When it comes to buying a home, there are so many different factors to consider. While price is a big one, also keep in mind your current lifestyle. You want to find a home that can fit well with your everyday routine. You also want to keep your kid’s needs in mind as well.
Before signing any documents, here are five lifestyle considerations to think about.
Location is essential for resale value and property taxes. It also is an important factor when determining your child’s new school district. Use online sites like GreatSchools.org to compare graduation rates and SAT scores. Also, keep in mind how easy your new location makes completing daily tasks.
For example, if you’re moving further away from your office, you now have a longer commute. Think about how that will impact your current schedule. Do you usually use that extra time to take the kids to school to do household chores?
Also, think about the other places you go to frequently. For example, if you like to work out, is your location near a gym? Also, keep in mind the distance from your child’s school to your house. Along with going to school, kids want other fun activities to do with their friends. So, you may want to find a location near kid-friendly amenities, like movie theaters.
2. Recreation and Amenities
Along with the general location, keep in mind the surrounding area. Think about how you like to spend your time. What kind of activities does your family like to do together? Do you like exploring the outdoors or going out to eat?
When looking for a new home, you want to find a place close to these amenities. This way, you don’t have to adjust your whole lifestyle or waste gas money traveling far from town. Consider writing down some of your most important amenities.
Here are some places to consider adding to your list
- Trails or walking paths
- Public transport
3. Your Budget
You have probably determined your main budget for the house already. You most likely saved up for the down payment, closing costs, and initial taxes. Although, keep in mind owning a home is a monthly expense.
You still need to keep up with maintenance and ongoing taxes. So, make sure you are budgeting for these costs as well. This is where a townhome’s lower upkeep is an attractive feature for first-time homeowners.
Also, your mortgage payment may be higher than your current rent. So, take that into account when factoring in how much your current income will support. To stay on track with all these expenses, create a new budget every month.
Here are some steps to follow for creating a successful budget:
- Set goals
- Calculate your income and expenses
- Analyze your spending and balance your checkbook
- Revisit your original budget
- Commit to your budget
4. Consider Home Features Essential to Your Lifestyle
When purchasing a home, focus on the features that match your lifestyle. Only you can determine what these are. To help you get started, think about your hobbies. If you like to play sports consider having a larger garage to store equipment. If you like to garden, you may want to have larger yard space.
Another essential feature of your home is your flooring. You want the type of flooring you choose to match your lifestyle. Consider things like how much foot traffic the area will get.
Here are some other questions to ask yourself when choosing your flooring material:
- Where will you be installing the floor?
- Who will be walking on the floor?
- How much time do you want to spend installing the floor?
- Why are you installing the new floor?
Suppose you own a pet; you also want to find a comfortable and easy-to-maintain material. Consider looking for a home with Vinyl flooring which is durable and scratch-resistant.
5. Your Five Year Plan
When it comes to buying a home, you may get caught up in the moment. It’s an exciting time! However, keep in mind your plans for the future. You don’t have to have everything figured out, but consider how long you want to stay in the house. If you’re planning to expand your family in the future, you may be staying in your new home for only a few years.
Also, look into the resale value of the property. If the area is known for a slower rise in home values, then you may want to live in it for a while before selling.
The most important thing is to try to think about what your future lifestyle will look like. Do you want more kids or a place to grow old? Planning can ensure your new home is one you enjoy for many years to come. To start forming your ideas, determine the specific category your goals are in, such as your career.
Here are some more tips for creating an achievable five-year plan:
- Brainstorm potential goals
- Establish long term goals
- Research the process
- Identify annual goals
- Create a breakdown of the steps you need to take
Things to Consider Before Purchasing a Home
Buying your first home is a memorable experience! Although, you probably have a lot on your mind from price to location. You also want to keep in mind how the new house will impact your current lifestyle. Before making a purchase, consider these things to find your dream home!
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