and events its community has to offer.
Length of Stay
How long do you plan to stay? This is actually one of the most important things to consider when buying a home. On average, it takes a few years to turn a profit on a property, but each market is different. If the duration of your stay is brief, it may be more cost-effective to simply rent.
If you have children or plan to start a family of your own, then you’ll definitely want to look into the quality of nearby schools. Fortunately, neighborhood statistics are available online so you can take a peek at a school’s budget history and overall rankings.
Noisy environments don’t bother everyone, but if you’re hoping for peace and quiet, make sure to visit a property at different times just to listen, especially on weekends and later in the evening.
Some people use long commutes as a time to listen to audiobooks or podcasts. But traffic can be stressful and tack additional hours onto an already busy workday. Before buying a home, test out the drive or mass transit route during peak hours, so you’re not surprised.
Monthly Costs When Buying a Home
When buying a home there’s so much to keep track of in order to determine your monthly budget. Clearly, saving for a down payment remains the greatest financial obstacle for most homebuyers, but beyond that lump sum, there are other long-term financial commitments.
Aside from your mortgage, some other things to consider are reoccurring expenses like property taxes, utility bills, anticipated repair costs, and homeowner’s insurance. Remember that interest rates depend on the type of mortgage you choose, so payments could fluctuate if it’s not a fixed-rate.
On the upside, smart features and energy-efficient building can help lower some ongoing costs.
Whether you’re a first-time buyer or have experience in the housing market, we hope these tips help you plan ahead. If you’re considering buying a home, our real estate team can help you find the perfect listing. For insider knowledge, contact our office at (925) 595-8047.