Three Questions You Should Consider Before Purchasing a Home

Buying a home is a decision that shouldn’t be taken lightly. While most people would prefer to buy a new home if they could and the circumstances were right, it takes a bit of time and personal reflection to determine whether or not you’re quite ready to buy a new home. Here are three questions to ask yourself before buying a home.

Is My Credit Good Enough? The better your credit score, the lower your interest rate will likely be. If your credit isn’t quite there you’ll be paying more, but there are things you can do to lower it if you are patient. Paying all your bills on time every month and paying down the balances on credit cards are just a couple examples that can raise your score and save you money when you’re ready to buy a home.

How Long Do I See Myself Living Here? Unless you’re trying to flip houses, buying a home is a long-term commitment. You are free to sell and move whenever you please, but staying in a house for many years often results in the value of the home going up. Experts often say that you should stay in a home for at least five years after buying it.

Am I Aware of All the Hidden Costs? Many costs associated with buying a home aren’t exactly hidden, but they’re not always known to first-time homebuyers. You may have calculated that you’ll be able to pay your mortgage payment, but what about taxes and insurance? Don’t forget the utilities, any repairs necessary, and maintenance costs. Owning a home means you can’t call a landlord to take care of things for you, so be sure you’re ready in case of emergency.

If you have questions for Phoenix Homes, don’t hesitate to give us a call at 613-723-9227.