Things to Consider Before Buying a Home
Posted by Garman Group on
It doesn’t matter if it’s your first time buying a property, or if you’ve moved up in the real estate game several times, it’s always a bit stressful deciding to buy a new home.
Here are a few things you may wish to clear up in your mind before going ahead:
Can You Afford It?
Buying a home is expensive! On top of the actual purchase price of the home, there are also property taxes, moving expenses, and all the costs associated with the upkeep of your home and yard.
You may feel like you’re “throwing away” your money by renting, but sometimes that’s better than getting in over your head and having the stress of having to keep up on payments, etc. Which leads us to the next point…
Are You Ready For The Responsibility?
Renting is easy. If something goes wrong in your home, it likely won’t cost you any money to fix it. But when you own, you’re on the hook for everything! Strata Condominiums may be great for those who want to own but are not interested in doing much yard work. However, you also get little to no say on the outside upkeep of your own property.
It can be great not having to get permission every time you want to paint a wall, as you do when renting, but you also have to remember that all fixes and renovations are up to you!
Is This Move Right For You?
Maybe you’re moving closer to your work which you think will save you time and transportation costs but there are other things to consider as well. If you’re used to being near certain amenities your children utilize or close to friends and family, you may be in for a lot of driving anyway.
If you’re not familiar with the neighbourhood you’re moving to, there may be some concerns for your family. Are you sure your family will fit in and be happy? This is something to talk about thoroughly with your family beforehand (watch for an upcoming blog post later this month about how to tell if a neighbourhood is right for you and your family) then decide the pros and cons of the move you’re considering.
Do You Have The Energy And Resources?
Moving is hard work. Sometimes moves are unavoidable, but if you’re only moving because you think it’s a “good time” consider what else is going on in your life right now. Life is always busy, but if you have a big event coming up, are travelling soon, have a large work project due, or other family obligations, consider putting off your move until your schedule opens a bit.
If possible, plan your move around a weekend so you can get some help and support even if it’s just someone that can take your children for a few days to give you time to pack. Consult moving companies well in advance or figure out truck rentals and a team to get you from point A to point B.
If you have any further questions about Victoria real estate, want any help selling your home or finding a new one, please don’t hesitate to contact our expert team at the Garman Group. https://www.garmangroup.ca/contact-us.