Buying a home is a huge financial decision and it is a really long-term decision. This is why people stay away from impulsive shortlisting of the properties. When you buy a property as an investment there is a lot of thought that goes in about the monetary value of the property. But when you buy a house as a place of residence for your family then here are a few things you might look into –
- The right type of house
Would you need a condo or a townhouse or an individual house? Or would you prefer building a house from scratch on a piece of land? Each type of property differs in terms of the budget, the privacy and security features, and the maintenance costs.
- Your budget
There is the actual budget that you spend on the house and the cost of repair and maintenance incurred later on. For an individual house, you would be responsible for maintaining the exteriors of the house and with an apartment or a condo you would be paying homeowner association fees on a regular basis. There is also the decision of the down payment you can afford, the size of the loan and the tenure of the loan you can afford.
- Size of the house
The number of bedrooms and the size of the house and the size of the exteriors like garden and others should also be considered based on the preferences of your family.
- Should you go for a fixer-upper?
Buying a fixer-upper can be a better deal provided you have the time and the budget for the repairs. And you can renovate and customize the house to suit your needs.
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