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Questions You Should Ask Yourself Before Purchasing Your First Home

It’s been constantly reinstated in your mind that owning a house is the American dream. However, many American’s have regretted their decision of owning a home. This is primarily because they did not plan things before buying a house and just jumped right into it. According to a survey, 44 percent of homeowners regret their decision. To help ensure that you never make a wrong decision about buying a home, here are a few questions you should ask yourself before going with your decision. 

Before Buying a Home, Ask Yourself This:

There are plenty of things that come to mind when you are making an expensive purchase – in this case, your first home. But we have narrowed it down to a few questions that will help you in making the right decision. 

Q1: What is Your Motive?

Many American’s don’t have a particular motive behind buying a house. They are either pressured by FOMO or family members. On the other hand, most American’s believe buying a home will solve their neighborly problems. However, when you buy a home you are stuck with the people living next to you – whether they are chain-smokers or play loud music. So think before making this expensive purchase; otherwise, you’ll regret it for the rest of your life. 

Q2: Will it Suit my Lifestyle?

If your job involves constant re-locations and moving to remote areas, your lifestyle would not support your decision of buying a home. Some people might encourage you to buy a house before you will have an asset with your name that you can sell. But you will be stuck with a mortgage and other payments for a house you never have a chance to live in. If you are buying a house for investment try putting your money in the stock exchange for better results. 

Q3: The Big Question- How Much Can You Afford?

This question tackles all the finances involved while purchasing a home From the down payment to monthly payments, registration fee, and even renovations(if required). You need a lot of money. So even if you are planning to buy a house, make sure you have adequate wages and finances to support all of the prior mentioned expenses. Otherwise, you’ll only trap yourself in debt that you will be paying for your entire life. 

The Bottom Line

Buying a home is an important decision and it should never be forced upon you by your friend or family members. This is because you will be the one paying for the home, not the people who advised or fueled your purchase decision. So make sure you are mentally, physically, emotionally, and financially ready to buy your own home. If you think you lack even one of the prior mentioned requirements, wait and allow yourself to think it through.