I shared how I rebuilt my credit in just one year, and that was part of my mission to be a homeowner back in the day. Fast forward to current times and it’s totally a market that can confuse the average person. It’s not as easy to get a home loan as it was back in 2006 or 2007. Not to mention, you might even have to associate with a foreclosure lawyer, who can help in reviewing your mortgage and other legal obligations. You can check out this link for more information.
With that being said, there are still plenty of places for sale and many people are looking to relocate. That’s why I wanted to share this list of the top 3 things to consider before buying a new home. These are things that we’ve considered before committing to what property size and type we’d like in our future.
I hope that these tips will help you learn more about what your family needs, what type of home will work for the long-term, or where you should invest your cash into the home buying market in 2021 or the next year.
3 Things to Consider Before Buying a New Home
For us, we always try to calculate what we can afford. Since we do a weekly budget meeting, our finances are pretty much known but it’s nice to use this mortgage calculator to determine pricing options and other details before we look further into a selected property we wish to buy.
It’s nice having an estimated cost involved with each step of this process in home buying!
What Do You Do for a Living?
For me, what I do for a living as a freelance writer is one of the most important things to consider when we’re looking at a property to buy. You see, I need a nice spot to write content for clients and the many blog sites that I own. As a work from home mom of three, one being an adult, and two still homeschooling, the space for education and freelance writing at home is necessary!
You’ll want to write down what you need to have for your career, especially if you work from home. You may need to have more space for science experiments and other homeschooling activities, as well. Your family must make note of how much space you need to be comfortable continuing your life as is – such as working at home or educating your children at home.
Consider the Housing Market Prices
With so much changing in the world and inflation happening, buying a home can be a difficult choice during our current season in life. If you’re ready to buy, then make sure to read sites that share details about the current housing market prices so that you get the most home and property for your money.
I tend to pay close attention to our state of New Hampshire housing details as this is where I was born and raised. Neither of us wishes to leave New Hampshire, so we keep an eye on the housing market in our state. You may find leaving your home state makes more sense, we’re all different in what our goals and dreams are in life.
Determine What’s Best Right Now
Don’t underestimate the idea that staying where you are may be the best idea for now. That’s why we use the various calculators online and handle our weekly budget meetings. We want to know when is the right time to make more adjustments towards our ultimate lifestyle goals. Having a solid resource that allows you to determine if buying or renting is your best option is a fabulous tool for anyone out there.
We determined that renting is our thing right now, but when our time is right we will continue to navigate towards ownership of our ideal location in this world for long-term living.
Final Thoughts About Home Buying
You see, I bought a house many years ago when I was a single mom of one.
My oldest child and I had this small home that I felt would be the perfect first-time home for us. Then life happened, and I met someone, got married, had two more kids, and that home was too small.
Finances got messed up and at some point, my amazing success story of buying a home as a single mom failed so to speak. I was foreclosed on sometime in 2008 or 2009.
Basically, I learned the hard way that if you don’t take the time to truly invest in learning more about the housing market right now, and whether renting or buying is the best goal for the moment, you will untimely find out which option is best with a foreclosure or a difficult financial situation.
Everything in life happens for a reason and if you’ve made a poor choice, the universe will correct it.
That’s why I say take the time to write down your ultimate goals.
What type of life do you want to live?
What home would make you happiest?
How much land and house do you need?
Don’t forget to use this mortgage calculator to determine if buying a home is reasonable right now.