Questions to Ask Yourself Before You Buy A House
Whether you’re searching for your first home in Chandler, Arizona, or whether you’re relocating for the umpteenth time, there are a few questions to ask yourself before you commit to buying a new house.
What Can I Afford?
This is a pretty common question for any homebuyer. Knowing what you can afford is the key to a successful investment. The general rule of thumb is that about 25% of your income (after taxes) is how much you should be spending on your mortgage payment. Lenders will calculate your net income, so you should base your own calculations on that amount as well. Between 25 and 32% is recommended because it gives you wiggle room in case some unexpected expenses come up or in case one income in the home is lost.
What Other Housing Costs Do I Need to Account for?
Especially if you’re a first time homebuyer in Chandler, AZ, you need to know how much money will go towards your additional housing costs. Make sure you understand how much the down payment and closing costs will be. You also need to be aware of your monthly costs to maintain and live in your home. Utilities, taxes, insurance, homeowners dues, and general repair and maintenance can surprise you if you’re not prepared to pay for all of those additional costs. It’s good practice to keep about three months worth of income in an emergency fund in case you need to do some immediate home repairs.
What Do I NEED in a House and Neighborhood?
Think about the way you live and what must-haves you require when it comes to both your house and your neighborhood. Close proximity to a gym or park might be a necessity, or it might be more important to be within walking distance to public transportation. Make a “wish list” regarding your home itself and the neighborhood, and then note which items are absolutely necessities. This can help you narrow down your search and find the absolute best home more quickly. Talk to your real estate agent regarding your wish list of Chandler, AZ homes, and let him or her help you find the perfect house.
Will This House Fit My Long-Term Goals?
Even if you don’t plan on staying in your Chandler, AZ house forever, consider how it will meet your needs in the long term. Is the house big enough to grow your family, take in an elder relative, or make a home office? Are the schools in the area good? Even if a larger home in a better area may cost you more now, it may end up saving you money in the long term. Think about how living in a better school district will negate your need for private school tuition, or growing out of your home too quickly will result in your having to buy a new home and relocate again.
Consider these questions as your search for a new home in Chandler, Arizona. There are so many beautiful homes for sale in Chandler, and one of them is sure to meet your needs and fulfill your dreams of owning your own home.
Image is used under the Creative Commons license.