Everyone needs to have a place of their own, especially when the need arises to create a family. You too also thought of getting your own home, whether to be independent from your family or to build your own family. However, bear in mind of the important things you need to consider when buying your own house.
These are the five questions that you must ask yourself, and your own answers could indicate how ready you are to buy your dream home.
1. How much can I afford to Buy a House?
The biggest question that you raise is how much you can afford to buy your dream home. That would largely depend on your current financial position: how much is your savings and how much more do you need to save? Most people use their lifelong savings they accumulate from setting aside portions of their salary. Depending on how much you save and how much you need, you can buy a house with cash or at least settle the down-payment. To answer the question, it depends on the amount of savings you accumulated.
2. Do I need to Borrow Money from the Bank?
In case you don’t have enough money from your savings, you then ask yourself if you need to get a housing loan from a bank or lending company. Some loan applications are easier than others, and a number of companies even offer first-time buyers’ loan that comes with easy monthly instalments and debt forgiveness. Foundations and charitable institutions, even provide first-time grant for people who want to have a house but could never afford to. Nevertheless, all loan applications require you to meet specific income requirements.
3. What House do I need for Myself/My Family?
If money is not the issue, you can then ask yourself about the type of house you need. If you are alone and are not planning to start a huge family anytime soon, you probably do not need extra rooms. You can just opt to purchase a small house or apartment unit for yourself. If you have a married partner and a child with you, it’s better to look for at least a a two-bedroom house that provides sleeping space for all three. Of course, bigger families need even bigger houses.
4. What are the Amenities that I need for the House?
Without a doubt, your house needs to have access to electricity and water. You can choose to add telephone and cable wiring when you feel the need to have a landline and cable television on your household. You also have to ask yourself if you need central heating and broadband connection around the house.
5. How to buy a house (factors should I be aware of with regard to Safety and Security) ?
You can ask yourself this last question on the things you have to consider with regards to safety. Your house should at least be in compliance with health and safety standards, as you keep checking whether the house is made of durable construction material. Your house should also be free from hazards that can potentially harm you, such as faulty wiring and broken plumbing. Lastly, check the neighbourhood surrounding the home you’re looking to buy and ask neighbours if the area is free from crime and other unfavourable incidents. After all, you deserve to live inside a safe and secure house in a safe neighbourhood.