Buying a home is an exciting time in anyone’s life. You have your choice of virtually any property you can afford, which means you can get absorbed in exploring homes, looking through neighborhoods, and generally having fun with the hunt.
Before you get too involved and get ready to make a choice, though, there are three crucial questions you need to ask yourself before you pull the trigger and make an offer on a home in Southwest Florida.
Will This Be Big Enough a Few Years from Now?
Did you know that half of all homeowners who buy condos move out within six years?
It’s true – and that means you need to make a decision today about how much home you will need over the next six years.
Are you planning on growing a family? Starting a business that requires a home office? These are just things you can plan on, too; there might be others that pop up. Therefore, think about how much space you might need over the next few years and plan accordingly.
How is the Neighborhood?
This question is one we all think about but not one we spend enough time exploring, on average. Your neighborhood is crucial to the happiness you’ll have with your home. There’s nothing worse than having a great home in a bad neighborhood (or a neighborhood that just doesn’t fit you and offer what you need).
Pick a community as much as you pick a home. You can make or break a great home-buying decision this way.
Can I Afford It?
This is perhaps the biggest question you can ask yourself, especially after the real estate crash of 2007. Never buy more home than you can afford. If a condo is priced out of your budget, it shouldn’t be an option – and don’t bank on being able to make more money after you move in to pay for it. That has come back to bite a lot of homeowners over the years.
If your mortgage and other home-based expenses are over a third of your monthly take-home pay, you should reconsider your options.