AD | Collaborative post
Buying a house will probably be one of the biggest financial decisions you ever have to make. It is the natural order of life, as you leave school, get a job, get married, you eventually will purchase your own house. But how do you know when you are ready for such a big undertaking?
If you find yourself wondering if this next step is right for you, here are some questions to help you decide.
Do you desire change?
If you feel the itch to move out, make a change to your living space, or find yourself dreaming about a new home, then you are probably in the right mental space to buy a home. Being motivated to buy can help the process go smoother, and much more enjoyable in general. There may be times when a house purchase can seem daunting and stressful, so your mindset is going to be key to moving it forward.
While the desire to buy a house is important, there are also other important factors to consider, such as your finances.
Are your finances in good order?
Your finances are the most important part of buying a house. Not only do you need to have the deposit for a purchase, but you also need to cover all the other expenses involved in a house purchase. Unfortunately, this is often one of the biggest things new buyers underestimate. It is therefore important to conduct research and familiarise yourself with the expenses involved with buying a property that are specific to your location. For example, the costs will vary if you are going to buy an existing property, compared to investing in house and land packages. You will also need to ensure you have enough savings to cover the real estate, solicitor, mortgage broker and house mover fees, as well as property and land taxes.
On top of those expenses, you will need to ensure you can afford the monthly payments. This includes the mortgage payment, utility bills, local taxes and living expenses. You may also need to equip your home with utensils, furniture and other essential items if you do not have any of your own stuff before you move.
Are you independent?
Buying a new home is an exciting new adventure, but as soon as you get the keys, you are on your own. This means equipping the house with everything you need, setting up and sorting out all the relevant and necessary utility bills and taxes, cooking your own food, cleaning the home, doing your laundry, staying safe, fixing and maintaining the home, and much more. Would you consider yourself an independent person? Are you ready to take on all of this responsibility? Buying a new home is not just a huge investment financially, but also comes with a range of responsibilities that can often come at the cost of your time and money.
Take some time to reflect and answer these questions honestly, to determine if you are ready to take on the challenge of purchasing a new home.