Buying a house is a serious undertaking for most people. It is perhaps one of the most expensive purchases you will ever have to make in your life. A house is not only a home for you and your family; it is also an investment. If you ever decide to move to a new one you are likely to sell your old house, and the higher the market value, the better for you.
But are you ready to buy a house just yet? Here’s a list of questions you need to answer if you want to determine your readiness to invest in a house.
Can you afford a substantial deposit?
The bigger your deposit, the lower your loan to value ratio. It will be easier to make the monthly payments if you can afford at least 20% deposit. If you will have a difficult time coming up with this amount, however, think about whether you can handle a higher monthly payment.
Do you habitually save your money?
A long habit of saving money is always good for a homebuyer. How your savings look like will help you immensely when it’s time to get that home loan.
How’s your employment record?
This is one more thing that banks always look at before approving a loan application. If your employment record is long and spotless they are more likely to approve the loan.
Can you afford to maintain the house?
Many homebuyers make the mistake of thinking only about the price of the house. They tend to forget or ignore the need to have money for maintenance. You don’t want your new home to fall into disrepair. Can you afford, say, buffer tanks for sale for your air-conditioning system, or dual pane glass replacements in case a window or French door is broken? Roofs take a beating, and their maintenance is very important.
Leaks can cause a multitude of problems, from rot to mould, Masterflow Solutions explains. If you can’t spare money for maintenance, it will be hard to keep your house in good shape.
These are a few of the most important questions you should be able to answer properly to determine whether you’re ready to buy a new home.