3 Things to Consider When Buying Your Next Home

Every buyer has a unique style, which will be reflected in the home they eventually purchase. We’ve helped many buyers secure their ideal home, but they’ve admitted to us that the process wasn’t easy, and there were a lot of things they had to consider before placing an offer. We know that there are many other buyers out there who feel the same way. The following article will give buyers three things to consider before purchasing their next home.

Your Needs and Preferences

It may seem obvious to prioritize your current and future needs when buying your next home, but you’d be surprised how many buyers fail to do so.

Falling in love with a property is natural but needs such as property size and the number of rooms are most important. Remember to think about your current and future needs before deciding on a house. Here are some important questions to ask yourself:

  • Is it important to have multiple floors in your home?
  • Are you planning on starting a family?
  • Do you see yourself living in this house short term or long term?
  • Do you have the time/   patience to take care of your landscaping?

Location 

When you purchase a home, you’re investing in the neighbourhood. It’s important for homebuyers to feel comfortable, safe, and satisfied with their prospective home’s surrounding area.

If you have a family, it might be important for you to find a home that is located near a school and medical facilities (i.e. dentist offices, walk-in clinics, pharmacies, etc.) Furthermore, it might be important to find a place that is close to your work or allow you to take advantage of public transportation.

Finances

At Phoenix Homes, we want all of our customers to feel comfortable and secure in their decision-making process. Before you invest in a new home, it’s important for you to ensure that you completely understand your financial situation. Firstly, you’ll need to know how much money you plan on putting into your down payment. The more money you’re able to put down immediately will allow you to reduce your mortgage payments preventing you from needing to paying more interest than necessary.

If saving for your down payment is proving to be difficult, consider making a few adjustments to your daily spending. Firstly, track all of your spending’s and if you notice costly trends ensure that you address them immediately. Spending money on fast food and food delivery may not seem expensive at the moment, but the cost of eating out can add up quite quickly. Consider downgrading your phone plan to a more affordable one. Furthermore, if you’re subscribed to multiple streaming services (i.e. Netflix, Disney +, Crave, etc.) consider cancelling some. Small and subtle changes to your spending habits can go a long way in securing an optimal down payment.

Be sure to use the mortgage calculator tool on our website for estimates on your monthly payments and total repayable. If you have any questions or concerns when searching for a new home, please contact our office today.