Buying a home is an exciting time in your life, but it's also a serious commitment. It's always best to make sure you're making the best decision for you and your family, financially and otherwise. If you're thinking of purchasing a home in Nanaimo, BC, here are some questions to ask yourself before you sign on the dotted line.
Do You Need a Home That You Will Grow Into?
Look to the future, and see if the home you're considering will have enough space for your family to live comfortably several years from now. While you may only have small children at present, those children grow up quickly, and the amount of space they'll need will grow too. Check closet space, number of bedrooms, and overall size of living spaces. Will you have enough room for things like musical instruments, sports gear, or bunk beds? It's always best to have more space than you think you'll need.
Are You Being Realistic With Your Budget?
It can be very tempting to stretch your house hunting budget just a little higher than you had planned to help you get a nicer home. Unfortunately, many people stretch their budget so much that their new home is no longer affordable. There are so many costs associated with owning a home that if you max out your monthly payment, you may be shooting yourself in the foot and making it impossible to have enough money to pay for the other costs of home ownership. When figuring out how much you can afford, don't forget to factor in costs like utilities, property taxes, and insurance. It's also a good idea to set aside money for any major repairs that may come your way, like roof leaks, air conditioning or heating repair, appliance replacement, etc.
How do I Ensure That I Make the Most out of My Investment?
There are several factors that play into ensuring that a home will be a good investment for you. The first rule of thumb is to plan on staying in the home for at least 4-5 years. Studies show that it takes at least 5 years to recoup the costs associated with originating your mortgage loan, so plan on staying put for a while. Other things to consider include the safety of the neighborhood, local school performance, and historic property value increases. Do some research to help you determine if the home you're considering will be worth it in the long run. Nanaimo home values have been rising, meaning you are likely to regain equity faster than you would in other real estate markets.
Buying a home is an exciting process, but it can quickly become a headache if you don't do some homework ahead of time. Do you have any questions or concerns regarding the Nanaimo home buying process? We'd love to help! Feel free to contact us today to discuss your real estate goals.