Buying a new house is great for new couples that are starting a family. A new house will be a good starting point for the life that they wish to live together with their future children. Whilst owning your own house is a goal many people have, there are numerous factors that need to be seriously considered first to ensure that your decision will be a good one and will leave you with no regrets.
In this post, we discuss five of the most important factors to consider when buying a new house..
Are you financially stable to buy a new house?
Yes, you wish to buy a house for your family, but are you ready for it? Is your bank account ready for it? Let us be practical, the first thing that you need to consider when buying a house is your financial capability. You need to make sure that you are financially stable and that you have enough money for the down payment. And not only that, it is not advisable to touch your emergency fund because well, for obvious reason, it should be allocated for emergency situations. Therefore, if you are planning to buy a house then you need to cover the down payment without touching your emergency fund.
Do you have a stable job to pay for mortgage?
Of course you should also think about the long term. You may have the money for the down payment but are you ready to pay for the house mortgage in the coming years? You should have a steady source of income or a stable job that will assist you to pay your dues. If you just started with your job then you might want to rethink it. You need to make sure first that your job will last for years, thus can financially support you for a long time.
Is it located in a good neighbourhood?
Have you ever dreamed of living in a great country like Australia? It is indeed a beautiful country with so many charms, which make people from all over the world decide to move there for good. Start looking at houses for sale in Perth, Sydney or Melbourne. Those cities offer great experience for you and the kids as they are located in good neighbourhood.
Do you need to hire an estate agent?
Another factor to think about is if you need to hire an estate agent. You want to look for the best housing deals or get more options - then having a real estate agent is definitely worth a try.
Are you going to live here for good?
Lastly, you should ask yourself if you’re ready to settle down. Owning a house means that you will start to build your life in that place or community. Therefore, you need to make sure that it is what you want for yourself and family.
Answering these questions will help you make better decision whether it's the right time to buy a house or not. You will definitely feel a lot better knowing that you’ve made the right choice.