3 Must Ask Questions Before Buying a House

a family moving in to a new homeA home purchase is often a considerable capital investment. The kind of decisions that you make can make or kill your dream. If there is a need to make financial changes, then it is wise that you be thorough and accurate. Also, important to consider are the do’s and don’ts so that you don’t get ripped off in the process. Below highlights some of the essential questions you must answer before buying your dream home.

Do I have enough money to invest in a home?

Unless you are applying for a loan, you should evaluate your finances and see what amount of mortgage you could qualify for. See if it can fully finance your dream home purchase. Compare the figures in monthly installments you must pay towards the loan and see if you could manage to pay your monthly payments. If you have other debts, they should also be factored in. If you find that more than 30% of your monthly gross is going to debts, then it is wise to wait a bit longer to save more.

How long will I stay in my new home?

This is another critical question you cannot afford to ignore as an investor. Like earlier mentioned, a home buying venture could be financially overwhelming. Only if you are sure you would be staying there for five years or longer should you finally buy a property. If you are unsure of your long-term plans, perhaps finding a condo for sale in Muntinlupa should be your best option.

Has the house passed inspections?

A home inspection is a very crucial stage, and it’s often worth paying the price. Check if it has passed all safety tests and structural integrity examinations. Determine if you would need to do renovations and repairs once you have bought the property. Ensure that the home seller you are dealing with is aware that you don’t want something that would cost you much for repairs than it has for buying the property.

This way, you won’t just avoid making costly mistakes but also ensure you don’t encounter surprises down the line.

More often than not, people have saved and reached the threshold that allows them to finance their home buying investments using mortgages. However, some of them never get to enjoy their dream homes due to the kind of preliminary decisions they made. Therefore, it is essential to meet with experts, if you can afford their services, so you spare yourself the heartache and stress.