5 Important Factors to Consider When Buying a House

I don’t know about you, but where I live, the housing market is insane right now. Houses going up for sale are being scooped up quick, and for a pretty penny no less. It’s a great time to be a seller, but what if you’re the one buying a house?

Well, it depends. If you’re moving, you’ll likely get a great deal on the sale of your house. But if you’re a first-time home buyer, it might not be an ideal time.

Although, to be fair, the best time to buy a house is whenever you’re ready. If that happens to be now, then more power to you!

Related Read: Is Now a Good Time to Buy a House

5 Things to Consider When Buying a House

House hunting is both exciting and stressful. And, when buying a house, there’s a lot to consider. Here are 5 of the most important factors to think about.

1. Wants vs Needs

Alright, admit it. You’ve got a dream home wish-list. We all do. Mine includes a spacious basement, a sun-room, and a wood-burning fireplace among other things. But when buying a house, it’s important to separate your wants from your needs.

I want a house with a sun-room. But, it’s not necessary. A finished basement, on the other hand, is a must-have for me.

So, if you want five bedrooms, consider whether or not you actually need that many.

2. Cost

This is probably the biggest factor to consider when house-hunting. Think about your own finances—what do you make right now? Do you have job security? What other obligations do you have?

Once you’ve looked at your current income and spending habits, you can figure out your price-range.

Use an online calculator to determine your loan and payments to make sure you know what you can afford.

Related Read: Buying a House Costs More Than You Think

3. Location

Another highly important factor? Location, location, location! What’s the area like? Think about noise level, crime, nearby amenities, etc. If you have kids (or are thinking of having kids,) you should also consider the school systems in the area. Finally, what’s the commute going to be like?

4. Space

When you’re house-hunting, you’ll probably have a desired home size in mind. You’ll want to figure out how big a house you’ll need, both for now and for the future. Think about your life goals. Are you planing to have kids? How many? Try and look for a house that can accommodate your future as well as your present.

In addition, think about the actual layout of the home. Will you need a home office? How about a formal dining area? Look at the space to figure out whether or not it will match your lifestyle.

Related Read: Managing Money as a Couple: Why Budgeting is Important in a Relationship

5. Home Upkeep

Along with the size and layout of the house, you should consider the home upkeep and maintenance. Is there a large lawn that will need to be mowed frequently? How difficult will the cleaning be? Are there any important projects that you’ll need to do with the house (finishing a basement, replacing the carpeting, repainting, etc.)

Part of that will tie into the financial aspect, but part of it will also go into the amount of work you can expect.

Conclusion

No matter what, if you’re buying a house, you should make sure you absolutely love it. After all, not only is it a major purchase, it’s going to be a major part of your life. Presumably for the next several years.

What are your thoughts on buying a house? Let me know in the comments below!