3 Tips for Buying a New Home
Buying a new home is one of the most exciting steps you’ll take – after all it’s where you’ll likely spend the next few years of your life and is probably the biggest financial investment you will make.
Whether you’re just starting the process or are already looking at a few apartments near Scottsdale and houses you want to buy, check out my top 3 tips for buying a new home to help you make the best decision for you and your family.
1. Think Long Term
You’re going to want to think in the long haul when you are buying your next home. While it’s easy to focus purely on your new home, make sure you think about maximising the value of your current home before you sell.
Buying a house is actually a very expensive process, when you consider all the lawyers fees, where the commission goes, time spent renting if your home sale doesn’t line up with the property your buying, any money you lose or have to pay in expenses in your previous property – the list goes on. As such, I think most of us realise it’s sensible to buy a home that’s going to last us a while. Not only will this save you a lot of stress of having to move, but it will also mean that you can sit in your house and wait for the value to go up before you consider a sale. If you’re recently married and hoping to have a family soon, purchasing a one bedroom home probably isn’t the smartest move for your family. Likewise, if your children are grown and about to move out of home, then moving to a giant house might not make sense for this stage of your life. Think about your changing needs and what kind of property will best suit them. Whether you’re buying something local, or further afield, how long it will work for your family is something you should consider before spending a penny.
2. Make a Budget and Respect it
It’s easy to get caught up in the emotions of buying a new house – you’ll likely see a few you just love that are “just outside your budget” but when you consider what a more expensive house means for your family financially, often it’s not worth it. I think the smartest thing you can do is sit down – either as a family or with your financial advisor – and discuss what your budget is. This can be made up of a few numbers such as your “ideal max” and then your “absolute max” – the amount you’re prepared to spend for your dream home if it comes up.
3. Hire Professionals
You’re going to want to spend a little money before you even buy a property. I always suggest to people that they have an expert go through the property and check it out for wear and tear, and any likely issues. It would be a shame to buy a property, only to find out you need to spend tens of thousands of dollars on Heat Line because the pipes wont handle another winter. This is one of those costs that can really save you considerable money and stress down the line, so please don’t skip it.
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