A house is very likely the most important, most expensive purchase you’ll ever make, and it’s vital you don’t rush into it, especially as a first-time home buyer. When you’re ready to take the plunge, it’s important to ask yourself a few questions before you move further.
Can You Handle the Responsibility?
If you rent and your fridge stops working or your roof leaks, you call the landlord, and they fix it. When you become an owner, all of a sudden, those problems become your problem. If you’re handy, this may not be a bad thing, but if not, you need to have a game plan in place.Buying a home that’s covered under a strata agreement is a great idea if you’re looking to own but want some help when it comes to maintenance. With strata, however, you often don’t get much say on how the outside of your property looks, and it’s another monthly fee you need to factor into your budget.
Have You Considered the Costs?
Home maintenance and possible strata fees aren’t the only things you’ll need to pay for.There are other costs that come with buying a home, not just the down payment and your monthly mortgage payment.Moving expenses, lawyer fees, inspection fees — these are only a few of the extra costs you need to factor into buying a home. And don’t forget yearly property taxes and insurance costs are part of a homeowner’s responsibility, too.