Buying a home is an important (and in Markham, a very expensive) decision to make, so you need to make sure that you are ready before making the big purchase. Some good questions to ask yourself are: what do you need in a home, what are the costs associated with home ownership, and are you financially able to purchase a home?
In this blog, I’m going to break down some of these questions in further details, by giving you suggestions to consider when buying a home.
1) How much space do you need? Do you need a house with a backyard and a large driveway? Do you already have, or plan on having kids? Are you perfectly comfortable with a 2-bedroom condo, instead of a house?
2) How long will your commute be? This isn’t necessarily asking about your commute to work. You also need to factor how long your commute will be if you want to visit your friends and family members, and how often you plan to visit them.
3) Why do you want to buy? Are you planning on using your home as an investment vehicle, and hoping it goes up in value? Will you actually live inside of the home you buy? Do you plan on living there long-term?
4) Can you actually afford it? Buying a piece of property is just one of the costs associated with home ownership. While the mortgage is expensive, you need to ask yourself the following as well: can you pay for the home insurance? Can you pay for unexpected repair expenses that come up? Does your home need major repairs? Do you need new furniture? Can you afford the utilities and property taxes?
5) Are there any restrictions? Depending on where the home you want to purchase is located, you need to consider what restrictions might exist. Do they allow pets? Is there a noise curfew in place during certain hours? Is the home going to be difficult to live in for people with disabilities? Does the parking situation meet your needs?
The questions above are just a few considerations you need to take into account. It’s a great idea to talk to friends and family, as they might have insights about things you hadn’t even thought about.
If you’ve got any other tips, be sure to share them as comments below!