Buying a new home can be exciting, but it’s best not to do it on a whim — no matter how much you love the property.
If you want to ensure you’re making a smart investment and contributing to your long-term wealth goals, it’s paramount that you go into the process with a plan.
Are you considering buying another home soon? Here are some ways to prepare before taking action, then we can discuss the next steps together.
- Know the numbers. If you’re not planning to pay in cash, get preapproved for a mortgage. This will give you an idea of what price range and monthly payment you’ll be working with. It’s also a good idea to prepare for any post-closing costs the property will entail, including property taxes, utilities, landscaping and housekeeping services.
- Have lists of your must-haves and dealbreakers. As you may know, establishing what you don’t want is just as important as knowing what you do want. Make one list of what boxes a home must check before it’s a worthwhile investment for you, and then make one list of features or issues that you definitely would not want in a property.
- Think about the future. The best home purchases are ones that offer you a return on your investment and contribute to your long-term wealth. Look carefully at housing market indicators so you can buy where values will grow. You should consider future developments in the area, the strength of the job market and more.
Reach out if you need real estate expertise to help you find your next property.