Buying a house is a major decision and it requires a lot of considerations before coming up with the final decision. This is most especially true if it is your first time to buy a house. It is not enough that you have the money for downpayment. There are still other factors that you need to think about and consider.
And in this post, we will share to you some important factors to consider when buying a house. If you’re thinking about buying a house any time soon then this is a perfect read for you.
- How much is your budget – of course it’s already given that you need to prepare money for the down payment which is usually 20 percent but other than the downpayment, you should also decide how much is your budget for the house that you will buy. It is nice to buy a big house and all but you should be realistic. You should think about the budget that you can afford as well as the type of house suitable for your needs. Well, once you decide on your budget, you can start looking for houses that fall within that range.
- What type of mortgage is suitable for you – applying for a mortgage for the first time can be quite a challenge and confusing for many. There are different types of mortgage so you need to find what suits your lifestyle and income. Most first time borrowers go for the variable type since it is easier to get approval for this type of loan. But you need to check the pros and cons first and see if it matches your financial status. In case you decide for this type of loan, you can check out variable home loan rate from NPBS.
- Do you have a stable job or source of income – you may have the money for the initial payment but the more important question is, do you have a stable job or source of income that can support your mortgage payment? You need to make sure first before making your decision. It would be very difficult and heartbreaking to lose the house because you no longer have money to pay off your mortgage. So it is best to wait for your regularization in the company before jumping into this big decision.
Those are the factors that you need to take into consideration and think very hard and carefully before deciding to spend money buying a house. It is definitely a fulfilling moment in your life to be able to buy a house you can call your own but it will be a lot more meaningful if you can ensure that you are making the right decision and that you’re truly prepared for it.
It is also advisable to consult a realtor to help you deal with the legal side of things. You would need an expert’s advice on how to close a good deal. They will tell you which property is good to buy or what suits your financial state. And that way, you will be more confident that you are going the right direction.