If you’re considering buying your own home for the first time – congratulations, you are embarking on one of the most satisfying experiences of your lifetime. There is nothing like walking through the doors of your own home and knowing that it is yours. Of course, there are many routes to getting to that point when the key in the lock is yours and navigating the choices can be extremely challenging. The first step though for first time home buyers is to thoroughly weigh the pros and cons of owning your own home and deciding if being a home owner is the right choice for you.
2 Essential Questions for First Time Home Buyers
The first question you need to ask is what can I afford to buy?
Owning your own home shouldn’t put a crimp in your current lifestyle, but, unfortunately, many first time home buyers buyers find themselves “house-poor”. This means that they have nothing leftover in their budget to enjoy the good things. Everyone deserves to go out to dinner occasionally and if owning the home you want will mean you have to stay in every night eating beans and rice then you should either postpone your purchase or purchase a home in a lower price range. Remember, your first home doesn’t have to be the home you live in for the rest of your life, and you can make improvements to your home as your income increases. CompareMyRates.ca has some helpful hints and tools available to you determine what price range makes the most sense for you.
The second question is what kind of home is the right one for you?
There is a broad range of options that reflect both personal style and financial resources. Homes that are newly constructed, for example, tend to incorporate more energy saving measures and, in addition, offer the opportunity to tailor the home to your preferences allowing the buyer to decide on things such as flooring, fixtures, trim, etc.
On the other hand, older homes are generally located in well-established neighborhoods and may be closer to schools, shopping and entertainment. In fact, the older the neighborhood, the easier it will be for you to find out about the schools, etc. because there is more history on which assessments can be made.
The decision to purchase your own home needs to incorporate your financial situation, but you’ll also need to take your lifestyle needs into account if you want to make a choice that will let you be happy in both the long and short run.